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T I M E S
A TIME COMMUNICATIONS PUBLICATION
VOL XXVII No.9 Monday, 1 – 7 January 2018 Pgs.22 Rs.20
Market ends the year near historic Money Times to cost Rs.20 per week
highs From this issue, Money Times Weekly will be priced
at Rs.20 per copy and the subscription rates are
By Sanjay R. Bhatia revised as follows:
The overall market trend remained tepid last week with action 1 year: Rs.1000; 2 years: Rs.1900; 3 years: Rs.2700
mainly in small-cap and mid-cap stocks. The FIIs turned net
buyers in the cash and derivatives segment after a long time. The DIs, however, were seen booking profits and remained
net sellers during the week. The breadth of the market remained positive amidst high volumes indicating selling
pressure in mainline stocks. Crude oil prices rose on the back of an unexpected fall in US production as well as a fall in
commercial crude inventories, which in turned stoked buying support.
Technically, the prevailing positive technical conditions helped
the markets make fresh historic highs. The MACD, RSI and KST Believe it or not!
are all placed above their respective averages on the daily and
 Nahar Capital & Financial Services
weekly charts. The Stochastic is placed above its average on the
recommended at Rs.153.95 in TF last week,
weekly chart. Moreover, the Nifty is placed above its 50-day
SMA, 100-day SMA and 200-day SMA. The Nifty’s 50-day SMA is
hit a high of Rs.227 fetching 47% returns in
placed above its 100-day and 200-day SMA, its 100-day SMA is just 1 week!
placed above its 200-day SMA indicating a ‘golden cross’  Avonmore Capital & Management
breakout. These positive technical conditions could lead to Services recommended at Rs.35.55 in EE
follow-up buying support. last week, hit a high of Rs.51.10 fetching
The prevailing negative technical conditions, however, still hold
44% returns in just 1 week!
good and are likely to weigh on the market sentiment at the  Kamadgiri Fashion recommended at
higher levels. The Stochastic is placed below its average on the Rs.133.50 in TF last week, hit a high of
daily chart and in the overbought zone on the weekly chart, Rs.188 fetching 41% returns in just 1 week!
which could lead to regular bouts of profit-booking and selling  Omax Autos recommended at Rs.85.80 in
pressure, especially at the higher levels. TT last week, hit a high of Rs.107.20
The -DI is placed above the +DI line and is already placed above fetching 25% returns in just 1 week!
the ADX line. Further, it is placed above the 25 level. But it has  Veer Healthcare recommended at Rs.16.06
come off its recent highs, which indicates that the sellers are in TT last week, hit a high of Rs.19.98
covering shorts regularly. However, the ADX line continues to fetching 24% returns in just 1 week!
languish below 16, which indicates that the current trend lacks
strength and the markets are likely to remain volatile and (EE – Expert Eye; TF – Techno Funda; TT – Tower Talk)
choppy. This happens only in
The market sentiment remains cautiously positive ahead of the Money Times!
start of the New Year. The Nifty too has touched a fresh historic
high and closed the year around it, which augurs well for the
Now in its 27th Year
markets. It is important for follow-up buying support to
A Time Communications Publication 1

materialize at the higher levels. Intermediate bouts of profit-booking and selling pressure are likely to be witnessed at
the higher levels due to overbought conditions.
The forthcoming earnings season is likely to influence the
markets going forward along with the news flow on the
Budget. In the meanwhile, the markets will take cues from the
Parliament session, global markets, Dollar-Rupee exchange
rate and crude oil prices.
Technically, the Sensex faces resistance at the 34500 and
35000 levels and seeks support at the 34000, 33750, 33300,
33000, 32325, 32000, 31610 and 30921 levels. The resistance
levels for the Nifty are placed at 10553, 10575 and 10650
while its support levels are placed at 10495, 10400, 10325,
10270, 10200 and 10120.
BAZAR.COM
2018: A year of socio-political realities

The market tends to spring surprises and 2017 was a year of
Now follow us on Instagram, Facebook &
pleasant surprises. Beginning from the pains of demonetisation
Twitter at moneytimes_1991 on a daily basis
till the early launch of GST, the Indian markets were among the
to get a view of the stock market and the
three emerging markets apart from Hungary and South Korea
happenings which many may not be aware of.
that gained more than 35% in 2017 (in dollar terms). In local
currency terms, the Sensex rose 28% hitting 34000 for the first time. Its market cap surged 46% to $2.29 tn in 2017
thereby making it the eight largest market in the world.
Mid-cap and small-cap stocks outperformed the large-caps for the fourth consecutive year, fetching over 40% returns.
This rally was led by the consumer durables sector, which gained 101%, real estate 91% and metals 42%. Almost 40% of
the BSE 500 stocks gained over 50% during 2017.
Such a rise was never expected at
the beginning of the year, but the
robust domestic liquidity made it The new ratnas at Panchratna!
possible. Domestic inflows at
After the sad demise of Mr. G. S. Roongta on 2nd July 2017, we were at a loss to
Rs.1.15 lakh crore were higher
replace our crown jewel. But so good is our team of analysts that their first
than foreign portfolio investments
(FPIs), which were pegged at Panchratna issue of 1st October has already clocked in results even before the
Rs.48349 crore (much lower than quarter is over. Given below is their maiden score and we are sure this team will
its ten year average of Rs.58910 improve as we go along.
crore). Was demonetisation the
Sr. Date Scrip Name Recom. Highest % Gain
reason behind this or was it the
No. Rate (Rs.) since (Rs.)
prevailing low interest rates? 1 October Williamson Magor & Company 74.5 108.3 45
Well, the answer is obvious. 2017 Goldiam International 77.7 93 20
The question now is how will PTC India Financial Services 37.05 44.1 19
2018 unfold and where will it take Sintex Plastics Technology 90.95 100 10
the market. It is almost a Firstsource Solutions 41.7 45.6 9
unanimous opinion that the th st
current rally is bereft of the
16 Edition of ‘Panchratna’ releasing on 1 January 2018
underlying fundamentals. The So hurry up and book your copy now!
sentiment will bow down to the Subscription Rate: Rs.2500 per quarter; Rs.4000 for two quarters; Rs.7000 per annum.
fundamentals in the New Year. You can contact us on 022-22616970, 22654805 or moneytimes.support@gmail.com
The lower realization of revenues
via GST is a big matter of concern for the government at a time when it is preparing to handle the agrarian crisis and win
over rural India. Faced by the painful situation of revenue shortfall arising out of a continuous slide in tax receipts, the
government decided to begin the New Year with an additional Rs.50000 crore borrowings, a move that could widen the
fiscal deficit to 3.5% from 3.2% estimated earlier. Such a move has already begun to dent the market sentiment and the

pain will be seen further with each passing day. The Union Budget, too, will be aimed at recovering higher revenues from
industries and services to bail out the agriculture segment. The trimming of small savings interest rate by 20 bps is a
step ahead on this painful path.
The government has limited choices in wooing the farmers and all of them are nothing but big ticket dole outs in view of
the ensuing elections in four states and preparing for the general elections in 2019.
Brand ‘Modi’ remains the only consolation for the markets to keep going. The Gujarat election results have proved
beyond doubt that NaMo still commands the attention and the need for continuing good governance and this will give
him the edge. But this time, winning a simple majority on its own may be a tall order but a smooth sail with NDA allies
may be a reality. Will such a coalition keep pace with the current momentum of reforms or will it jeopardize it in the
wake of coalition realities? Will the speed of GDP growth face compulsive bumps by the new political equation? Will the
revenue figures rise in coming months or will the government take strict measures against the traders who are yet to toe
the line of the organised GST set up? Will the Rain God smile again and boost rural consumption? Will the income of
farmers increase? Will inflation be tamed? Will the Parliament pass the bills necessary for growth? Will the narratives of
the next poll speeches be less abusive and more programme and manifesto oriented? Will the government present a
budget to woo the masses both rural and urban? Last but not the least, will the government walk the talk of reducing
corporate taxes? Will the FM play with long-term capital gain exemption and impact the sentiment? Will enough
incentives of development rebate come in to kick start the private sector capex? These are some of the painful realities
which need to be addressed.
The year 2018 will begin with a bitter dose of medicine followed by healing at a distant date. Pray that there is no
unpleasant surprise of a corrective year in the offing and even if there is, let the pain be bearable with proper healing in
the years to follow. Happy 2018 to all our readers!
TRADING ON TECHNICALS
2017 momentum to continue in 2018

By Hitendra Vasudeo
Sensex Daily Trend DRV Weekly Trend WRV Monthly Trend MRV
Last Close 34056 Up 33584 Up 32382 Up 30251
Last week, the Sensex opened at 33980.76, attained a low at 33752.03 and moved to a high of 34137.96 before it closed
the week at 34056.82 and thereby showed a net rise of 116 points on a week-to-week basis.
Daily Chart
The daily chart has critical support at 33752-33707-33600. As long as 33600 is not violated on the daily chart,
consolidation and sideways volatility can eventually lead to a rally for a new high.
Weekly Chart
Last week, the movement was indecisive and therefore, the
trading guide for next week’s directional movement is
outside the band of last week’s high/ low. A spinning top
candle was formed as a result of the movement last week,
which suggests that the directional movement next week
may be outside the high/ low of last week.
If the Sensex sustains above the Monday’s opening and
above 34138, then expect the week to show a positive
movement unless an immediate fall below 33752 is
witnessed.
If the Sensex sustains below the Monday’s opening and
below 33752, then expect the week to show a negative
movement unless post a breakdown below 33752, we see a
rise to record a new high.

Monthly Chart
The month of November 2017 was a doji. December 2017 closed at 34056 with a positive candle above November’s high
of 33865, which indicates a breakout for the month of January 2018. The December month showed a gain of 2.73% over
November 2017.
December 2017 was out bar to the November 2017 movement, which suggests that an upside momentum is likely to be
witnessed with intra-month volatility.
Support range for January 2018 will be 33586-32565 while the higher range will be 34608-36180.
Quarterly Chart
The October–December 2017 quarter showed a 8.86% gain over the July-September 2017 quarter. The July-September
2017 quarter had an inverted hammer and the high of that quarter (32686) was crossed for a breakout.
For the next quarter i.e. January–March 2018, the higher range for the Sensex will be 34983-37680. Support during the
quarter will be at 33211-32285.
Yearly Chart
The year 2017 shows a breakout over the sideways movement doji of the years 2016 and 2015 with their respective
highs as resistance initially. The high recorded in 2015 was 30024 and in 2016 was 29077. The year 2017 ended with a
bullish candle post a breakout above the highs of 2014, 2015 and 2017, which had created a cluster of resistance in the
28822-30024 zone. So, the year 2017 is the breakout year of consolidation between 2015-2016.
The Sensex gained 27.9% in 2017 over the closing of 2016.
The higher range for the year 2018 is 36647-44338. Support during the year when a correction sets in will be at 31547-
28956-26447. On occurrence of any unforseen event, the market may test 31547. In case of a normal movement, the
correction bottom will be higher above 31547.
Indices - Upper and Support Range for the year 2018
Min.
Correction
Security Name Dec-17 L1 L2 CP L3 L4 Potential
(%)
Gain (%)
Nifty 50 10531 6507 8926 9739 11344 13763 7.52 7.72
Nifty Bank 25539 12140 20262 23108 28385 36508 9.52 11.14
S&P BSE Sensex 34057 21266 28957 31547 36648 44338 7.37 7.61
S&P BSE Mid-Cap 17822 8095 13937 15894 19779 25622 10.82 10.98
S&P BSE Small-Cap 19231 7268 14452 16857 21636 28820 12.34 12.51
Trend based on Rate of Change (RoC)
The ROC trend is up on all time frames, which suggests that the strength is restored after minor hitches.
Daily chart:
1-Day trend - Up
3-Day trend - Up
8-Day trend - Up
Weekly chart:
1-Week trend - Up
3-Week trend - Up
8-Week trend - Up
Monthly chart:
1-Month trend - Up
3-Month trend - Up
8-Month trend - Up
Quarterly chart:
1-Quarter trend - Up

Yearly
chart:
1-Year trend Releasing on 1st January 2018…
- Up Winners of 2018
3-Year trend 31 stocks set to perform with quarterly review:
- Up Here is the Performance Review of ‘Winners of 2017’
8-Year trend Top performers of Winners of 2017
- Up Sr. Name Closing on Closing on % Gain on High in % Gains
No 30/12/16 22/12/17 Closing 2017 on
BSE Mid- 22/12/17 High 2017
Cap Index 1 Rain Industries 54.90 360.20 556.10 402.65 633.42
Weekly 2 Panama Petrochem 59.03 259.50 339.61 264.00 347.23
chart: 3 KEC International 140.45 375.90 167.64 391.45 178.71
4 Remsons Industries 50.50 122.20 141.98 146.80 190.69
1-Week 5 Gujarat Narmada Valley 213.60 480.30 124.86 548.50 156.79
trend - Up Fertilizers & Chemicals
3-Week 6 Archidply Industries 58.20 120.65 107.30 124.00 113.06
trend - Up 7 Chambal Fertilisers & 71.05 146.50 106.19 157.50 121.67
Chemicals
8-Week 8 Sundram Fasteners 290.50 583.00 100.69 598.00 105.85
trend - Up 9 KNR Constructions 172.75 308.00 78.29 314.25 81.91
A strong 10 Solar Industries India 674.90 1173.00 73.80 1272.80 88.59
rally to 11 Asian Hotels (North) 102.35 176.00 71.96 177.95 73.86
18300- 12 Steel Strips Wheels 617.70 1050.40 70.05 1100.95 78.23
18500 is 13 NBCC (India) 159.38 254.00 59.37 291.30 82.77
likely to be 14 Dwarikesh Sugar Industries 32.06 47.75 48.92 80.40 150.78
15 Hindustan Petroleum 294.35 429.25 45.83 492.80 67.42
witnessed
Corporation
from the 16 Mukand 62.60 88.95 42.09 109.35 74.68
current level 17 Tube Investments of India 584.80 793.20 35.64 862.00 47.40
of 17822. Till 18 RPP Infra Projects 231.45 311.80 34.72 362.75 56.73
16600 is not 19 Procter & Gamble Hygiene 7084.05 9385.00 32.48 9900.00 39.75
violated, any & Health Care
correction 20 Mangalore Refinery & 98.20 128.45 30.80 146.70 49.39
can be used Petrochemicals
an 21 Jain Irrigation Systems 58.40 75.40 29.11 79.25 35.70
22 Bharat Petroleum 423.88 536.50 26.57 551.55 30.12
opportunity
Corporation
to 23 National Aluminium 65.30 82.15 25.80 97.60 49.46
accumulate Company
stocks from 24 Sutlej Textiles & Industries 80.19 97.40 21.47 98.80 23.22
the BSE Mid- 25 Ccl Products (India) 265.45 300.75 13.30 372.00 40.14
Cap index. 26 Balrampur Chini Mills 125.25 139.00 10.98 182.50 45.71
BSE Small- 27 Zydus Wellness 866.15 951.10 9.81 988.00 14.07
28 NTPC 164.75 179.95 9.23 188.00 14.11
Cap Index
29 RPG Life Sciences 480.25 492.00 2.45 536.20 11.65
1-Week 30 J B Chemicals & 351.30 318.40 -9.37 367.95 4.74
trend - Up Pharmaceuticals
3-Week 31 Electrotherm (India) 197.55 176.95 -10.43 308.00 55.91
trend - Up Most of the gains of 2017 were lost in the last quarter due to market conditions.
The average gains are now 5.6% from an average of 29.3% at the highest
8-Week
Rain Industries Ltd stands out with 633.42% gain
trend - Up
A rally to
21300 is For just Rs.6000, book your copy of the 13th edition and welcome the New Year in the
likely to be company of ‘Winners of 2018’!
witnessed For subscription details contact us on 022-22616970 or email us at moneytimes.support@gmail.com
from the

current level of 19230 in the short-to-medium-term.
A deep correction and major weakness could resume only on a fall and weekly close below 17600. A correction may take
place on intra-week basis considering the sharp rise last week.
Strategy for the week
Traders long on the Sensex and Sensex-related stocks may revise up their stop loss to 33700 to lock profits and trading
loss as a deep correction could set in on a fall and close below 33700 on the weekly chart. As long as 32500 is not
violated, short-to-medium-term investors can use a correction to 33364 or below for accumulation.
A sustained breakout on the weekly chart above 34138 can set a rise towards 34600.
For long-term investors, a correction of 7-8% creates an opportunity for investing. Expect the Sensex to attain the 36648
level with volatility in due course of time.
WEEKLY UP TREND STOCKS

Let the price move below Center Point or Level 2 and when it move back above Center Point or Level 2 then buy with whatever low
registered below Center Point or Level 2 as the stop loss. After buying if the price moves to Level 3 or above then look to book profits as
the opportunity arises. If the close is below Weekly Reversal Value then the trend will change from Up Trend to Down Trend. Check on
Friday after 3.pm to confirm weekly reversal of the Up Trend.
Note: SA-Strong Above, DP-Demand Point, SP- Supply Point, SA- Strong Above
Weekly Up
Scrip Last Level Level Center Level Level Relative
Reversal Trend
Close 1 2 Point 3 4 Strength
Value Date
Weak Demand Demand Supply Supply
below point point point point
VAKRANGEE 421 401 401.3 420.7 440.3 479.3 77.7 392.7 13-10-17
GRAPHITE INDIA 710 649 664.7 694.3 739.7 814.7 75 674.3 08-12-17
RADICO KHAITAN 293.35 277 281 289.3 301.7 322.3 74.8 282.4 22-12-17
PC JEWELLER 456.60 438 440.1 454.5 470.9 501.7 71.9 440.1 10-11-17
GVK POWER
INFRASTRUCTURE 18.55 17.4 17.5 18.4 19.4 21.3 71.6 16.9 15-12-17
*Note: Up and Down Trend are based of set of moving averages as reference point to define a trend. Close below
averages is defined as down trend. Close above averages is defined as up trend. Volatility (Up/Down) within Down
Trend can happen/ Volatility (Up/Down) within Up Trend can happen. Relative Strength (RS) is statistical
indicator. Weekly Reversal is the value of the average.
WEEKLY DOWN TREND STOCKS

Let the price move above Center Point or Level 3 and when it move back below Center Point or Level 3 then sell with whatever high
registered above Center Point or Level 3 as the stop loss. After selling if the prices moves to Level 2 or below then look to cover short
positions as the opportunity arises. If the close is above Weekly Reversal Value then the trend will change from Down Trend to Up Trend.
Check on Friday after 3.pm to confirm weekly reversal of the Down Trend.
Weekly Down
Scrip Last Level Level Center Level Level Relative
Reversal Trend
Close 1 2 Point 3 4 Strength
Value Date
Demand Demand Supply Supply Strong
point point point point above
MULTI COMMODITY
EXCHANGE OF INDIA 912.80 843.3 894.7 928.1 946.2 961.5 36.59 952.06 22-12-17
CENTRAL BANK OF INDIA 72.60 67.4 71.2 73.7 75 76.1 41.17 75.65 17-11-17
GODFREY PHILLIPS INDIA 987 947.7 975.7 992.3 1003.7 1009 44.28 993.75 29-12-17
BOMBAY RAYON FASHIONS 124.55 97 117.7 131.5 138.4 145.3 44.71 176.59 22-12-17
COAL INDIA 263 247.4 258.6 265.4 269.8 272.3 45.65 266.20 22-12-17
*Note: Up and Down Trend are based of set of moving averages as reference point to define a trend. Close below
averages is defined as down trend. Close above averages is defined as up trend. Volatility (Up/Down) within Down
Trend can happen/ Volatility (Up/Down) within Up Trend can happen.

EXIT LIST
Scrip Last Close Supply Point Supply Point Supply Point Strong Above Demand Point Monthly RS
MAGMA FINCORP 160.60 163.32 165.55 167.78 175 144.4 51.87
BUY LIST
Scrip Last Close Demand point Demand point Demand Point Weak below Supply Point Monthly RS
JINDAL STEEL & POWER 204.95 188 182.23 176.45 157.75 237 74.83
HINDUSTAN COPPER 100.90 98.30 96.05 93.80 86.50 117.4 71.21
UNITED SPIRITS 3671 3489.27 3428.50 3367.73 3171 4004.3 68.34
STEEL AUTHORITY OF INDIA 92.15 86.46 84.22 81.99 74.75 105.4 67.95
PUNTER PICKS
Note: Positional trade and exit at stop loss or target whichever is earlier. Not an intra-day trade. A delivery based trade for a possible time frame
of 1-7 trading days. Exit at first target or above.
Note: SA-Strong Above, DP-Demand Point, SP- Supply Point, SA- Strong Above, RS- Strength
Weak RS-
Scrip BSE Code Last Close Demand Point Trigger Supply point Supply point
below Strength
LASA SUPERGENICS 540702 179.70 179.10 188.05 167.25 200.9 221.7 77.66
KAYA 539276 955.05 940.25 970.55 922.30 1000.4 1048.6 75.83
JOHNSON CONTROLS-HITACHI AIR
CONDITIONING INDIA 523398 2674 2604 2700 2466 2844.6 3078.6 66.95
GANESH ECOSPHERE 514167 417.15 413 424.30 398.85 440 465.5 62.23
GRINDWEL NORTON 506076 543.05 534.05 549.40 530 561.4 580.8 58.75
VARDHMAN TEXTILES 502986 1368 1323 1399 1314 1451.5 1536.5 51.53
CROMPTON GREAVES CONSUMER
ELECTRICALS 539876 275.60 270.10 278 263.50 287 301.5 50.13
TOWER TALK
 Shrimp feed producer Waterbase is set for a big blast. Buy this stock immediately for excellent returns in the next
few days.
 Hero Motocorp has hiked prices of its motorbike. A positive for the company.
 Reliance Industries has partnered with e-commerce player Myntra to co-brand its denim collection under Mast &
Harbour. Another feather in its cap. Buy.
 Tech Mahindra has acquired 22.14% stake in Comviva Technologies for Rs.227 crore. A safe bet.
 The government plans to invest another Rs.20 lakh crore to modernise railways. Buy Titagarh Wagons.
 Rising volumes at Wockhardt suggest that it is ready to breakout from its current range. Long-term investors will
gain.
 Marathon Nextgen Realty is contemplating buying some assets of its group company on slump sale basis. The stock
can be bought on selective basis.
 Kolte Patil Developers is raising Rs.600 crore through QIP placements for huge realty development work in Pune.
Buy.
 Tiger Logistics (India) aims to double its turnover in the next two years. The management sounded sanguine while
speaking to the media recently. Accumulate.
 Crude oil prices are soaring. It would be prudent to buy Selan Exploration Technology. The stock is rangebound
since it is currently in the T2T segment. Do not miss this golden opportunity.
 Cineline India has entered into an uncharted territory. The stock is poised to make new highs. Buy immediately.
 Necter Lifescience is slowly coming out of the conjunction zone. Its current working is better and rising volumes
suggest a breakout. A good buy.

 Jindal Saw is faring extremely well. Accumulate.
 Aluminium prices are at a record high. A good time to accumulate National Aluminium Company and Hindalco
Industries.
 Reliance Jio may buy the stressed assets of Reliance Communications (RCom). This could delay or stop insolvency
proceedings, but it cannot put RCom into profitability. Stay away.
 Larsen & Toubro has obtained construction orders worth ~Rs.1125 crore. Its swelling order book indicates better
times ahead. A good buy for the long-term.
 State Bank of India plans to raise Rs.8000 crore via multiple sources primarily to absorb shocks arising out of
financial and economical stress. A positive for the company.
 Sun Pharmaceuticals Industries has received USFDA approval for its new drug application. The company is
becoming stronger on the back of multiple approvals. A must buy.
 Prestige Estates Projects has purchased 67% stake in its group company - Red Fort India, for Rs.324 crore. A big
positive for this investor-friendly company.
 TVS Motor Company is competing with
Bajaj Auto by launching premium bikes in Profitrak Weekly
the international market. A good long-term
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 Tata Steel is seeking $5.1 bn to help Check the sample file Before Subscribing Features a State of Art
refinance debt. A safe bet with better times Technical Product P/E Based Level - Working as Support and
Resistance
ahead.
What you Get?
 Bharti Airtel is likely to give Jio a tough
fight by offering free TV content in one of 1) Weekly Market Outlook of -
its apps. A positive for the company.  Sensex
 Copper prices are again on the rise.  Nifty
Accumulate Hindustan Copper.  Bank Nifty Features
2) Sectoral Review
 After its consumer business, N. Chandra
 Outperforming, Market Performing and Under
(Tata's) will consolidate the fragmented Performing
EPC/infra businesses. Artson Engineering  Stand Alone Weekly Signal for Up Trend and Down Trend
is a potential multibagger.  Stock Wise New Addition and Follow Up Chart Comments
 Ramco Industries holds 20% stake (worth  Selection Process Based on Multi Time Frame Trend and
~Rs.2500 crore) in Ramco Cements as well RS
as Ramco Systems. Its market cap is 3) Multi Time Frame Yearly Chart
Rs.2500 crore, which means its building  Stock Filtration
materials business is available for free. The  One Annual In Jan-Dec
stock can easily double from the current  From March running Yearly Filtration- March to March
level. 4) Sectoral View of Strong/Weak/Market Perfomer indices
5) Weekly Trading Signals
 Holding companies are back in vogue and 6) Stock Views and Updates every week
Tata Investments seems to be the 7) Winners for trading and investing for medium-to-long-term
cheapest from the lot. till March 2018
 MTNL’s merger with BSNL will unlock land 8) Winners of 2017 with fresh Weekly Signals on the same
value for MTNL. The stock may see a rally
On Subscription
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 Tanla Solutions has not participated in the Application of this product can be explained on the Telephone or via
bull run as yet despite its strong Skype or Team Viewer.
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reasonable P/E of 12.5x will take its share
price to Rs.1312.

 Tata Motors has reported excellent H1FY18 results with an EPS of Rs.16.7. Most analysts expect an EPS of Rs.33-35
for FY18. A reasonable P/E of 17.5x will take its share price to Rs.580 in the medium-term.
 B N Rathi Securities recently proposed to merge with B N Rathi Commodities. The stock trades at 8x to
FY19E earnings as against the industry P/E of 45x. The stock may rise by 50% within a year.
 An Ahmedabad-based analyst recommends Alpa Laboratories, Cybertech Systems & Software, Maan
Aluminium, Munjal Auto Industries, Phyto Chem (India), Rishabh Digha Steel & Allied Products, Sakthi
Finance, Super Crop Safe and Sunflag Iron Steel Company. From his last week’s recommendations, Alankit
appreciated 21% from Rs.57.75 to Rs.69.70 while Salona Cotspin appreciated 15% from Rs.181.45 to Rs.209.30 in
just 1 week! From his previous recommendations, Kamadgiri Fashion appreciated 58% from Rs.119.20 to Rs.188
while Cosco (India) appreciated 39% from Rs.319.10 to Rs.442.9 in just 2 weeks!
BEST BET
Best Bet
HIL Ltd
(BSE Code: 509675) (CMP: Rs.1496.10) (FV: Rs.10)
By Amit Kumar Gupta
Incorporated in 1946, HIL Ltd (Hyderabad Industries Ltd) is the flagship company of the CK Birla group and a market
leader in the building products segment having led the cement industry for over five decades. It is a multi-product,
multi-location organization with a network of branches,
depots, stockists and personnel across India.
For the busy investor
HIL is a market leader in roofing and it derived ~70% of
its FY17 revenue from this segment. It sells fibre cement Fresh One Up Trend Daily
and steel roofing sheets. Aerocon, its building solutions Fresh One Up Trend Daily is for investors/traders who are
brand, offers AAC blocks, boards and panels, pipes and keen to focus and gain from a single stock every
fitting. AAC blocks offer effective and practical solutions trading day.
for current building regulations and are manufactured
using the latest technologies. Boards and panels are used With just one daily recommendation selected from
for building partitions, pre-fabricated structures and stocks in an uptrend, you can now book profit the same
mezzanine floors. It offers CPVC and UPVC pipes and day or carry over the trade if the target is not met. Our
fittings, which are more eco-friendly products. review over the next 4 days will provide new exit levels
HIL’s wide distribution network reduces its dependence while the stock is still in an uptrend.
on a few states. Fibre cement sheets are largely used in This low risk, high return product is available for online
the rural areas and hence, depend on the monsoon to a subscription at Rs.2500 per month.
great extent. HIL’s presence in multiple states diversifies
Contact us on 022-22616970 or email us at
this risk. It also reduces seasonality in sales since there
are two distinct seasons for rains in different parts of moneytimes.suppport@gmail.com for a free trial.
India.
The fibre cement roofing sheets segment is a cash cow for HIL. It launched ‘colored steel sheets’ in 2016, which reported
revenues of Rs.72 crore in FY17. We expect colored steel sheets to register a CAGR of 19% over FY17-FY20. The
management plans to launch a new product in FY18 in this segment to boost its profitability. It also plans to enhance
capacity in the pipes and fittings segment to 20,000 MT from 7,555 MT currently, which will lead to strong revenue
growth going forward. We expect the pipes and fittings segment to grow at 62% CAGR over FY17-FY20.
We expect AAC blocks, boards and panels businesses to grow at 12% Valuations:
and 38% respectively over FY17-20 as we expect increased
Particulars FY17 FY18E FY19E FY20E
acceptance of these lower costing, faster to install products within
P/E 19.1 18.3 12.8 10.5
the builder community.
P/BV 0.9 1.6 1.4 1.5
We expect CAGR growth in revenues/EBITDA/PAT of
EV/Sales 0.6 1 0.8 0.7
12%/21%/22% over FY17-20. ROE and ROCE are expected to grow
EV/EBITDA 5.9 8.5 6 5.1
by 350 bps to 14.9% and by 480 bps to 18.3% respectively. The key
reason for margin expansion is growth prospects in the pipes and ROE (%) 11% 11% 15% 17%
fittings segment due to capacity expansion and higher contribution ROCE (%) 13% 17% 18% 24%

from blocks, boards and panels.
Technical Outlook: The HIL stock looks very good on the daily chart for medium-term investment. It has formed a
rounding pattern while making a higher high and higher low on the daily chart with a strong uptrend. Every correction
in its share price has been bought out at lower levels. The stock trades above the important DMA level on the daily chart.
Start accumulating at this level of Rs.1496.10 and on dips to Rs.1411 for medium-to-long-term investment and a
possible price target of Rs.1750+ in the next 12 months.
STOCK WATCH
By Amit Kumar Gupta
REVIEW:
JK Paper Ltd Godawari Power & Ispat recommended at
Rs.298.55 last week, hit a high of Rs.378.70
(BSE Code: 532162) (CMP: Rs.136.85) (FV: Rs.10) (TGT: Rs.180+) fetching 27% returns in just 1 week!
Incorporated in 1960, New Delhi based JK Paper Ltd (JKPL), formerly
Central Pulp Mills Ltd, manufactures and sells various types of papers. It offers a range of office documentation papers
such as photocopy and multi-purpose papers for use in desktop, inkjet and laser printers, fax machines, photocopiers
and multi-functional devices; and premium watermarked and laid-marked business stationery papers for corporate
customers and individuals. It also provides uncoated writing and printing (W&P) papers, MICR cheque papers and pulp
boards as well as bond, ledger and parchment grades; maplitho papers; coated papers and boards; coated packaging
boards for the packaging industry; and imported coated art papers. It exports to ~40 countries.
JKPL is the market leader in the branded copier paper segment and among the top two players in Coated Paper and high-
end Packaging Boards. According to Crisil, the demand for W&P paper is projected to grow at ~4-5% CAGR in the next
five years led by higher growth in both coated as well as uncoated paper. Consumption of W&P paper is closely linked to
population growth, literacy levels, increase in office printing and private and public spending on education.
Wood is the key raw material for W&P paper manufacturers. JKPL enjoys operating efficiencies because of its integrated
production capacities due to which a significant portion of woodpulp (pulp capacity of 276,000 TPA) and power
requirements (major cost components) are met through captive production. Further, for long-term continuous source of
raw materials (~52% of total raw material consumption), JKPL is running social forestry and farm forestry programmes
in Orissa, Gujarat, Maharashtra and Andhra Pradesh, covering a total area of 1,50,000 hectares.
In early FY15, JKPL had expanded its capacity from 290,000 TPA to 455,000 TPA, which led to 14.8% CAGR in net sales
between FY14-FY17, as it had achieved more than 100% capacity utilisation. We expect net sales to register a CAGR of
6.3% over FY15-20E. We expect EBITDA to register a CAGR of 18.5% over FY15-20E. Further, we expect PAT to improve
due to conversion of Foreign Currency Convertible Bonds (FCCBs) to equity and refinancing of project loan with long
tenure loan, which will lead to saving of finance cost of ~Rs.100 crore for FY18-FY20E. Going forward, we believe that
JKPL will reduce its debt to 0.3x over FY18E-20E.
Technical Outlook: The JKPL stock looks very good on
the daily chart for medium-term investment. It has formed Free 2-day trial of Live Market Intra-day Calls
a rounding bottom pattern on the daily chart and a A running commentary of intra-day trading
breakout with good volumes can push the stock to a recommendations with buy/sell levels, targets, stop loss
higher level. The stock trades above all important levels on your mobile every trading day of the moth along with
on the daily chart like the 200 DMA level. pre-market notes via email for Rs.4000 per month.
Start accumulating at this level of Rs.136.85 and on dips to Contact Money Times on 022-22616970 or
Rs.117 for medium-to-long-term investment and a moneytimes.support@gmail.com to register for a free trial.
possible price target of Rs.180+ in the next 6 months.
*******
Dilip Buildcon Ltd

(BSE Code: 540047) (CMP: Rs.986.80) (FV: Rs.10) (TGT: Rs.1200+)
Incorporated in 1988, Bhopal-based Dilip Buildcon Ltd (DBL), together with its subsidiaries, is engaged in the
development of infrastructure facilities on engineering, procurement and construction (EPC) basis. It operates through
two segments - EPC Projects and Toll Operations. It undertakes state and national highway, city road, culvert, bridge,
irrigation, urban development, dam, canal, tunnel, water supply, coal mining, water sanitation and sewage, irrigation,

industrial, commercial and residential buildings and other projects. It is also involved in the maintenance of road
infrastructure facilities and toll operations.
NHAI ordering is likely to be scaled up in H2FY18 with awards of nearly 5,000-6,500 km expected in the next six months
with higher share of HAM projects expected in these. Under the Bharatmala project, the government will develop 34,000
km of roads at an investment of Rs.5.35 tn while remaining projects of 48,877 km worth Rs.1.57 tn are also to be taken
up by NHAI/MoRTh. We expect DBL to actively participate in the upcoming bids and expect its order inflow to grow
from Rs.70 bn in FY18E to Rs.115 bn in FY20E. Its order book as at Q2FY18 was Rs.142 bn with government projects
contributing 84% to the total order book. Its current order book provides a revenue visibility for 2.5 years and with
increased focus on execution post sharp inflow in FY17, we expect revenues to grow at 23.6% CAGR between FY17-20.
DBL has signed a term sheet with the Chhatwal Group Trust (Shrem Group) to divest its entire stake in 24 road BOT
(Build-Operate-Transfer) assets for Rs.16 bn (1.05x P/BV). It will continue to do the EPC of the 10 projects under
construction and O&M worth Rs.40 bn. With the sale of road assets, DBL is now well funded to focus on EPC projects as
well as upcoming HAM opportunities.
With strong operating margins of over 18% and improvement expected in net working capital, we expect DBL to
generate sufficient cash flows to sustain investments in the upcoming projects. Post stake sale in BOT assets, leverage is
likely to reduce to 0.8x/0.5x by FY19/20 and
ROE/ROCE to be strong at 23.1%/26.5% by
FY20 respectively. FOR WEEKLY GAINS
Refinancing of interest rates is likely to be
witnessed for DBL in the coming quarters. It Fast...Focused…First
is likely to be done by rating improvement Fresh One Up Trend Weekly
since it has divested its BOT assets and has
improved its balance sheet quality. It is also A product designed for short-term trading singling out one
likely to issue CPs/NCDs, which will stock to focus upon.
Fresh One Up Trend Weekly (formerly Power of RS Weekly) will
effectively reduce its interest rates. Average
identify the stop loss, buy price range and profit booking levels
interest rate for its borrowings is likely to along with its relative strength, weekly reversal value and the
come down by 100 bps. start date of the trend or the turndown exit signals. This
With a strong bid pipeline and expected recommendation will be followed up in the subsequent week with
order inflows, we expect revenues to grow at the revised levels for each trading parameter.
23.6% CAGR between FY17-20. Operating Subscription: Rs.2000 per month or Rs.18000 per annum
margins are likely to remain strong at 18.5% Available via email
owing to superior control over execution, For a free trial call us on 022-22616970 or email at
early completion bonus and no moneytimes.support@gmail.com
subcontracting. With reduction in
borrowings and interest rates, we expect PAT
to grow at 32% CAGR between FY17-20.
Technical Outlook: The DBL stock looks very good on the daily chart for medium-term investment. It is making a
higher high and higher low formation on the daily chart with a strong uptrend. Every correction in its share price has
been bought out at lower levels. The stock trades above all important levels on the daily chart like the 200 DMA level.
Start accumulating at this level of Rs.986.80 and on dips to Rs.926 for medium-to-long-term investment and a possible
price target of Rs.1200+ in the next 6 months.
STOCK ANALYSIS
Stock Analysis
Salona Cotspin Ltd

(BSE Code: 590056) (CMP: Rs.206) (FV: Rs.10)
By Rahul Sharma
Incorporated in 1994 by Mr. Shyamlal Agarwala, Chairman and MD, Salona Cotspin Ltd (SCL) is engaged in textiles i.e.
spinning of yarn and knitted fabrics. Its state–of–the–art plant is situated in Tamil Nadu with an installed capacity of
about 24,336 Spindles producing 100% cotton combed hosiery yarn, knitted fabrics and garments. The unit has an
automatic humidification plant supplied by Coimbatore ABC Control System. It also has 6 wind turbines for wind based

power generation used for captive consumption. These turbines have a total capacity of 4.45 MW. Captive consumption
of wind electricity results in lower power cost and boosts margins.
SCL’s product portfolio includes 100% Cotton Yarn, 100% Viscose Blended Yarn, Polyester Cotton Yarn, Ring Spun Yarn
and Compact Yarn. It specializes in producing 100% cotton combed hosiery yarn and compact yarn with count ranging
from 20s to 40s from ~24,340 spindles. Its finished products such as combed hosiery yarn and knitted fabrics are
exported as well. It primarily sells its products in the Tirupur hosiery market and its major customers are exporters of
apparels. It makes direct and merchant sales for export of yarn and fabrics to Sri Lanka, Bangladesh, Hong Kong, South
Korea, Germany, Mexico, South America, Russia, etc.
The textile industry is a major export earner for the country. The
revival in economy in the overseas market will add stimulus to Relative Strength (RS)
the industry. GST benefits for the textile industry will help boost
signals a stock’s ability to perform in a
the demand for the knitted fabrics industry. Government
dynamic market.
initiatives like the Pradhan Mantri Credit Scheme, providing
Knowledge of it can lead you to profits.
margin money subsidy for knitwear projects, setting up new
knitwear services centers on the PPP model, etc. will boost the POWER OF RS - Rs.3100 for 1 year:
knitting industry thereby benefitting SCL.
In Q2FY18, SCL reported Total Income of Rs.216 mn, EBITDA of What you get -
Financials: (Rs. in mn) Most Important- Association for 1 year

Particulars Q2FY18 Q1FY18 Q2FY17 FY17 FY16 at just Rs.3100!
Total Income 216 240.4 218.3 1215.3 1004 1-2 buy / sell per day on a daily basis
EBITDA 22.2 29.4 36.1 87.1 88.5 1 buy per week
PAT 3.2 10.4 17.8 33.4 22.7 1 buy per month
EPS (Rs.) 0.60 1.98 3.39 6.35 4.31 1 buy per quarter
Rs.22.2 mn and PAT of Rs.3.2 mn. Its FY17 performance was also
1 buy per year
commendable as PAT jumped 47% to Rs.33.4 mn, which is
indicative of a strong performance in the coming quarters as well. For more details, contact Money Times on
At the CMP, the stock trades at a P/E of 48.15x on its EPS (TTM) 022-22616970/4805 or
moneytimes.support@gmail.com.
of Rs.4.27. The stock is available at a discount compared to the
S&P BSE Small-Cap P/E of 114.6x and Nifty Small-Cap 250 P/E of
91.4x. Therefore, we have a Buy on the stock with a long-term price target of Rs.400.
STOCK BUZZ
South Indian Bank: Next generation bank

(BSE Code: 532218) (CMP: Rs.31.05) (FV: Re.1)
By Subramanian Mahadevan
Incorporated in 1928, South Indian Bank (SIB) was the first private sector bank in Kerala to become a Scheduled
Commercial Bank in 1946 under the RBI Act. Mr. V. G. Mathew is the CEO and Managing Director of the bank. The bank
has strong presence in South India with 80+ branches. As at June 2016, it had a network of 838 branches and 1,291
ATMs.
Over the past few years, the bank has achieved considerable progress in terms of bringing profitability focus among
branches, re-energizing employees, improving asset quality and creating greater brand awareness and technology
coverage. Its re-branding exercise has created greater brand recall and awareness among customers. We believe that its
present management is innovative and dynamic.
This ninety-year old bank with strong deposit franchise, robust loan growth, superior business model and great asset
quality is one of the cheapest mid-sized private sector stocks that trades at 1.1x FY18E and 1x FY19E adjusted book
value v/s 2.5x of City Union Bank, which is the closest listed peer half its size in terms of business. Gulf-based billionaire
MA Yusuff Ali, LIC of India and the Government of Singapore besides private equity giants like Cinnamon Capital, CX
Partners hold significant stake in the bank. We firmly believe that this stock could turn into a multibagger in two years
with very limited downside. Investors are advised to accumulate this stock on every decline during broad market
corrections for double-digit returns.

MARKET REVIEW
Equity markets: Expect the best in 2018

By Devendra A Singh
The Sensex settled at 34056.83 while the Nifty closed at 10530.7 for the week ending Friday, 29 December 2017.
The GST data for December 2017 showed a slide in revenue receipts. The government on Wednesday signaled that it
may breach its fiscal deficit target of 3.2% of GDP by expanding its market borrowing programme for this financial year
by Rs.50000 crore. This may force FM Arun Jaitley to recalibrate his fiscal consolidation roadmap of achieving a fiscal
deficit of 3% of GDP by FY19. In the budget, the government had pegged its aggregate gross market borrowing at Rs.5.8
tn. With Wednesday’s revision, the number now stands at Rs.6.3 tn.
M Sabnavis, Chief Economist at Care Ratings, said that the government is preparing the market for a fiscal slippage.
Though higher disinvestment accruals and dividend receipts from public sector units may act as mitigating factors this
year, fiscal deficit may still go up by 30 bps to 3.5% as a result of the Rs.50000 crore additional borrowing.
Aditi Nayar, principal economist at ICRA, said that the government’s proposal does not rule out a fiscal slippage in the
current financial year. A fiscal slippage, if any, may get funded through higher-than-budgeted small savings collections.
Separately, the government also cut the interest rate on small savings schemes such as Public Provident Fund, Kisan
Vikas Patra and Sukanya Samriddhi by 0.2 percentage point for the January-March quarter.
GST receipts are a cause for concern. Total GST collection including taxes on inter-state supplies and the cess on certain
items added up to Rs.80808 crore in December, a 14% drop from receipts in August.
The government has so far managed to raise about three-fourths of the targeted Rs.72000 crore through disinvestment.
Net direct tax receipts, however, grew 14.4% to Rs.4.8 tn in the April-November period from a year ago.
Foreign investment inflows to India rose ~$45 bn between April-October 2017 to 20% more than what it was in the
previous corresponding period with improved outlook on the Indian economy, which is undergoing structural reforms.
The rise in dollar inflows amid tightening of monetary policy across major markets including the US and UK is a positive
for India. There may still be a concern for regulators here as 40% of the inflows are short-term.
Fitch Ratings in its latest Global Economic Outlook has cut India’s GDP growth forecast for FY18 to 6.7% from the earlier
projection of 6.9% in September 2017, stating that the rebound in the economy was weaker than expected. It also cut
the forecast for FY19 to 7.3% from 7.4% earlier. The rating firm expects India’s GDP to pick up in the next two years
with the gradual implementation of the structural reform agendas.
“First, a two-year large bank recapitalisation plan (worth Rs.2.1 lakh crore or 1.4% of GDP) for state banks was
announced. The details are not clear yet but the package is likely to help address the capital shortages that have
hindered the banks’ lending capacity. Second, the government unveiled a substantial road construction plan (worth
Rs.6.9 lakh crore or 4.5% of GDP over a five-year horizon). This may encourage the investment growth outlook,” Fitch
added.
Fitch further said that the rupee has also appreciated quite sharply against the dollar since the beginning of this year
despite a narrowing interest rate differential between the US Fed policy rate and the RBI’s. These developments give
headroom for the RBI to keep interest rates quite low in order to help lift the economy.
On the US front, the House of Representatives on Wednesday, 20 December 2017, passed a historic tax bill which they
voted on for the second time due to a technical irregularity the day before. The bill includes a landmark decision with a
slash in the corporate tax rate from 35% to 21%.
On Asian front, the China's central bank raised interest rates on reverse repurchase agreements or reverse repos (RR)
used for open market operations by 5 bps for the 14-day tenor following upward adjustments on other tenors last week.
Indian markets remained closed on Monday, 25 December 2017, on account of Christmas.
Key index gained on Tuesday, 26 December 2017, on fresh buying. The Sensex was up 70.31 points (+0.21%) to close at
34010.61.
Key index fell on Wednesday, 27 December 2017, on profit-booking by traders. The Sensex was down 98.80 points (-
0.29%) to close at 33911.81.

Key index tanked on Thursday, 28 December 2017, on selling by foreign funds. The Sensex was down 63.78 points (-
0.19%) to close at 33848.03.
Key index advanced on Friday, 29 December 2017. The Sensex gained 208.8 points (0.62%) to close at 34056.83.
Events like national and global macro-economic figures as well as the earnings season will dictate the movement of the
markets and influence investor sentiment in the near future.
On India’s economic data, the HSBC
Manufacturing Purchasing Managers’ Index Seminars on Financial Literacy Stock Market
(PMI) and HSBC Services PMI for December Place Date Time Venue Seminar on
2017 is scheduled for release in the first Borivali 30/12/17 6 p.m. Shree Hanuman Share Market &
week of January 2018. (West) Mandir Prarthana Mutual Fund
On the inflation data, the government is Mumbai Sabhagruh, Ram awareness, SIP,
scheduled to release data based on WPI Mandir road, Babhai, Protection to
and CPI for urban and rural India for Borivali-west, investors, On line
December 2017 by mid-January 2018. Mumbai 400092 trading etc
Chinese government is scheduled to release Satara 07/01/18 4.30 p.m. Hotel Radhika Palace, Share Market &
the macro-economic figures for December Radhika road, Satara Mutual Fund
2017 in first week of January 2018. awareness, SIP,
United States macro data for December Protection to
2017 is scheduled for release in the month investors, On line
of January 2018. trading etc
Chandrashekhar Thakur: CDSL BO Protection Fund. Tel: 9820389051;
On the global front, Eurozone CPI data for csthakur@cdslindia.com / csthakur1302@gmail.com;
December 2017 will be released this week. th
BSE Building, 16 Floor, Dalal Street, Fort,
Mumbai - 400001
MARKET OUTLOOK
Be cautious at Nifty 10500

By Rohan Nalavade
The market is moving in a tight range of 10440-10530. If there is any movement on either side on closing basis, the Nifty
will follow that trend. The Nifty is facing strong resistance at the 10550 level. Expect selling pressure below 10470 for
10400-10350-10300 levels.
Profit-booking is being witnessed in the Banking sector. Bank Nifty is not showing strength and it could drag the Nifty
down in the January F&O series. So, be cautious while buying as banking stocks like State Bank of India, ICICI Bank are
showing weakness.
The Union Budget is likely to be agriculture-friendly with more loan waivers and subsidies, which will put pressure on
the budget expenditure. It would be prudent to buy only after the trend becomes strong as we may see a 500 point
downside in the Nifty. Therefore, be cautious while trading in the January F&O series.
Among stocks,
 Sell State Bank of India below Rs.315 for downside levels of Rs.305-300 (SL: Rs.321)
 Sell ICICI Bank below Rs.315 for downside levels of Rs.302-298 (SL: Rs.324)
 Sell Hindalco Industries below Rs.275 for downside levels of Rs.268-264 (SL: Rs.284)
EXPERT EYE
By Vihari
Welspun India Ltd: On the fast track

(BSE Code: 514162) (CMP: Rs.71.15) (FV: Re.1)
Established in 1985, Welspun India Ltd (WIL) is a part of $2.3 bn Welspun group, which is one of the top three home
textile manufacturers globally and the largest home textile company in Asia. It is the largest exporter of home textile
products from India. It has modern manufacturing facilities at Anjar and Vapi in Gujarat where it produces an entire

range of home textiles for the bed and bath category. It has a state-of-the-art, vertically integrated plant from spinning to
confectioning.
WIL was ranked No.1 among
MID-CAP TWINS
home textile suppliers in USA
A Performance Review
(Source: Home Textile Today).
It has a distribution network in Have a look at the grand success story of ‘Mid-Cap Twins’ launched on 1st August 2016
50+ countries including USA, Sr. Scrip Name Recomm. Recomm. Highest % Gain
UK, Europe, Canada and No. Date Price (Rs.) since (Rs.)
Australia. In addition to 1 Mafatlal Industries 01-08-16 332.85 374.40 12
manufacturing facilities, which 2 Great Eastern Shipping Co. 01-08-16 335.35 477 42
predominantly supply to 3 India Cements 01-09-16 149.85 226 51
private labels, it also maintains
4 Tata Global Beverages 01-09-16 140.10 293.70 110
its own brands like Christy,
Hygrocotton, Welhome and 5 Ajmera Realty & Infra India 01-10-16 137.00 355.70 160
Spaces–Home and Beyond. It 6 Transpek Industry 01-10-16 447.00 1455.40 226
has also tied-up with Nautica 7 Greaves Cotton 01-11-16 138.55 178 28
for the North American
8 APM Industries 01-11-16 67.10 84.40 26
markets. It supplies to 17 of the
top 30 global 9 OCL India 01-12-16 809.45 1620 100
retailers and has marquee 10 Prism Cement 01-12-16 93.25 129.80 39
clients like Bed Bath & Beyond, 11 Mahindra CIE Automotive 01-01-17 182.50 266.50 46
Costco, Kohl’s, Wal-Mart and 12 Swan Energy 01-01-17 154.10 204 32
Macy’s. Given its longstanding 13 Hindalco Industries 01-02-17 191.55 278.50 45
relationships and strong
14 Century Textiles & Industries 01-02-17 856.50 1421 66
execution capabilities, we do
not expect the current 15 McLeod Russel India 01-03-17 171.75 248.30 45
imbroglio as featured in later 16 Sonata Software 01-03-17 191.00 247 29
paragraphs to impact its core 17 ACC 01-04-17 1446.15 1869 29
business and key customers.
18 Walchandnagar Industries 01-04-17 142.25 272.90 92
Exports constitute 80% of
sales. 19 Oriental Veneer Products 01-05-17 222.30 540 143
WIL recently forayed into new 20 Tata Steel 01-05-17 448.85 734.90 64
technologies in its technical 21 Sun Pharmaceuticals Industries 01-06-17 501.40 590.75 18
textile business. It commenced 22 Ujjivan Financial Services 01-06-17 307.45 417.40 36
operations at its state-of-the- 23 Ashok Leyland 01-07-17
art Needle Entangled Advance
93.85 133 42
Textile plant at Anjar in mid- 24 KSB Pumps 01-07-17 759.55 931 23
March 2017. This Rs.150 crore 25 IRB Infrastructure Developers 01-08-17 224.95 251 12
facility manufactures multi- 26 JTL Infra 01-08-17 70 125 79
layer composites for various 27 Stock ‘A’ 01-09-17 187.40 308.90 65
applications. It also invested
28 Stock ‘B’ 01-09-17 271.20 317 17
Rs.110 crore to set up a state-of
the-art fully automated cut and 29 Stock ‘C’ 01-10-17 73.65 89.25 21
sew unit in the made-ups 30 Stock ‘D’ 01-10-17 74.10 91.35 23
segment. 31 Stock ‘E’ 01-11-17 206 218.95 6
WIL’s current capacity is 32 Stock ‘F’ 01-11-17 38 57.90 52
72,000 TPA in Towels v/s
Thus ‘Mid-Cap Twins’ has delivered excellent results since its launch with majority of
60,000 TPA at end FY16 and 90
stocks gaining over 30%.
million metres in Bed Linen v/s
72 million metres at end FY16. Next edition of ‘Mid-Cap Twins’ will be released on 1 January 2018.
Its capacity for Rugs and
Carpets is expected to reach 10 Attractively priced at Rs.2000 per month, Rs.11000 half yearly and Rs.20,000 annually,
million sq. metres by end FY17 ‘Mid-cap Twins’ will be available both as print edition or online delivery.
from 8 million sq. metres at end
FY16.

Recently, WIL entered into a strategic agreement with Cotton Egypt Association to promote and market Egyptian cotton
products worldwide. Under this agreement, the two organisations will work together to create programmes for
promotion of Egyptian Cotton logo in the retail markets across the globe. The agreement will also help enhance the
complete supply chain of Egyptian cotton starting from cultivation to the final product, which will also benefit the
Egyptian farmers and the industry as a whole. WIL will invest $3 mn over the next few years to support the joint
initiatives.
For FY17, WIL posted PAT of Rs.362.4 crore on sales of Rs.6721 crore fetching an EPS of Rs.3.62. During Q2FY18, WIL
posted PAT of Rs.145 crore against a loss of Rs.151 crore in Q2FY17 on 10% lower sales of Rs.1630 crore fetching a
consolidated EPS of Rs.1.5. During the quarter, it had incurred a net loss of Rs.145 crore mainly on account of Rs.501
crore penalty in quality related issues with Target Corp. During H1FY18, PAT zoomed 297% to Rs.228.8 crore on 7%
lower sales of Rs.3183 crore fetching a consolidated EPS of Rs.2.3.
With an equity capital of Rs.100.5 crore and reserves of Rs.2297 crore, WIL’s share book value works out to Rs.24. In
Q2FY18, its debt was Rs.3385 crore. With cash, loans given and investments of Rs.667 crore, its net DER works out to
1.1:1. The value of its gross block was Rs.5010 crore. The promoters hold 73.5% of the equity capital, FIIs hold 12.3%,
PCBs hold 3.3% and DIs hold 1.5%, which leaves 9.5% stake with the investing public.
WIL enjoys long-standing relationships with top retailers in USA and Europe and supplies to 14 of the top 30 global
retailers. It commands a lion’s share of home textiles exported out of India. The growing geographical and client
diversification is improving its risk metrics. It has 7 trademarks and has applied for 6 patents till date. It derives ~30%
of sales from innovative products.
WIL is at the end of its massive Rs.2500 crore capex programme it had undertaken in FY14. It incurred capex of Rs.710
crore in FY17 and plans to spend ~Rs.700 crore in FY18 mainly for enhancing its towel capacity to 80,000 MT and for its
on-going flooring solutions project. Flooring is an extension of the bath rugs business and will be a vertically integrated
operation. Its new flooring facility is likely to be ready by Q2FY19/Q3FY19. It commissioned a state-of-the-art 30 MLD
Sewage Treatment Plant (STP) under the Public-Private-Partnership (PPP) mode, as part of its sustainability initiatives.
These initiatives will help WIL meet its FY20 aim of being a $2 bn textiles business company with zero net debt.
Domestically, WIL imports a large proportion of tile carpets, which attracts 25-30% import duty. At full capacity, this
project is expected to contribute incremental revenue of Rs.1000 crore. The management expects the domestic market
size of ~$100 mn to grow to $500 mn.
The $744 bn global textile and apparel market is expected grow at a scorching pace. The textile market is worth $290 bn
whereas the home textile market size is $45 bn. India’s share of 5%, 6% and 11% respectively in these segments offer a
great potential going forward.
WIL is set to post an EPS of Rs.7 in FY19 and Rs.9 in FY20. At the CMP of Rs.71.15, the stock trades at a P/E of 10.16x on
FY19E and 7.90x on FY20E earnings. A reasonable P/E of 15x will take its share price to Rs.105 in the medium-term and
Rs.135 thereafter. The stock’s 52-week high/low is Rs.99.55/60.
*******
Lasa Supergenerics Ltd: For superb gains

Lasa Supergenerics Ltd (Lasa) was demerged from Omkar Speciality Chemicals in June 2017 and got listed on the
bourses in September 2017. Lasa is a vertically integrated group spanning the entire veterinary, animal and human
healthcare value chain — from discovery-to-delivery with established credentials in research, manufacturing and global
marketing. The Lasa group is a veterinary API manufacturing entity. Its manufacturing base is located at Mahad in
Maharashtra. It specialises in catalyst chemistry and manufactures anthelmintic/ veterinary API products with the
largest production capabilities and product categories in India. To efficiently control the supply chain, the group
backward integrated its key molecules from discovery research up to full-scale bulk production.
Lasa has alliances with leading domestic and global animal health care conglomerates. From being a single product
company, Lasa today manufactures 15 different products in the veterinary API segment and continues to add new
products to its portfolio. It manufactures benzimidazole, amides, imidazothiazoles, piperazine, albendazole,
fenbendazole, ricobendazole, oxfendazole, galfenol, etc.
Since raw material price fluctuations result in margin fluctuations and dependence on suppliers adds more pressure,
Lasa moved into backward integration for most of its products, which will be fully operational in H2FY18. It expects
around 10-12 of its products to account for ~75% of total sales going forward. Exports account for 40% of total sales. No
customer accounts for more than 5% of total sales. Its process patents pipeline is strong. It has its own R&D unit.

For FY17, Lasa incurred a loss of Rs.0.63 crore on sales of Rs.199.93 crore. During H1FY18, it posted PAT of Rs.15.7
crore on sales of Rs.123.2 crore fetching an EPS of Rs.6.9. During Q2FY18, it posted 23% higher PAT of Rs.8.7 crore on
6% higher sales of Rs.65.88 crore fetching an EPS of Rs.3.8. It added ~Rs.20 crore of assets and claimed accelerated
depreciation of the newly added capacity, which resulted in higher depreciation of Rs.6.1 crore in Q2FY18 v/s Rs.2.4
crore in Q1FY18. PAT during the quarter could have been higher but for the higher prices of its main raw materials,
which are organic derivatives from petrochemicals and crude-based derivatives. But this is a temporary issue according
to the management and it expects OPM to come back to ~22-24% in the coming quarters.
Total debt was ~Rs.68 crore. Lasa plans to reduce interest cost and repay debts in the next 18 months from internal
accruals. It expects 25% CAGR growth in net sales in the next 3 years. The value of its gross block is Rs.179 crore and net
DER is 0.5:1.
With an equity capital of Rs.22.9 crore and reserves of Rs.94.9 crore, Lasa’s share book value works out to Rs.51 as at
H1FY18. The promoters hold 41.2% of the equity capital, FIs hold 4.1%, DIs hold 0.2% and PCBs hold 4.5%, which leaves
50% stake with the investing public.
Lasa has a strong pipeline of process patents for
which it has filed applications. It is focused on What TF+ subscribers say:
developing catalyst based processes, which will
enable it to create entry barriers and help “Think Investment… Think TECHNO FUNDA PLUS”
maintain its competitive edge. Lasa commands Techno Funda Plus is a superior version of the Techno Funda
a decent market share of 35% in the API column that has recorded near 90% success since launch.
veterinary segment. Going forward, it plans to
develop and add new products to its portfolio Every week, Techno Funda Plus identifies three fundamentally
and also focus on backward integration sound and technically strong stocks that can yield handsome
simultaneously. All these strategies will enable returns against their peers in the short-to-medium-term.
it to earn a decent margin across the product Most of our recommendations have fetched excellent returns to
basket. our subscribers. Of the 156 stocks recommended between 11
Lasa’s marketing footprint is entrenched across January 2016 and 2 January 2017 (52 weeks), we booked profit in
developing markets in multiple countries and it 125 stocks, 27 triggered the stop loss while 4 are still open and
expects to augment its export footprint are in nominal red.
significantly. It aims to be a leading force in the Of the 138 stocks recommended between 9 January 2017 and 20
niche animal health care solutions segment. November 2017 (46 weeks), we booked 7-37% profit in 101
The biggest risk for any chemical/ pharma stocks, 23 triggered the stop loss of 2-18% while 14 are still open.
company is the dynamism of the regulatory If you want to earn like this,
norms, which keep on changing. Lasa is subscribe to TECHNO FUNDA PLUS today!
committed towards adopting environment-
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so that it can control the discharges from its 022-22616970/22654805 or moneytimes.support@gmail.com.
units. Subscription Rate: 1 month: Rs.2500; 3 months: Rs.6000;
Based on its initiatives, Lasa may post an EPS of 6 months: Rs.11000; 1 year: Rs.18000.
Rs.18 in FY18 and Rs.24 in FY19. At the CMP of
Rs.179.70, the stock trades at a forward P/E of 9.9x on FY18E and 7.4x on FY19E earnings. A reasonable P/E of 12.5x
will take its share price to Rs.225 in the medium-term and Rs.300 thereafter.
TECHNO FUNDA
By Nayan Patel
IOL Chemicals & Pharmaceuticals Ltd

Incorporated in 1986, IOL Chemicals & Pharmaceuticals Ltd (IOL) manufactures and sells industrial organic chemicals
and bulk drugs worldwide. It operates through two segments: Chemicals and Pharmaceuticals.

Chemicals: IOL is among the major manufacturers of speciality organic
chemicals. It is one of the largest producers of ethyl acetate (87,000 REVIEW
TPA) and the second largest producer of iso butyl benzene (IBB) in  Indo Thai Securities recommended at
India with 30% global market share. It has forward-integrated this Rs.64.25 on 11 December 2017, zoomed to
vertical into the pharma segment with end products such as ethyl Rs.83.7 last week recording 30%
acetate, IBB, mono chloro acetic acid (MCA) and acetyl chloride used as appreciation.
key raw materials for Ibuprofen. It plans to explore its presence in  AVT Natural Products recommended at
other industries such as paints, flexible packaging and glass. In view of Rs.33.8 on 23 January 2017, zoomed to
this, it has successfully added MNC giants to its customer base. Rs.62.15 last week recording 84%
appreciation.
Pharmaceuticals: Over the years, IOL has established itself as a major
player in Ibuprofen (total installed capacity – 7,200 TPA) with 17% of  Joindre Capital Services recommended at
the global capacity. It is the world's only backward-integrated Rs.13.5 on 18 July 2016, zoomed to Rs.46
last week recording 241% appreciation.
Ibuprofen producer that manufactures all intermediates and key
starting materials at one location. It has augmented its pharma business  PPAP Automotive recommended at
by moving up the value-chain with entry into lifestyle drugs for pain Rs.151.5 on 9 May 2016, zoomed to
Rs.710 last week recording 369%
management, anti-depressant, anti-diabetic, anti-platelet and anti- appreciation.
convulsion etc and is present in 56 countries. It recently obtained
USFDA and EDQM certification for its Ibuprofen plant. Ibuprofen  ITL Industries recommended at Rs.45.5 on
14 March 2016, zoomed to Rs.284.7 last
constitutes 85% of the IOL’s pharma revenue. IOL plans to explore week recording 526% appreciation.
opportunities by diversifying its API product portfolio. Apart from its
multipurpose plant, it has a 17 MW power generation plant for captive consumption with adequate backups for trouble-
free operations. Its R&D lab is DSIR approved and is fully equipped to validate the existing processes.
IOL has an equity capital of Rs.56.21 crore supported by reserves of Rs.133.15 crore. The promoters hold 41.19% of the
equity capital, which leaves 58.81% stake with the investing public.
During Q2FY18, IOL’s net profit skyrocketed 352% to Financial Performance: (Rs. in crore)
Rs.4.43 crore on 26% higher sales of Rs.217.79 crore
Particulars Q2FY18 Q2FY17 H1FY18 H1FY17 FY17
fetching an EPS of Re.0.79. During H1FY18, net profit
zoomed 333% to Rs.7.41 crore on 29% higher sales of Sales 217.79 172.63 433.10 334.88 710.65
Rs.433.10 crore fetching an EPS of Rs.1.32 (Cash EPS of PBT 5.84 1.29 9.01 2.33 5.48
Rs.3.89). Tax 1.41 0.31 1.60 0.62 1.25
Besides such fantastic results, IOL announced its PAT 4.43 0.98 7.41 1.71 4.23
expansion plan wherein it plans to pump in ~Rs.200 EPS (in Rs.) 0.79 0.17 1.32 0.30 0.75
crore over the next two years towards capacity expansion. It plans to expand its flagship product – Ibuprofen’s capacity
from 7,200 TPA to 12,000 TPA, keeping in view the recent approvals from USA and Europe. It plans to invest ~Rs.100
crore each year for two years to expand its capacity by 30% each year to meet the rising demand for Ibuprofen. It also
plans to enhance the capacity of its backward integrated products i.e. ISO butyl benzene from 9,000 TPA to 12,000 TPA,
MCA from 7,200 TPA to 10,500 TPA and Acetyl Chloride from 5,200 TPA to 8,400 TPA. It is also setting up a greenfield
facility for producing anti-diabetic products i.e. Metformin, at Barnala in Punjab at a capex of Rs.10 crore, which will be
met by internal accruals and is likely to be completed in the current fiscal. It has already completed and commercialized
unit III to manufacture Fenofibrate, Clopidogrel and Lamotrigine, etc. at an investment of Rs.16.48 crore met through
internal accruals.
Based on its financial parameters and expansion plans, the IOL stock looks quite attractive for investment at the current
level. Investors can buy this stock with a stop loss of Rs.65. On the upper side, it could zoom to Rs.115-125 levels in the
medium-to-long-term.
*******
Walchand Peoplefirst Ltd

(BSE Code: 501370) (Rs.195.80) (FV: Rs.10)
We had recommended this stock at Rs.107.35 on 2 May 2016, where-after it zoomed to Rs.212.
Incorporated in 1920, Mumbai-based Walchand PeopleFirst Ltd (WPL), formerly Walchand Capital Ltd, is a subsidiary of
Walchand & Company Pvt Ltd that provides consulting, talent development and training services to corporates and
professionals. It offers services in the areas of organization effectiveness and strategic initiatives, leadership
development and talent and human resource audit. It also provides consultancy services for performance enhancement
and business skills development as well as offers assessment consultancy services.

WPL has an equity capital of Rs.2.9 crore supported by reserves of Rs.11.48 crore. The promoters hold 55.19% of the
equity capital, which leaves 44.81% stake with the investing public. The promoters have increased their stake by 2.2%
in the last 30 months.
For Q2FY18, WPL’s net profit soared 55% to Rs.1.32 Financial Performance: (Rs. in crore)
crore on sales of Rs.7.69 crore fetching an EPS of
Particulars Q2FY18 Q2FY17 H1FY18 H1FY17 FY17
Rs.4.56. During H1FY18, net profit soared 68% to
Sales 7.69 7 13.20 12.63 23.24
Rs.1.38 crore on sales of Rs.13.2 crore fetching an
EPS of Rs.4.7. PBT 1.76 1.23 1.90 1.26 1.12
Tax 0.44 0.37 0.53 0.44 0.31
Currently, the stock trades at a P/E of 41.86x. Based
on its financial parameters, the WPL stock looks PAT 1.32 0.85 1.38 0.82 0.82
quite attractive at the current level. Investors can EPS (in Rs.) 4.56 2.93 4.74 2.82 2.82
buy this stock with a stop loss of Rs.157. On the upper side, it could zoom to Rs.210-225 levels in the medium-to-long-
term. Its all-time high is Rs.978.58.
BULL’S EYE
Bull’s Eye
Laurus Labs Ltd

By Pratit Nayan Patel
Company Background: Incorporated in 2005, Hyderabad-based Laurus Labs Ltd (LLL) is a leading research and
development (R&D) driven pharmaceutical company that manufactures Active Pharmaceutical Ingredients (APIs) for
anti-retroviral (ARV) and Hepatitis C. It also manufactures APIs in oncology and other therapeutic areas. It also develops
and manufactures speciality ingredients for use in nutraceutical, dietary supplements and cosmeceutical products. It
owns 34 patents and has 152 pending applications in several countries. Its strategic and early investments in R&D and
manufacturing infrastructure have enabled it to become a leading supplier of APIs in the ARV therapeutic area. Its API
manufacturing facilities, which have approvals from WHO, USFDA, NIP Hungary, PMDA, KFDA and BfArM, are capable of
large scale commercial production. It has commercialized 59 products since its inception.
LLL is building on its API strength to forward integrate into Fixed Dosage Formulation (FDF). It plans to set up a FDF
manufacturing facility at an investment of Rs.2013.66 mn (as at 31 March 2016). This facility will have a capacity to
manufacture 1 bn tablets per annum expandable to 5 bn tablets per annum for the year after incurring additional
investment.
Financials: With an equity capital of Rs.105.76 crore and reserves of Rs.1224.69 crore, LLL’s share book value works
out to Rs.125.5 as at 31 March 2017. The promoters hold 30.56% of the equity capital, Mutual Funds hold 8.47%, FPIs
hold 10.74%, FIL Capital Management (Mauritius) Ltd holds 11.54% and Bluewater Investment Ltd holds 19.8%, which
leaves 17.33% stake with the investing public.
Performance Review: For Performance Review (Consolidated) : (Rs. in crore)
FY17, LLL posted 46% higher
Particulars Q2FY18 Q1FY18 Q2FY17 H1FY18 H1FY17 FY17 FY16
PAT of Rs.190.28 crore v/s
Rs.130.70 crore in FY16 on 7% Total Income 538.61 478.39 516.5 1017 926.26 1904.65 1783.77
higher sales of Rs.1904.65 PBT 69.6 55.17 65.87 124.77 100.52 235.2 164.58
crore fetching an EPS of Tax 20.85 16.27 17.14 37.11 25.10 43.86 33.48
Rs.20.78. In Q2FY18, it
reported sales of Rs.538.61 PAT 48.76 38.91 48.28 87.66 73.92 190.28 130.7
crore with PAT of Rs.48.76 EPS (Rs.) 4.61 3.68 5.18 8.29 9.18 20.78 82.17*
crore fetching an EPS of *before IPO
Rs.4.61. In H1FY18, PAT
jumped 19% to Rs.87.66 crore from Rs.73.92 crore in H1FY17 on higher sales of Rs.1017 crore fetching an EPS of
Rs.8.29. It paid 15% dividend for FY17.
Industry Overview: Around 170-185 mn people in the world are estimated to be chronically infected with Hepatitis C
and around 2-4 mn new cases of Hepatitis C are added every year. The latest direct acting anti-viral drugs such as
Sofosbuvir, Daclatasvir and the combination of Ledipasvir and Sofosbuvir (Harvoni) have brought about a significant

change in the treatment and cure of Hepatitis C. WHO had changed its guidelines in 2015, which is expected to
contribute to the rise in the overall ARV market size, which in turn will lead to higher production of all APIs for ARVs.
The Indian formulations market of Sofosbuvir, by volume, is estimated to grow at 24.5% CAGR from ~19 mn pills in
2016 to ~58 mn pills by 2021. The consumption of Sofosbuvir’s APIs is estimated to grow at 20-21% CAGR from ~9,500
kgs in 2016 to ~27,300 kgs by 2021 in volume terms and from Rs.70 crore to Rs.185 crore in value terms.
Conclusion: LLL is a leader in selected high growth therapeutic APIs. It supplies to the top generic companies and is well
positioned to capitalize on the ARV, API and Hepatitis-C API opportunity with a market share of 20-60% across
products. It has a market share of 60% in India due to its partnership with Natco Pharma. Its strong product portfolio
and scale of operations give it an edge over competitors. It is also likely to positively benefit from the near-term patent
expiry of ARV drugs in the regulated markets of USA and Europe.
At the CMP, the LLL stock trades at a P/E of 22.74x. Based on its financial parameters, the stock looks quite attractive for
investment at the current level. Investors can accumulate this stock between Rs.520-540 with a stop loss of Rs.495 for a
price target of Rs.725 in the next 9-12 months. The stock’s 52-week high/low is Rs.634/463.25.
FUTURES WATCH
By Vinod Harlalka
Given below are the Top 10 Gainers & Losers in the Futures segment in the December 2017 expiry.
TOP 10 GAINERS
Nov. December 2017 Expiry Diff.
No Exp. Open High Low Close %
Scrip
. Closing
30-11-17 30-11-17 28-12-17
1 RCOM 12.60 12.90 34.00 10.65 30.95 145.63
2 RELCAPITAL 432.95 437.95 590.75 396.65 568.20 31.24
3 JPASSOCIAT 18.10 18.55 23.95 16.55 23.30 28.73
4 WOCKPHARMA 717.10 731.60 938.00 681.50 908.05 26.63
5 RELINFRA 440.35 442.50 572.45 428.10 555.20 26.08
6 BIOCON 431.20 445.15 549.20 439.20 540.90 25.44
7 RNAVAL 39.30 39.00 49.15 33.85 48.30 22.90
8 SAIL 76.80 79.35 93.40 75.10 92.70 20.70
9 JETAIRWAYS 678.60 686.50 832.30 629.15 816.10 20.26
10 NIFTYMID50 4575.00 5165.90 5490.00 5165.90 5490.00 20.00
TOP 10 LOSERS
Nov. Exp. December 2017 Expiry Diff.
No. Scrip Closing Open High Low Close %
30-11-17 30-11-17 28-12-17
1 BALRAMCHIN 159.15 162.00 163.15 129.30 131.05 -17.66
2 SYNDIBANK 92.85 94.05 94.85 78.60 78.80 -15.13
3 BANKINDIA 195.55 196.70 199.00 168.25 169.55 -13.30
4 UNIONBANK 164.75 164.45 165.60 141.20 145.95 -11.41
5 ANDHRABANK 62.75 62.95 63.65 57.25 58.95 -6.06
6 NBCC 262.75 266.20 269.10 238.45 247.45 -5.82
7 SOUTHBANK 32.80 33.15 33.45 29.50 30.90 -5.79
8 HDIL 62.65 63.50 63.75 48.65 59.10 -5.67
9 TORNTPOWER 285.75 286.40 287.50 250.05 271.30 -5.06
10 BEML 1667.70 1684.60 1699.75 1436.55 1585.40 -4.93

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