India Daybook – Stocks in News

*Engineers India:* Company gets an order worth Rs 472 cr from ONGC (Positive) *Honeywell:* CEO Vimal Kapur sees India business doubling in next 5 years (Positive) *JSW Steel:* Company emerges as preferred bidder of mining lease for iron ore mineral in two blocks (Positive) *Ahluwalia:* Company gets order worth Rs 426.57 crore (Positive) *HFCL:* Company bags order worth approximately Rs 81 crore from Delhi Metro Rail Corporation (Positive) *Greaves:* Electric Mobility enters into an agreement with Bike Bazaar Finance to provide flexible financing options (Positive) *Go Fashion:* ICICI Prudential Life, BNP Paribas, Kuwait Investment Authority Fund, and Societe Generale have bought total 24.44 lakh equity shares (Positive) *Balrampur Chini:* Europe-based financial services group Societe Generale has picked half a percent stake (Positive) *Man Infraconstruction:* Societe Generale has also bought 39.31 lakh shares or 1.06 percent stake (Positive) *Usha Martin:* Motilal Oswal Mutual Fund has bought 18.5 lakh shares (Positive) *Tejas Networks:* Company has deployed its TJ1400 family of carrier-class FTTx and packet switching network solutions. (Positive) *Caplin Point:* Company has received approval from USFDA for cisatracurium besylate injection. (Positive) *Tata Motors:* Jaguar Land Rover plans an annual investment of 3 billion pounds while targeting revenue of over 30 billion pounds by FY26 (Positive) *RK Forging:* Sets New Company ‘Ramkrishna Titagarh Rail Wheels Limited’ Alongwith Titagarh Rail Systems. (Positive) *Inox Wind:* Board members have approved the merger of Inox Wind Energy into the company (Neutral) *Punjab & Sind Bank:* The bank has received board approval for raising capital up to Rs 750 crore through the issuance of Basel-III compliant additional Tier-1 bonds (Neutral) *Jyoti Structures:* Follis Advisory LLP has sold 1.33 crore shares in the construction company (Negative) *ZEE ENT:* SEBI has restrained Essel Group Chairman Subhash Chandra Goenka and Zee Entertainment head Punit Goenka from holding any key managerial position for 1 year. (Negative)

CARYSIL

Commentary from Mgmnt - Confident of 1000 Cr revenue in FY25 vs earlier target of FY26 - 15-20% growth in FY24 - Margins will expand to 20% - Inventory Destocking in Global Markets is behind - 30-40% growth in Domestic Biz in FY24 Target 100 Cr revenue from each new expansion plant Will re-consider expansion in Quartz capacity post Q2 Have signed a few new $5-10m

Ramkrishna Forgings:

The company incorporated Ramkrishna Titagarh Rail Wheels Ltd. along with Titagarh Rail Systems Ltd. Ramkrishna Titagarh Rail has been incorporated to manufacture and supply forged wheels. Both companies will hold 50% stakes in Ramkrishna Titagarh Rail.

Inox Wind:

The wind energy solutions provider said its board members have approved the merger of Inox Wind Energy into the company. The merger is subject to various regulatory approvals and compliances. The appointed date for the amalgamation is set as July 1, 2023. As per the proposed amalgamation, Inox Wind will issue 158 equity shares for every 10 equity shares to shareholders of Inox Wind Energy, and also issue 158 share warrants with an issue price of Rs 54 each, to shareholders of Inox Wind Energy, for every 10 share warrants with an issue price of Rs 847 each held by them.

Zee Entertainment

Zee Entertainment Enterprises SEBI has barred the company’s Chief Executive Officer Punit Goenka and Essel Group Chairman Subhash Chandra from holding the position of a director or a key managerial position in a company’s board.

HFCL:

The digital network solutions provider has bagged an order worth Rs 80.92 crore from Delhi Metro Rail Corporation (DMRC). The company will set up a fibre optics transmission system (FOTS) for three priority corridors of Phase IV of Delhi Metro Rail Project. The order is expected to be executed within 156 weeks from the date of notice to proceed. Thereafter, the company has to provide warranty support for 104 weeks.

News Alert

India’s IIP growth in April rises to 4.2% from 1.7% in March. India’s CPI inflation in May falls to 4.25% from 4.70% in April India’s CPI inflation in May of 4.25% is below expectations of 4.4%. India’s CPI inflation in May is lowest in 25 months

INDIA CPI (YOY) (MAY) ACTUAL

4.25% VS 4.70% PREVIOUS; EST 4.31% INDIA INDUSTRIAL PRODUCTION (YOY) (APR) ACTUAL: 4.2% VS 1.1% PREVIOUS; EST 1.4% INDIA MANUFACTURING OUTPUT (MOM) (APR) ACTUAL: 4.9% VS 0.5% PREVIOUS; EST 1.6

Mahindra & Mahindra Financial Services

*Mahindra & Mahindra Financial Services (MMFS) has been scaling new highs for the past few months.* Its monthly operational update for May brings cheer with disbursements rising as much as 39.6% YoY and 9.9% QoQ to Rs 4,150 crore. Healthy loan disbursal and stable collections have led to a 3.3% YoY increase in its AUM to Rs 85,500 cr. May’23 disbursement volumes indicate robust demand. MMFS also said its stage-3 and stage-2 assets continued to remain range-bound in May compared with March. Its gross and net stage-3 assets stood at 4.5% and 1.9%, respectively in Q4FY23. Asset quality of its remaining range-bound during the seasonally slower 1Q is seen as a positive. As such, its asset quality metrics have shown a consistent improvement in the past few quarters. Gross and net stage-3 assets stood at 15.5% and 7.8% in Q1FY22, respectively (stage-3 assets are loans that are overdue for more than 90 days). Under the Vision 2025 plan, it has taken multiple initiatives to improve its asset quality metrics, including diversifying its product mix and its customer base by catering to an affluent rural and semi-urban customer segment. Under this plan, it intends to maintain its stage-3 assets below 6% in the coming years. With strong collection efficiency and improving asset quality, management expects credit costs to remain benign going forward. Some near-term risks loom. For one, how the monsoon pans out could have a significant impact on its disbursements. Impact of monsoon on growth and asset quality is a key monitorable. Also, the trend of NIM is another factor to monitor. Most expects the metric to compress ahead on account of the increase in cost of funds. However, management expects to maintain NIM at 7.5% in CFY aided by lending to high-yield segments such as pre-owned vehicles and tractors. In FY23, its NIM stood at 7.6%.

POLYMED

Established in 1997, POLYMED is a key player in the Indian Medical Devices Industry. 300+ Sales Associates 125+ Countries 30+ Clinical Specialists Largest Exporter of consumable Medical devices 9 yrs in a row 3000+ Employee Base 1 Billion+ Devices Manufacturing Capacity per year Portfolio of more than 160+ Medical Devices 26 Years of manufacturing excellence Over 300+ Moulding Machines & 1200+ Injection Molds More than 200+ automatic assembly machines with vision control systems. 50+ Robots used inmanufacturing. Patents Granted 372. Pending Patent Applications 71 Manufacturing Faridabad Plant, India Haridwar Plant, India IMT Faridabad India Faridabad Plant, India Jaipur Plant, India R & D Center, FBD, India Laiyang-qingdao, China Assuit, Egypt Amaro, Italy Research and Development Capabilities Product Design & Development • Product Design using CAD Software ProE Creo, Solidworks, NX, AutoCAD • Dedicated R&D Quality Lab for Design Verification • Program Management skills • 3D Printing Prototype facility • PLC Programming Tooling • Mold Design & Development• Mold Flow Analysis for simulation • VMC, CNC machines EDM/Wirecut/Milling/Centerless Grinder • Laser Welding & Etching products Oncology A wide variety of specialized devices such as Chemo Port, Health Port Power, and PICC Port with power equipment used in Chemotherapy. Infusion Therapy A complete array of the products that aid in Infusion Therapy making IV therapy safer and convenient for healthcare providers. Dialysis Offering continues life support for patients with renal affliction, through affordable quality care products and continues education for patients and healthcare providers. Respiratory Care A wide assortment of products and therapeutic devices used to treat pulmonary vascular disease or heart and lung disorder of respiratory care patients. Urology Specialized products focused on the surgical specialty that deals with the treatment conditions involving in male and female urinary tract. Gastroenterology Products that aid in the diagnosis and treatment procedure of gastroenterology related diseases such as Ryle’s Tube, Levin’s Tube, Umbilical Catheter, Infant Feeding Tube amongst others. Blood Management System A wide range of blood bag configurations for blood collection, processing, storage, and transfusion. Options available from single blood bags to blood bags with filters for leukoreduction. Blood Collection System Blood collection tubes and other devices for ease-of-use and help to ensure a quality blood sample collection. Surgery & Wound Drainage High quality wound drainage and surgery devices that allows healthcare providers to offer the best possible care for the critical patients.Anesthesia The range of Anesthesia delivery devices includes Endotracheal Tubes, Ventilator Circuits, Spinal Needle, Tracheostomy Tube , Bain Circuits, HME Filter and Catheter Mount. Anesthesia The range of Anesthesia delivery devices includes Endotracheal Tubes, Ventilator Circuits, Spinal Needle, Tracheostomy Tube , Bain Circuits, HME Filter and Catheter Mount. AWARDS India Medical Device Leader of the Year” Award 2022 by Government of India Most promising company in medical devices 2021 by medgate today. 200 best under a Billion Award 2020 by Fobrebs Asisa. one of the top 25 Innovative companies in india by CII. Top exporter Award for 10 years in a row by PLEXCONCIL. Medical devices company of the year 2018 by govt of india. Dare to dream Award 2018 by Zee business. Gold patent Award 2015-16 by PHARMAEXIL. Business leader of the year Award 2015-16 by FIA. Star performer Award 2015-15 by EEPC INDIA. OVERSEAS CORPORATE STRUCTURE. Poly Medicure (Laiyang) Co. Ltd. China Wholly owned Subsidiary (100%) Poly Medicure BVNetherlands Wholly owned Subsidiary (100%) Ultra for Medical Products Co.(UMIC) – Egypt Associate (23%) Plan 1 Health Italy Step Down Subsidiary (100%) PolyHealth Medical Inc. USA Step Down Subsidiary (100%)

Money Times Talk- JUNE 11, 2023

*SBI Life* is the acquirer of the life insurance business of Sahara India Life Insurance Co. to protect the interest of the two lakh policyholders. A big Positive. Add. USFDA has closed the inspection of *Zydus Lifescience’s* animal health drug manufacturing facility in Ahmedabad with nil observations. A big positive. Buy. *Lupin’s* Darunavir tablets, which reduce the amount of HIV in the blood, had an estimated annual sale of $308 million in USA as per IQVIA MAT in March 2023. Add. The Tamil Nadu Govt. has waived off 10% local body tax on *Wonderla Holiday’s* Chennai project for 10 years if its commercial operations begin within two years. A big positive. Buy. *Tata Motors* to build a lithium-ion cell plant in Gujarat for Rs.13000 cr. With lithium deposits in J&K and Rajasthan, this business is set to boom. Add for the long term. Plutus Wealth Management has picked up shares of *MTAR Tech* worth Rs.247.22 cr. An indication of things to come. Add. *Eicher Motor* expects double digit growth to continue for the next few years. This visibility merits an Add. *Dahanuka Agri* has hit a 52-week high after the launch of its biological fertilizers and insecticides, that have higher profit margins. Add. *Mazagon Docks Shipbuilders* to rally on its tie-up with Thyssen Krupp of Germany to bid for 6 submarines for the Indian Navy. It already has an order book of Rs.40000+ cr. Add. *Maharashtra Seamless* expects double digit growth in domestic markets and exports to continue for few years. It is also scouting for inorganic acquisitions. Add. Monsoon is on schedule. So, higher demand for fertilizers will generate big profits for *GSFC*. Its CMP is inclusive of a final dividend of Rs.10/share. Buy. *Man Infra* has big expansions on hand as new reality projects in Mumbai could generate good revenue over the next few years. EPC projects on hand are over Rs.980 cr. Add. *Gravita India’s* promoters sold 1.8% equity at Rs.586/share in a block deal leading to a price correction. Sell now and add at a lower price. *HAL* to make Jet engines in India with GE. It will split its share to make it more affordable to investors. A big positive. Add. *Macrotech Developers* has hiked prices by 8% and likely to fare better in FY24, which will help it meet the interest cost on rising debts. Accumulate. *CCL Products* has acquired several coffee brands from the Lofbergs Group, which enables it to access the major supermarkets in the UK. Add. *Tanla Platforms* to acquire VF Digital India for Rs.346 cr. The acquisition of ValueFirst Middle East FZC will give it a footprint in Saudi Arabia, Indonesia and UAE. Buy. *Zydus Life* has received USFDA nod for acid reflux and ulcer drug Esomeprazole Magnesium (delayed-release oral suspension). A big positive. Add. *Indoco Remedies* has received EU GMP certificate from German Health Authority for its manufacturing facility (Plant III) located at Baddi facility. A big positive. Buy. *Torrent Power* to develop 3 Hydro Projects of 5700 MW in Maharashtra at Rs.27000 cr. and employ about 13500 people in the construction over 5 years. Add. *Capacite Infraprojects* has a Rs.224 cr. order for Raymond’s residential project at Thane. In May, it got a Rs.478 cr. order for Godrej’s residential towers at Mahalaxmi in Mumbai. Buy. *GNFC’s* 50KTconcentrated nitric acid to start commercial production in FY24, which will improve its financials. Its new 20 KTPA Formic Acid add on capacity has been commissioned. Buy for the long term. *Indian Bank* notched FY23 EPS of Rs.44.8, which may lead to FY24 EPS of Rs.55+. A reasonable P/E of 8x could take its share price to Rs.450+ in the medium term. Add. *Banswara Syntex* notched FY23 EPS of Rs.33 and is set to garner FY24 EPS of Rs.38+. Buy for 30% gain. West Coast Paper Mills notched 207% higher FY23 EPS of Rs.142.6, which may lead to FY24 EPS of Rs.170+. Buy for 30% gain. J&K Bank posted 139% higher FY23 EPS of Rs.11.4, which may lead to FY24 EPS of Rs.18+. Buy for hefty gains. Mahanagar Gas’ FY23 NP rose 32% to Rs.790 cr. on 77% higher net sales of Rs.6299 cr. on y-o-y basis. It declared a final dividend of Rs.16/share. Add. *Rana Sugar* is specialized in manufacturing Sugar, Alcohol as well as power posted an impressive Q4FY23 as PAT zoomed 173.58%. Add for good returns. *Suzlon Ltd*. recorded highest ever weekly volumes and highest closing after 2018. This turnaround performance, strong future commentary and stock rise points to a bright future. Add. *Prestige Estate* has executed 281 projects, has 57 ongoing projects and plans 44 more with 680+ acres of land bank as at FY23. Management’s strong FY24 guidance is attracting investors. Buy. *Bharat Electronics’* PAT grew 28% to Rs.3006.67 cr. on 15.22% higher sales to Rs.17333.37 cr. Its order book stands at Rs.60690 cr. Stock has given highest ever closing on Friday. Add. *HCC* gave a highly bullish breakout with big volumes in Friday’s negative market. FIIs hold 12.29% and DIIs hold 12.45%. With the big infra boom, it is likely to cross its 52-week high. Add. *Shree Digvijay Cement* posted 90% higher Q4 profit. Its FY24 will be even better given the strong demand for cement, declining coal prices and trebling of capacity to 3 MMTPA. Keep it on your radar. Steel Strips Wheels group company, *Indian Acrylics* posted a very sharp turnaround with Q4FY23 NP at Rs.19.34 cr. as against a loss of Rs.23.84 cr. Add. *Rico Auto’s* Q4FY23 NP zoomed 199% to Rs.25.91 cr. from Rs.8.65 cr. in Q4FY22. Its equity of Rs.13.53 cr. is supported by reserves of Rs.675.72 cr. Keep it on your radar. *Pennar Industries’* FY23 PAT rose 80% to Rs.75.43 cr. from Rs.41.91 cr. in FY22. The management expects strong growth in top line and expansion in margins in FY24. Add. *HSCL’s* FY23 NP catapulted 453%. Its strategic investment in Sicona Battery Technology, Australia, could boost a sharp rise in top line and in margins. Keep it on your radar. *Transformers & Rectifiers’* FY23 NP zoomed 197% to Rs.42.35 cr. from Rs.14.28 cr. in FY22. For Q4FY23, its NP grew 2495%. Add for hefty gains. *Denis Chem* produces sterile intravenous injectables. Its share trades at a P/E of just 14x and the dividend yield is 3%. Varun Daga, managing partner of Dream 11, holds 11.5% stake in it and FIIs hold 20.74%. Add for hefty gains. The consumption story in the upper segment of society is intensifying. Beneficiaries include: *Titan Ltd.,* which keeps growing by space, products and locations. *Trent Ltd.* has the right formula for product positioning and pricing. *Phoenix* is getting established as an upper class mall brand. Their valuations can ignore the standard P/E multiple approach. *Univastu India's* FY23 sales rose 36.67% to Rs.80.13 cr. from Rs.58.63 cr. in FY22 and PAT grew from Rs.5.22 cr. to Rs.6.58 cr. and is expected to rise further. Add. *Cell Point Ltd.’s* NSE SME IPO opening on 15th June is said to be an offer at a P/E multiple of 6.5x, which is indeed attractive.

AMI ORGANICS LTD CONCALL

✍️ our business model is designed in such a way that the revival of the Chinese chemical industry has a minimum to no bearing on us. ✍️On the demand side, we were witnessing gradual upswing in the demand in H2 FY '23. And I believe the revival will continue in H1 FY '24 ✍️Electrolyte additives- we have received approval from 6 customers worldwide. We have also received plant-scale trial commercial orders of few metric tons. And we are also expecting a bigger commercial order during the current quarter. we have developed 2 more products in this segment. One of them is liquid electrolyte additive to increase electrocapacity of the Lithium-Ion batteries and one more additive for solid-state battery ✍️we have been able to expand the scope of our contract with Fermion, and we have added a couple of high value intermediates for the same. This means we will now be doing 3 advanced intermediates for them which increases the value of our contract manyfold. ✍️Fermion contract-( darolutamide, Nubeqa )that is a long-term contract, and it will start supplying from Q3 of FY '24. The full capacity supply will be starting FY '25. Because it is a pharma business, and it takes some time for registrations in 180 countries worldwide. So, in Q3 and Q4, it will be giving us a sizable revenue. But from FY '25, it will be giving us a full revenue, And in that contract only, we have 3 more products, and all 3 products are additional to the contract. So that will also help us to grow more in terms of numbers in the upcoming years. ✍️This product is growing unexpectedly to 200 or 300x a year. Whatever they expected in 2026, they already closed in 2023. So, it's going very fast. And the basic API manufacturing plant in Fermion is fully utilized and the intermediate which they are trying to source from us, they are currently making it in-house. They don't have any source other than us. ✍️ Baba Fine Chemicals acquisition - we are gaining entry into a very high entry barrier semiconductor industry and its products main application in photo resistance chemical in semiconductor industries and they are making very high purity chemicals, And going forward the market is more than $2 million in photo resistance chemicals,It will definitely grow more than 3x to 4x in a year,Baba Fine Chem is currently manufacturing and delivering, is exclusively for one customer. But there are more than 40 products, which are already developed and the samples of which can go to the world. Apart from U.S., other countries like Japan, Korea, etc, we have started promoting this product in those countries also. ✍️Export for the year was at 59%, whereas domestic business was at 41%. ✍️ balance sheet, we have a net debt-free balance sheet with cash and cash equivalent of around INR59 crores. ✍️We are targeting this year, that the specialty chemicals segment will grow around 25% to 30% against our normal growth of 22% to 25% of our pharma segment, developed some molecule in sp chemicals with versatile applications, including electronic donor, polymer industry as well as some paint industry additive, UV Absorber, as well as some electronic industry. So, cumulatively once it is all in, it will bring a lot of large volume and large value. ✍️Capex INR200 crores plus next year. ✍️Anticoagulant Basket-Apixaban and rivaroxaban is a growth driver for us for the next 2 years because it's going to be launched. And our generic player worldwide more than 26 customers in apixaban. They are all ready to launch. And also, they won some litigation in U.K. against the originators, so that will help us to start moving very fast. In rivaroxaban, the originator has qualified us, and they started placing order in Q4 FY '23. So now we are supplying to originator as well the rivaroxaban. So, it's a very good growth driver for us in the anticoagulant segment.For Edoxaban three customers in Japan qualified Us. ✍️Ankleshwar facility is upcoming facility which will be ready by December '24 operationally. So that will come with a very huge volume, 4x volume than our unit 1 in Surat. So that will be definitely help us with our FY '24, FY '25 & FY '26 growth of pharma.( Asset turnover Normally 3 but we have high value products.) ✍️Currently, on an average basis, considering sales as a base, our working capital cycle is 108 days. And I try to bring this at 100 days. So, we are continuously working on it ✍️The advantage for Ami Organics or, say, for Indian manufacturer, is that the U.S. and other European countries have stopped buying any battery cells or anything which is generated from China. So that is an added advantage that any manufacturer based outside of China will need to have a raw material from outside China. So that is helping us to push ourselves in a faster mode of getting the orders and all. ✍️Normally, our product basket is well distributed and none of the basket is more than 15%.

TATA CHEMICAL

Tata chemical leading global chemical player with over 4,138 KT of soda ash and 236 KT of sodium bicarbonate capacities. With operations spread across India (Tata Chemicals), US (Tata Chemicals North America), UK (Tata Chemicals Europe), Kenya (Tata Chemicals Magadi) and South Africa (Tata Chemicals South Africa), and a customer base across the globe, one of the world’s most geographically diversified players. Products - Alkali products — soda ash, soda bicarbonate, caustic soda, crushed refined soda, etc; Halogen products — chlorine and bromine based products, and Salt products , salt, gypsum, industrial salt, etc. Our chemistry solutions serve the world’s leading downstream brands for glass, detergents, pharma etc. Specialty Products Agro Sciences: covers 80% of India’s districts and have seven power brands through our subsidiary Rallis India, which offers crop protection and agri-input solutions. Nutritional Sciences: Through Tata NQ, we offer an innovative range of nutritional solutions such as healthy prebiotics for gut health. Our brands Fossence and Gossence are sourced by leading B2B manufacturers around the world. Tata NQ products are manufactured ina world-class plant in Mambattu, Andhra Pradesh. Material Sciences: Our R&D efforts in chemistry-based, nanomaterial solutions have paved the path to new business avenues through advanced materials (HDS, Specialty Silica and nano zinc oxide). silica products, Tata chemical are targeting the high-growth market of tyres, especially the green tyre made of HDS whose demand is being propelled by stringent emission norms and tyre labelling. TREADSIL™ is our HDS brand, targeting energy efficient tyres for vehicles. Our products also find application in rubber and non-rubber goods – TYSIL™ is our conventional silica brand for tyres and other rubber goods applications and TAVERSIL™ for non-rubber applications like food, feed, detergents, oral care and agro chemicals. To strengthen foothold in the segment, we have acquired the 900 TPM precipitated silica plant at Cuddalore in Tamil Nadu. Lithium-ion cells are one of the most critical components for energy transition; and with our inherent strengths in chemistry, we at Tata Chemicals are creating a platform for electro-chemistry solutions. We are partnering with Indian R&D centres (like ISRO, CSIR-CECRI and CMET) for indigenous development of actives, cells and recycling. Tata Chemicals efforts lead to zero poaching of Whale Sharks in Gujarat. 3rd largest Soda Ash producer globally Asia's largest saltworks 4,600 employees across 4 continents 13 manufacturing plants across the globe Supported by 3 R&D centers with 200 + Scientists Tata Chemicals Aniali Limestone Mine Awarded Five-Star Rating by GoI for the fifth year in a row. Key points for Tata chemical (Finanical health checkup) 1. Market cap 25118 cr 2. Stock pe 11.06 (one of the lowest PE in chemical sectors) 3. Book value - 774 4. ROCE - 12.00% 5. ROE - 12.00% 6. Sales increased from - Last year 12622 cr to 16789 cr. (Good progress) 7. operating profit increased from 2305 cr to 3820 cr (Good progress) 8. OPM percentage from 18% to 23% (Good show) 9. Net profit from 1405 cr to 2434 cr (Good show) 10. EPS rise from 49.37 to 90.93 (Good show) 11. strong reserve gone up from 17988 cr to 19466 (it is sign of good company increasing the reserve on every qtr) 12. current working project gone up from 1668 cr to 2410 (which will reflect in coming year balance sheet and revenue will add to the company bootom line) 13. Company made investment of 7990 cr. (company holding shares of following company in his portfilio. Rallies india - Total shares 9,73,41,610 The Indian Hotels Co. Ltd. Total shares - 1,18,77,053 Oriental Hotels Ltd. Total shares 25,23,000 Tata Investment Corporation Ltd.Total shares 4,41,015 Tata Steel Ltd. Total shares Total shares 3,09,00,510 Tata Motors Ltd. Total shares 19,66,294 83 Titan Company Ltd. Total shares 1,38,26,180 Pluse company invested in unquoted shares and Non Cumulative Redeemable Preference Shares of Tata Chemicals International Pte. 1,61,00,000 14. Revenue stood at Rs. 16,789 crore, almost 33% more than last year. The EBITDA was at Rs. 3,822 crore, 67% more than last year. The margins improved by 4.5% and stood at 23%. As far as the whole year PAT is concerned, the profits for the year was at Rs. 2,452 crore against Rs. 1,400 crore last year, a 75% increase. The PAT margin was at 14.6%. The financial year ended March '23 was perhaps the highest ever across all geographies and for the Company as a whole. On a consolidated basis we had Rs. 2,398 crore of cash at the end of March 2023.Net debt was at Rs. 3,898 crore. The consolidated CAPEX for the year was about Rs. 1,600 crore. company are very much focused on cash generation and paying off debt over a point of time. 15.CRISIL Ratings has reaffirmed its ‘CRISIL A1+’ rating on the commercial paper programme of Tata Chemicals Limited (TCL). 16.OCF increased from 1645 cr to 2971 cr 17. promoter holding 37.98 % 18. FIIS holding 14.59 % (Acacia Partners 1.60% Franklin Templeton Investment Funds 1.35% Acacia Conservation Fund Lp 1.32% Acacia Institutional Partners 1.04% 19. DIIs holding 19.77 % 20 public holding 27.64% 21. Government holding 0.03% 22. Proposed Dividend of ₹ Rs. 17.5 per share (subject to approval of shareholders at AGM) 23. Gross debt lower due to prepayment of debt US$ 155 Mn in overseas units during the year (Rs 1,247 Cr) 24. Gross debt down from US $ 930 Mn to US $ 770 Mn 25. Gross and Net debt include a forex revaluation impact of Rs 458 Cr Final conclusion : Tata chemical is most trusted name in corporate industry. Company doing allround growth in finanical check and we will see coming year company revenue and Net profit will increase. one can do SIP investment in this counter. We may see 1200 in short time. This information only for educational purpose. I am not SEBI resarch anlyast. Before investing kindly consulant with your advicer.

India Daybook – Stocks in News

*Tata Power:* Renewable Energy arm gets LoA to set up 966 MW RTC hybrid renewable power project (Positive) *IRB Infra:* May revenue up 20% at Rs 411.1 cr Vs Rs 343.5 cr (YoY) (Positive) *Aether Industries:* Signs licence Agreement with Saudi Aramco Technologies Company to commercialise Sustainable Converge Polyols Technology (Positive) *NHPC:* Arm gets Pump Hydro Storage site in Punasa by Madhya Pradesh government with an estimated storage capacity of 525 MW X 6 hours (Positive) *Biocon:* Bengaluru’s API manufacturing facility receives GMP compliance certificate from the Competent Authority of Germany (Positive) *Dr Reddys:* Company gets US FDA nod for Cyclophosphamide (Positive) *Snowman Logistics:* Gateway Distriparks acquired additional 14 lakh shares in the logistics company (Positive) *Hindustan Aeronautics:* Company said the meeting of the Board of Directors will be held on June 27 to consider a proposal for the sub-division of equity shares. (Positive) *CCL products:* Company inks an asset purchase pact with Lofbergs Group for acquisition of various brands registered in the UK (Positive) *Zydus Life:* Company gest final approval from USFDA for Esomeprazole Magnesium for delayed release oral suspension (Positive) *Tanla Platforms:* Board has approved acquisition of 100% stake in Valuefirst Middle East FZC and Vakuefirst Digital Media (Positive) *SpiceJet:* Indian budget airline partnered with FTAI Aviation on a CFM56 revitalisation program. (Positive) *Hero MotoCorp:* The company and Harley Davidson could consider the local assembly of Harley motorcycles in India (Positive) *Titagarh Rail:* Board to consider raising funds via QIP/Rights Issue on June 10 (Positive) *Punjab National Bank:* State-owned bank has proposed to raise funds from the sale of up to 15 crore shares under its Employee Stock Purchase Scheme (Neutral) *State Bank of India:* MD sees Rs 30 lakh crore opportunity in climate finance by 2030 (Neutral) *GAIL India:* The state-owned natural gas company has released payment to all stakeholders of JBF Petrochemicals as per an NCLT order (Neutral) *L&T Finance:* Board has approved a final dividend of Rs 2 per equity share (Neutral) *Hero Moto Corp:* Company to invest up to Rs 1,500 crore for developing premium bikes and EVs in India (Neutral) *Blue Dart:* Board approves appointment of Sudha Pai as CFO, effective Sep 1. (Neutral) *Tata Communications:* CEO addresses margin decline, says focus is on product mix optimisation (Neutral) *Kotak Mahindra Bank:* Canada Pension Fund is likely to sell a 1.66 percent stake in the private sector lender, reports CNBC-TV18 quoting sources (Neutral) *United Drilling Tools*: Ace investor Ashish Kacholia sold 1.58 lakh equity shares or 0.78 percent stake (Negative) *JHS Svendgaard:* Nikhil Vora and his wife Chaitali sold a 1.19 percent stake in the oral care products manufacturer (Negative)

Aether Industries:

The speciality chemical manufacturer has inked a license agreement with Saudi Aramco Technologies Company for the commercialisation of the sustainable Converge polyols technology. The agreement formally initiates Aether's activities towards manufacturing and commercialization at Aether of the Converge polyols technology and product series.

Snowman Logistics:

Gateway Distriparks acquired additional 14 lakh shares in the logistics company via open market transactions at an average price of Rs 43.32 per share. In the previous session too, Gateway Distriparks bought additional 11 lakh shares or 0.65 percent stake in Snowman Logistics. United Drilling Tools: Ace investor Ashish Kacholia sold 1.58 lakh equity shares or 0.78 percent stake in the oilfield equipment manufacturer via open market transactions at an average price of Rs 190.49 per share. Kacholia held 5.7 lakh shares or a 2.81 percent stake in the company as of March 2023. JHS Svendgaard Laboratories: Nikhil Vora and his wife Chaitali sold a 1.19 percent stake in the oral care products manufacturer via open market transactions. Nikhil has offloaded 3.91 lakh shares at an average price of Rs 19.21 per share, while Chaitali N Vora sold 3.83 lakh shares at an average price of Rs 18.2 per share.

Dividend Dates

Ex-Dividend *09 June 2023 (Tomorrow)* Last date for Cum-Dividend *Today* *Asian Paints Ltd.* Dividend Per Share Rs.21.25 Previous day Closing Price – Rs. 3223.85 *Bhansali Engineering Polymers Ltd.* Special Dividend Per Share Rs.14 Final Dividend Per Share Rs.1 Previous day Closing Price – Rs. 160.7 *Caplin Point Laboratories Ltd.* Dividend Per Share Rs.2 Previous day Closing Price – Rs. 777.55 *Cigniti Technologies Ltd.* Special Dividend Per Share Rs.2.5 Final Dividend Per Share Rs.3.0 Previous day Closing Price – Rs. 907.6 *Dynamatic Technologies Ltd.* Dividend Per Share Rs.7 Previous day Closing Price – Rs. 3374.1 *Elecon Engineering Co.Ltd.* Dividend Per Share Rs.2 Previous day Closing Price – Rs. 561.65 *Elpro International Ltd.* Dividend Per Share Rs.0.23 Previous day Closing Price – Rs. 60.74 *HDFC Asset Management Company Ltd* Dividend Per Share Rs.48 Previous day Closing Price – Rs. 1994.8 *Himadri Speciality Chemical Ltd* Dividend Per Share Rs.0.25 Previous day Closing Price – Rs. 131.6 *Indian Hotels Co.Ltd.* Dividend Per Share Rs.1 Previous day Closing Price – Rs. 395.9 *National Fertilizers Ltd.* Dividend Per Share Rs.1.53 Previous day Closing Price – Rs. 71.8 *NRB Bearings Ltd.* Dividend Per Share Rs.4.1 Previous day Closing Price – Rs. 195.8 *Solar Industries India Ltd.* Dividend Per Share Rs.8 Previous day Closing Price – Rs. 3887.3 *Maruti Interior Products Ltd* Dividend Per Share Rs.0.5 Previous day Closing Price – Rs. 149 *Voltas Ltd.* Dividend Per Share Rs.4.25 Previous day Closing Price – Rs. 805.65

India Daybook – Stocks in News

*Zydus Life:* Company gets USFDA approval for Tadalafil tablets (Positive) *Nelco:* Company invests in Piscis Networks to bolster its portfolio of Satellite Communication Solutions (Positive) *Lemon Tree Hotels:* Company signs licence agmt for a 60-room property in Rajamundry, Andhra Pradesh (Positive) *Tata Elxsi:* Company launches InnovationHub & nearshore engineering centre in Troy, Michigan (Positive) *Hatsun Agro:* Company to consider sale of its windmill division (Positive) *Wipro:* Company & Cisco launches managed private 5G-as-a-Service solution (Positive) *Allcargo Logistics:* Company’s arm Transindia Real Estate, to sell Jhajjar logistics park (Positive) *Mazagon:* Thyssenkrupp, Mazagon intend to build submarine in India (Positive) *Jindal Poly:* Company has entered into an agreement to acquire 100 percent shareholding in Netherlands-based firm JPF Netherlands Investment BV (Positive) *Tech Mahindra:* Life Insurance Corporation of India has increased its stake in the IT services provider by 2.015 percent (Positive) *Snowman Logistics:* Promoter Gateway Distriparks has acquired additional 11 lakh shares or 0.65 percent stake (Positive) *Hero MotoCorp:* The company is gearing up to expand its electric two-wheeler range while upgrading its existing sales infrastructure (Positive) *Titagarh Rail:* Board to consider raising funds via QIP/Rights Issue on June 10 (Positive) *TCS:* Clocks its second lowest employee addition ever in FY23 (Neutral) *Punjab & Sind Bank:* Board to consider raising upto Rs 750 cr via Bonds (Neutral) *Sula Vineyards:* The wine producer has identified a new chief financial officer, who will come on board in August. (Neutral) *Deepak Fertilisers:* Foreign portfolio investor Smallcap World Fund Inc has sold 23.54 lakh equity shares or 1.86 percent stake (Negative) *D-Link:* Ace investor Ashish Kacholia has sold 1.94 lakh shares or 0.54 percent stake (Negative)

India Daybook – Stocks in News

*Star Health:* Company’s May premium collections remained higher by 16 percent YoY (Positive) *ICICI Lombard:* Company’s May premium collections remained higher by 21 percent YoY (Positive) *GMR:* GMR Group divests 8,18,000 sq. ft. warehouse facility at Hyderabad Airport to ILP Core Ventures I PTE for Rs 188 cr (Positive) *NHPC:* Company signs MoU with Maharashtra Government to establish Energy Storage Systems with a capacity of 7,350 MW (Positive) *Torrent Power:* The company has signed a MoU with the Government of Maharashtra for the development of three pumped storage hydro projects of 5,700 MW (Positive) *Wipro:* Company launched the Wipro Industry Innovation Experience for Financial Services solution on Microsoft Cloud (Positive) *Engineers India:* NALCO has selected the company for providing consultancy services for the updation of a detailed project report (Positive) *G R Infraprojects:* Subsidiary GR Hasapur Badadal Highway has executed the concession agreement with the National Highways Authority of India (Positive) *IFB Industries:* Societe Generale has bought 3 lakh shares (Positive) *RCF:* The arbitrator award on gas turbo generator breakdown at the plant was given in the company's favour (Positive) *Sonata Software:* Company has announced a strategic partnership with SAP Commerce to drive digital innovation (Positive) *Mazagon Dock:* Germany and India are closing in on a deal to build diesel submarines (Positive) *HAL:* GE-HAL deal on jet engines done, 600 India MSMEs to benefit (Positive) *JSW Ispat:* Kiran Menon has resigned as the Chief Financial Officer (CFO) of the (Neutral) *Deepak Fertilizer:* Subsidiary Performance Chemiserve has raised Rs 900 crore via the issuance of non-convertible debentures (Neutral) *Gravita India:* Promoter Rajat Agrawal has sold 13 lakh equity shares or 1.88 percent shareholding. (Neutral) *NDTV:* Company will move out of short-term additional surveillance framework from today (Neutral) *Tata Power:* Company's stock will trade ex-dividend. Dividend Rs 2/Sh (Neutral) *Adani Power:* BSE changes the daily limit to 20% from 5% (Neutral) *Adani Green:* BSE changes the daily limit to 10% from 5% (Neutral) *Adani Trans:* BSE changes the daily limit to 10% from 5% (Neutral) *Adani Wilmar:* BSE changes the daily limit to 10% from 5% (Neutral) *Bank of Maharashtra:* Raises Rs 1,000 crore via QIP, LIC gets biggest allocation (Neutral) *NIACL:* Company’s May premium collections remained higher by 10 percent YoY (Neutral)

Gokaldas Exports

In a media interaction, the management of Gokaldas Exports said it could take a couple of quarters before which demand should start seeing an uptrend. However, the longer term prospects are quite strong with multiple factors indicating that India could gain significant market share in the global apparel trade The longer-term prospects for the apparel industry continue to be very strong. The movement away from China, particularly for US buyers is strong. The data indicates that share of imports from China into the US has continuously and consistently come down and the same trajectory is continuing. Most major global brands are looking at alternate sourcing and India appears to be on their radar. Further, India has a great opportunity as the Government of India is working on signing FTAs with trade partners, which can aid to increase demand of apparel sourced from India. Gokaldas Exports has added two large global clients, one from the US and another from the UK. These customers will probably ramp up through FY24 but a significant revenue contribution can come in FY25. As demand improves, margins could also show positive momentum leading to improved profitability

Sugar Industry

News: Indian Oil and two domestic engine makers are actively working on 5% ethanol blending in diesel. Ethanol blending in diesel is important as it is the most used fuel in the transportation sector across the country The 5% ethanol blending in diesel would create additional 750 crore litre of ethanol demand. This would result in further capacity expansion by sugar companies either in molasses-based distillery or grain-based distillery. Ethanol capacity addition is positive for long term growth prospects

Cement sector

Reliance pet coke prices (ex Jamnagar) have further declined by | 1409/t (MoM) to | 13230/t for June 2023 (down 34% YoY). The decline is in line with recent global pet coke prices (~135-140 US $/t) On an average, fuel cost per Kcal in Q4FY23 declined from Rs. 2.5 to Rs. 2.3 Kcal (QoQ). We expect costs to further soften to Rs. 1.9-2/Kcal in H2FY24. We expect cost tailwinds of Rs. 200-250/t over the next two quarters (provided the spot prices sustain at the current level)

M&M

M&M launches new tractor under Swaraj brand News: In a regulatory exchange filing, the company informed exchanges about the launch of new compact light weight tractor Swaraj Target 630 under Swaraj brand in 24Hp category at a price of | 5.35 lakh (ex-showroom) in Maharashtra & Karnataka. The company also informed about roping in ace cricketer and World Cup champion Mahendra Singh Dhoni as the brand ambassador for the same Our view: This is in line with the company’s guidance in the recent conference call about launching new light weight tractor platform under Swaraj brand of tractors aimed at strengthening company position in lower Hp segment. These tractors will feature new tech enabled features like Digital Instrument cluster, balanced power steering and promote ease of use of farm implements among others. The company will reveal its second low Hp tractor Swaraj Target 625 in due course of time. Currently the market share of M&M in tractor space is pegged at 41.2% (FY23). Further reports also indicate the company’s aspiration to capture ~30% market share in lower Hp segment with industry size of ~50,000 units per annum

Mazagon Dock

Germany and India are closing in on a deal to build diesel submarines for Indian waters as Russia’s prolonged war in Ukraine has pushed the Indian government to expand its sources of military hardware beyond its top supplier, according to a report by Bloomberg. Thyssenkrupp AG’s marine arm and India’s Mazagon Dock Shipbuilders Limited are likely to jointly bid for an estimated $5.2 billion project to build six submarines for the Indian navy, said the report. The preliminary agreement or the memorandum of understanding will be signed in the presence of Defense Minister Boris Pistorius who arrived in New Delhi on June 5 for a two-day visit, according to German and Indian officials

India Daybook – Stocks in News

*JK Cement:* Board approved acquisition of 100 percent shareholding in Toshali Cement (Positive) *HUL:* Company eyes acquisitions in masstige beauty segment (Positive) *Adani Group:* Repays loans worth $2.65 billion, completes prepayment (Positive) *Wipro:* Company said its dynamic digital signage solution, Wipro VisionEDGE, will power Bowling Center TV (Positive) *BL Kashyap:* Company has secured new order worth Rs 147 crore (Positive) *HG Infra:* Company has received the letter of acceptance from north central for a project worth Rs 677 crore (Positive) *IndiGo:* Company aims to carry 100 million passengers in the year ending March 2024 (Positive) *GE T&D:* The company has got shareholders' approval through a postal ballot notice to appoint Sandeep Zanzaria as MD (Neutral) *Vedanta:* Vedanta Iron Ore Karnataka has partnered with Volvo CE to deploy zero-emission electric off-road machines (Neutral) *Maruti Suzuki:* Company has started work on two solar power plants at facilities. (Neutral) *Bank of Baroda:* Bank launches facility for cash withdrawals using UPI on its ATMs (Neutral) *SBI:* Board to consider raising funds in FY24 via issuance of debt instruments on June 9 (Neutral) *Godrej Consumer:* Board appoints Aasif Malbari as CFO w.e.f. August 10 (Neutral) *Wipro:* Board okays buyback of shares worth Rs 12,000 crore at Rs 445 apiece (Neutral) *IEX:* May overall volume of 8,251 MU, up 8% (YoY) (Neutral) *SBI Cards:* Board approves raising funds up to Rs 3,000 cr via NCDs (Neutral) *R Systems:* Public Shareholder Bhavook Tripathi Sold 3.30% Stake or 39 Lakh Shares (Neutral) *Muthoot Capital:* Shares will start trading on mainboard of NSE from today (Neutral) *HIL:* Promoter sold 11,20,000 shares of company, Plutus Wealth bought 13,15,000 shares (Neutral) *Vijaya Diagnostics:* Promoter sold 11,82,100 shares of company (Negative)

IPCA Lab

IPCA Lab: IT Department has carried out survey proceedings at their offices In Mumbai between 30th May, 2023 to 3rd June, 2023.

Indoco Remedies

Indoco Remedies: Co Says (USFDA) Had Inspected Co’s Sterile Facility (Plant II) Located At Goa || The Said Facility Had 4 Observations In Form 483

Greenply Industries

Greenply Industries: Approved Disposal of Properties, Plant & Equipment and other current assets of loss making JV Greenply Industry (Myanmar)

Vedanta

Vedanta: Co subsidiary has entered into a Power delivery agreement to source 200 MW Solar Renewable Power for its Aluminium Operations at Balco Chhattisgarh, through Special Purpose Vehicle.

Indo Rama Synthetics

Indo Rama Synthetics: Its subsidiary has successfully started Commercial Production Of "Bottle Grade Pet Resins" from its newly constructed solid-state Polymerisation (SSP) plant at Butibori, Nagpur.

Mahindra Lifespace

Mahindra Lifespace: OMRON Healthcare to set up factory in Mahindra Lifespaces' industrial park in Chennai for blood pressure monitors (BPMs). OMRON is the Global No. 1 brand in digital BPM devices with over 200 Mn home BPMs sold worldwide.

Biocon

Biocon: USFDA has concluded a Surveillance and Pre-Approval Inspection of Biocon's Oral Solid Dosage Formulations Manufacturing facility with No Observations

Wonderla Holidays

Wonderla Holidays: The Tamil Nadu government has granted a waiver of local body tax (LBT) of 10 percent to its Chennai project for 10 years from the commencement of commercial operations. This is subject to the condition that the commercial operation shall commence within two years from June 2.

IIFL Finance:

IIFL Finance: The board has approved Tranche II public issue of non-convertible debentures of Rs 300 crore with a green-shoe option of up to Rs 1,200 crore. This is within the shelf limit of Rs 5,000 crore. The issue will open on June 9 and close June 22.

Lupin:

Lupin: The pharma major has launched Darunavir tablets, in 600 mg and 800 mg strength, to market a generic equivalent of Prezista tablets of Janssen Products, LP, which reduces the amount of HIV in the blood. Darunavir tablets had estimated annual sales of $308 million in the US, as per IQVIA MAT March 2023.

Indian Overseas Bank:

Indian Overseas Bank: The Reserve Bank of India (RBI) has imposed a penalty of Rs 2.20 crore on Indian Overseas Bank for deficiencies in regulatory compliance.

Zydus Lifesciences

Zydus Lifesciences: The US Food and Drug Administration (USFDA) has closed the inspection of the company's animal health drug manufacturing facility in Ahmedabad, with nil observations. The USFDA inspected the plant from May 30 to June 2.

SBI Life Insurance Company

SBI Life Insurance Company: Insurance Regulatory and Development Authority of India has identified SBI Life as the acquirer insurer of the life insurance business of Sahara India Life Insurance Company (SlLIC) to protect the interest of the policyholders. SBI Life will take over the policy liabilities of around 2 lakh policies of SILIC, backed by the policyholders’ assets, with immediate effect.

Wipro:

Wipro: The IT services company has fixed June 16, 2023 as the record date for determining the entitlement and the names of equity shareholders who are eligible for the buyback offer. On April 27, the company received approval from the board for the share buy back worth up to Rs 12,000 crore, at a price of Rs 445 per share.

Tech Mahindra

The IT company said subsidiary Comviva Technologies along with the company’s step-down subsidiary Comviva Technologies BV agreed to sell 0.04 percent and 99.96 percent shareholding in Comviva Technologies do Brasil Indústria, Comércio, Importação e Exportação Ltda. The buyer is Druid Internet Systems Comércio E Serviços Ltda. The transaction is expected to be completed by August 2023. The company will exit the product line without impacting its customers being served, it said.

Investors Meetings on June 5

✍️Bajaj Electricals: Officials of the company will participate in Nuvama India Conference 2023. ✍️Dr Reddy's Laboratories: Company officials will participate in non-deal roadshow organised by Nomura. ✍️Nazara Technologies: Officials of the company will interact with SBI MF. ✍️KPIT Technologies, Adani Ports and Special Economic Zone: Companies' officials will attend Nomura Conference. ✍️Asahi Songwon Colors: The company will hold the earnings conference call on the performance in Q4FY23 with investors and analysts. ✍️SJVN: The company's officials will participate in non-deal road shows and meet prospective investors. ✍️Can Fin Homes: Officials of the company will interact with Tata AIA Life Insurance.

SUMMARY OF OPEC PRODUCTION CUTS

1. Saudi Arabia to extend 500K barrel per day cuts until 2024 2. Saudi Arabia to cut an additional 1 million barrels per day voluntarily 3. Iraq to extend 211K barrels per day cuts until 2024 4. Russia to extend voluntary production cuts until 2024 5. OPEC agrees to new production target of 40.5 million barrels per day 📍This comes after Saudi Arabia told oil short sellers to “watch out.” 📍OPEC is not messing around.

Zydus Lifesciences

The U.S. FDA inspection of the company’s animal health drug manufacturing facility at SEZ, Ahmedabad was closed with nil observations.

Tata Chemicals

The company signed an MoU with the Government of Gujarat to set up a 20 GW capacity lithium-ion cell manufacturing giga factory with an investment of Rs 13,000 crore, the state government said in a statement. The company will reorganise its U.S. operations to rationalise the number of intermediate entities.

Money Times Talk

*IRCTC’* NP rose 30.41% to Rs.279 cr. on 39% higher revenue of Rs.965 cr. and it has also declared a final dividend. Add for the long term. Young Jonnavittula Ananth to steer fintech *Vedvaag Systems* into the lucrative Artificial Intelligence (AI) and Machine Learning (ML) from this fiscal FY24. Stock to deliver surprising returns. Buy. *Inox Winds* expects better days to return soon on the back of its strong order book, rising margins and government push to the industry. Add. *Sobha Ltd’s* Q4 NP grew to Rs.49 cr. Net sales grew 70.34% YoY to Rs.1,209.9 cr. Add for the long term. *Refex Industries:* Money Times had recommended this share four months back at Rs.226. It’s now around Rs.550. Some more steam is left. Hold for some more time. *JK Cement* is ramping up capacities and expects to grow faster than the industry as the new capacities are at optimum levels. Add *Healthcare Global’s* debts are declining on the back of greater influx of foreign business. It hopes to garner better margins, which will push up profits and the share price. Add. *Force Motors* posted a good Q4, representing a turnaround. Keep it on your radar. *NCC* management has denied rumors that Karnataka Govt. had cancelled the orders awarded to it and it continues to do well. Do not sell. *JBM Auto* is repeatedly trying to breach the Rs.800 barrier with strong volumes. A hundred rupees jump looks imminent. Add for the short term. *ONGC* to spend about Rs.1 trillion by 2030 to control carbon emission. A big positive. This Fortune 500 share must find place in every model portfolio. India's largest tractor manufacturer, *M&M,* to make lightweight tractors for heavy market share gains. Its exports grew 15% in FY23. Add. *Gravita India* is hovering around its all-time high of Rs.615. Any decisive breakout can take its price to Rs.675-677. Hold. *PFC* is reporting higher price and higher volumes. Intelligent buying is suggestive of a bonus in the near term. Buy. *Mazagon Dock Shipbuilders’* FY23 NP was Rs.1072 cr. and a final dividend of Rs.6.90 has been declared. It is sitting on an order book of Rs.38,755 cr. Add for the long term. *Coal India* has raised the price of non-coking coal by about 8% for June 2023. This profit accretive move merits an Add. Although *Suzlon Energy’s* Q4 revenue fell to Rs.1689 cr. YoY, it posted turnaround results with NP of Rs.280 cr. from a loss of Rs.204 cr. YoY. Its debt has sharply reduced to Rs.1180 cr. from Rs.5796 cr. last year. Add for the long term. *Ugro Capital* plans to raise Rs.295 cr. through NCDs for onward lending and business purposes. Add in small quantities. The upbeat commentary of *BHEL* management points to a brighter future on the back of its bulging export orders and execution capabilities. Add in small lots. *GMDC* notched FY23 EPS of Rs.38.33 from FY22 EPS of Rs.6.85. It also declared a dividend of Rs.9.10/share. Add for good returns. *Geekay Wires* notched 204% higher FY23 EPS of Rs.26, which may lead to FY24 EPS of Rs.45. Buy for 50% gain. *Chamanlal Setia* notched 82% higher FY23 EPS of Rs.22.8, which may lead to FY24 EPS of Rs.30. Buy for 50% gain. *Suraj Products* notched 62% higher Q4 EPS of Rs.6.7 and 10% higher FY23 EPS of Rs.22.8, which may lead to FY24 EPS of Rs.26+. Buy for 30% gain. *Mallcom (India)* notched FY23 EPS of Rs.50.2, which may lead to FY24 EPS of Rs.65. Heavy investment buying is seen in this counter with rising volumes. Buy for 20% gain. *Karnataka Bank* notched 171% higher Q4 EPS of Rs.11.1 and 132% higher FY23 EPS of Rs.37.7, which may lead to FY24 EPS of Rs.45. Buy for 50% gain. *Andhra Paper Mills* notched 169% higher Q4 EPS of Rs.38.7 and 274% higher FY23 EPS of Rs.131. Buy for 20% gain. *ITL Industries* notched 26% higher Q4 EPS of Rs.7.6 and FY23 EPS of Rs.24.1, which may lead to FY24 EPS of Rs.30. Buy for 30% gain. *IZMO* notched 38% higher Q4 EPS of Rs.6.2 and 25% higher FY23 EPS of Rs.15, which may lead to FY24 EPS of Rs.18+. Buy on dips.

Headlines from SIPfund.

*Economic Times* 📝 Godrej Properties hikes stake in two subsidiaries, gets complete control 📝 Bajaj Finserv to invest Rs 5k cr in Pune; will create 40k jobs, says Devendra Fadnavis 📝 88 pc wage payment under MNREGS done through Aadhaar Based Payment System in May: Govt 📝 World Bank's new chief Ajay Banga asks staff to 'double down' on development, climate efforts 📝 Swiss administration hit by cyber attack 📝 Food-delivery firms Zomato, Swiggy clock only 7% growth in biz during IPL: report 📝 Majority of EU countries against network fee levy on Big Tech: report *Business Standard* 📝 Train accident: Govt asks airlines to keep fares on Odisha flights in check 📝 FPIs invest Rs 43,838 cr in India in May, likely to continue in June 📝 RBI-MPC may lower inflation forecast marginally: BoB Chief Economist 📝 Less than 1 in 3 startups manage to raise follow-on funding: Study 📝 US Defence Secy Lloyd Austin to arrive in India for a 2-day visit on Sunday *Financial Express* 📝 Goa: Engagement group meet to discuss USD 1 trillion investment in start ups by 2030 📝 Future Lifestyle gets claims of Rs 2,156 cr from 12 creditors 📝 India Cements embarks on turnaround strategy 📝 Pakistan would not default on any sovereign commitments: Finance Minister Dar *Mint* 📝 Odisha train accident: LIC simplifies claim process for tragedy victims 📝 European Union formally notifies carbon tax at WTO 📝 India’s fossil fuel burn to surge as heatwave triggers peak power demand: S&P 📝 Next G20 health meeting to focus on global health priorities

India's Q4FY23 GDP growth

India's Q4FY23 GDP growth rate was 6.1%, compared to the projected 5% growth. Q1 was 13.5%. Q2 was 6.3%. Q3 was 4.4%. The RBI's FY23 annual report projects that India's GDP will grow by 7%. India's full-year GDP growth is 7.2%, which is higher than the advance estimates.

Morgan Stanley report

Morgan Stanley report predicts that India's export market share will rise to 4.5% by 2031, nearly 2 times from 2021 levels India's per capita income will increase from US$2,200 currently to about US$5,200 by 2032 Manufacturing🔥 Consumption🔥 India will emerge as a key driver of growth for Asia and the world

Prestige Estate Projects

Revenue 9.64% at Rs 2,631.8 crore (Bloomberg estimate: Rs 1,923.5 crore) Ebitda up 36.5% at Rs 681.8 crore (Bloomberg estimate: Rs 431.4 crore) Ebitda margin at 25.9% vs 20.8% (Bloomberg estimate: 22.4%) Net profit down 46.5% at Rs 505.4 crore (Bloomberg estimate: Rs 132.32 crore) The group recorded one-time gains of Rs 11.9 crore during the quarter under review, against Rs 807.9 crore exceptional gain in the year-ago period. The board approved a final dividend of Rs 1.50 per share for the fiscal 2023. It also approved raising Rs 2,000 crore via non-convertible debentures.

Torrent Pharmaceuticals

Revenue up 16.9% at Rs 2,491 crore (Bloomberg estimate: Rs 2,474.3 crore) Ebitda up 29.6% at Rs 727 crore (Bloomberg estimate: Rs 728.6 crore) Ebitda margin at 29.2% vs 26.3% (Bloomberg estimate: 29.4%) Net profit of Rs 287 crore vs net loss of Rs 118 crore (Bloomberg estimate: Rs 322.2 crore profit) The board approved raising Rs 5,000 crore via crore via debt. The company will pay a final dividend of Rs 8 per share for the fiscal 2023.

Graphite India

Revenue down 3.43% at Rs 815 crore (Bloomberg estimate: Rs 722.3 crore) Ebitda down 29.5% at Rs 62 crore (Bloomberg estimate: Rs 82 crore) Ebitda margin at 7.61% vs 10.4% (Bloomberg estimate: 11.4% Net profit down 69.5% at Rs 29 crore (Bloomberg estimate: Rs 71.7 crore) The board recommended a dividend of Rs 8.50 per share for the fiscal 2023.

May Auto Sales Estimates YoY

Ashok Leyland:* 14110 units versus 13273 units ( *Up 6.0%* ) Tata Motors:* 72600 units versus 76210 units ( *Down 4.7%* ) M&M Total:* 66500 units versus 53726 units ( *Up 21.0%* ) M&M Tractor:* 32600 units versus 34722 units ( *Down 6.0%* ) Maruti:* 1.65 lakh units versus 1.61 lakh units ( *Up 2.5%* ) Hero Motocorp:* 5.20 lakh units versus 4.90 lakh units ( *Up 7.0%* ) TVS Motors:* 3.2 lakh units versus 3.0 lakh units ( *Up 7.0%* ) Bajaj Auto:* 3.5 lakh units versus 2.75 lakh units ( *Up 27.0%* ) Eicher Motors RE:* 75900 units versus 63643 units ( *Up 19.0%* )

MOIL

The miniratna state-owned manganese ore mining company has increased prices for some of manganese ore grades

Lemon Tree Hotels

Lemon Tree Hotels Revenue up 111.4% at Rs 252.7 crore (Bloomberg estimate: Rs 250.3 crore) Ebitda up 385.9% at Rs 141.9 crore (Bloomberg estimate: Rs 136.5 crore) Ebitda margin at 56.2% vs 24.4% (Bloomberg estimate: 54.5%) Net profit of Rs 59 crore vs net loss of Rs 39.16 crore (Bloomberg estimate: Rs 47.6 crore)

WIPRO Buyback

Record Date for Eligibility : Friday, JUNE 16 Buyback Price : 445 ₹ Today's Closing Price : 405 ₹ Buyback Size ₹ : 12,000 Crore Buyback Size in Share : 26,96,62,921 Shares Retail Reservation : 4,04,49,439 Shares