Smart Investment

Editor : Dilip K. Shah

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12 Issue No: 31 RNI No : GUJENG / 2008 / 24320

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Archi Publications

VOL : 3 27th Sep. to 3rd Oct. 2010

TIPS OF THE WEEKCo. Name Code PriceDunlop 509130 92Refex Ref. 532884 27Sanvaria Agro 519260 61Super Spg. 521180 16LOK Housing 500256 43MSP Steel 532656 71Delta Corp. 532848 77Dewan Hsg. 511072 280J.K.Laxmi Cem. 500380 63Bk Of Mah. 532525 69Satyam 500376 100

Co. Name Code PriceNavin Flourine 532504 292Maha. Rubtech 514450 19Sobha Dev. 532784 392Dhunseri Petro 523736 187Khaitan Chem. 507794 182Everest Kanto 532684 125Unichem 506690 494GNFC 500670 119Tribhuvan Hsg. 531703 38Kemrock Ind. 526015 631Bilcare 526853 658

BUY.... BUY....BUY

By Talaksi Gosar(Mumbai)

(For details refer Center Page)

Sensex - 20000 & Nifty - 6000 Conquered

Jatin Sanghavi(Mumbai)

(M) 098205 26455E-mail :

[email protected]

Market Scan

S3 S2 S1 Close R1 R2 R3

Nifty 5825 5901 5966 6018 6077 6142 6207

Sensex 19424 19621 19845 20045 20238 20439 20627

INDEX LEVELS

This Weeks RecommendationsPair Stocks CMP SL TGT-1 TGT-2Buy OFSS 2258 2234 2299 2357Buy Jindal St. 2067 2023 2139 2213Buy Aban 860 844 886 915Buy LIC Housing 1352 1331 1384 1417Buy Hero Honda 1863 1836 1895 1933

Back to where the market belongs:- The market is where it belongs i.e.Sensex above 20000 and Nifty above6000. Market is rising with a vengeanceand is making up for lost time by rock-eting upwards. It has reached the lev-els last seen in Jan 2008. The speedof increase has been surprising to saythe least and it has not given any re-spite to the bear cartel to cut their shortpositions. Every small dip has beenbought, even in intraday. Even thoughcertain momentum oscillators continueto remain in overbought territory, butas we mentioned last time, the oscilla-tors can remain there for days and

weeks together. The up-ward momentum is likely tocontinue even in this weekas this is the expiry weekand the bulls will not like toloosen their grip on the mar-ket.

T E C H N I C A L L YSPEAKING :- The Sensex

opened the week at 19445, made ahigh of 20105, a low of 19445 andclosed the week at 20045. The Sensexgained a whopping 451 points on aweekly basis. Similarly Nifty opened theweek at 5885, made a high of 6037, alow of 5885 and closed the week at6018. The Nifty too closed with theweek with a solid gain of 164 points.Thus the market has managed a closeabove Sensex 20000 and Nifty above6000 after Jan 2008.

On the weekly charts both Sensexand Nifty have formed an OpeningWhite body Marubuzo for the third con-secutive week. This is a Bullish candle-stick pattern and the last three weekscandle (Cont.... on P 10)

E-mail:[email protected]

(Fakhri H.

Sabuwala)

Bazar.com

Darling Tere Liye.....20K...!!!The market is out of its teens and

has just entered mature twenties! Therisisng foreign institutional funds, whichpropel the BSE SENSEX and NSENIFTY enabled it to scale a 32 monthshigh at the end of this week. This rapidrise raised concerns on whether therise was too soon and too fast. Through-out the week analysts, brokers andmarket pundits discussed endlessly asto whether the rally was here to stay orwill fizzle away before you could evensay "teji". Foreign funds have so faraccounted for a net purchase of $15.8billion in this calendar year and onefifth of this sum has poured in during

(Cont.... on P 10)

Diwan-E-KhasA.J. Diwan (Mumbai)

E-mail :[email protected]

Doe and NASDAQ closed verypositive on Friday. Dow went up by 197points and NASDAQ up by 54 points.There is general feeling that useconomy is now stabiles for better days.All economy data published in Americalast week were lower that expectationsbut better than previous data. Thisshows that economy is coming up.

As reported to you last weel fundsare still buyers in India. In 2010 FIIshave bought to the extent of rs.60000crores plus. In this month they weresellers only on Thursday but on Fridaythey came with bang. Babri/ram Mandirdecision postponed till 28/9 but i feelthat decision should be postponed tillconclusion of commonwealth games.The manner in which congress leaderscoming on TV and giving speach, theyfear some problems.

Sellers Beware

(Cont.... on P 2)

Hemant K. Gupta (Mumbai)

Buy of The Week

Sambandam Spinning (Rs 132.00) (Code : 521240)

South based Sambandam Spinning is engaged in production of varioustypes of cotton yarns. Started with just 2000 spindles in 1973, now Sambandam

Financial Performance(Rs. in Cr.) 2009-10 2008-09 2007-08 2006-07Sales 143.77 119.58 126.84 130.57Profit After Tax 4.69 -3.82 5.91 11.21Equity 4.28 4.28 4.28 4.28EPS (Rs.) 11 -8.96 13.88 26.31Fixed Assets 184.82 193.35 149.21 123.73Net Current Assets 61.30 39.65 63.21 51.29Capital Employed 248.30 235.62 215.64 178.65NetWorth Per Shares 150/- 140/- 79/- 69/-

has installed capacity1,10,000 spindles.Sambandam also hasmore than 15mw ofWind Energy whichmeets its entire require-ment of power. It is pro-ducing roughly 12millionkg of yarn perannum which includes;

* 20s to 100s countyarn * Single and Multi

ply yarns * Carded and Combed yarns * Ring doubled and TFO yarns * Specialityyarns like Gassed yarn, Compact yarn and Slub yarns Around 80% production issold in domestic markets whereas (Cont.... on P 11)

Sensex surges to recent new peak, corrects a littlebut jumps up again with added vigour and increased buying support

It scaled to a recent new peak.Then took a mild beating for two days.But reassumed its uptrend on the lastday and closed above the coveted20,000 mark. That was how the BSESensex performed during the lastweek. The most popular stock marketindice, i.e. the 30-scrip based BSESensex, closed the straight fourth weekwith a gain and that was a magnificient450 points. The sustained uptrend inthe BSE Sensex was slightly distortedduring the last week over anxieties overthe Aydhya verdict which was originallyscheduled to be announced on Sep-tember 24 and later on postponed tosome other future date following a stayorder granted by the Supreme Court.In view of the likely communal dishar-mony that might errupt on the courtverdict, the markets on Wednesday and

Thursday took a mild beating of around141 points on the BSE Sensex. Buton the news that the Suprme Courtgranted a stay against the announce-

ment of the verdict by the Ayodhay HighCourt till September 28, the marketson Friday jumped by 185 points, morethan the total loss they suffered duringthe preceding two trading days.

Thus, it was once again proved thatthe undercurrents in the Indian stockmarkets were very very strong and un-likely to dry up on outside negative fac-tors. Such strong undercurrents alsoindicated a possibility that if no great

damage would be caused to thenation's communal harmony after thecourt verdict on Ayodhya issue is an-nounced, then the markets would gofurther up and the BSE Sensex mightnotch fresh gains following better cor-porate performance that would againbe knwon from October onwards. Thesecond quarter corporate numbers thatwould start coming out from Octoberfirst week onwards would be no leesserthan the first quarter, if not better. Andthat would be a factor sufficicentenough for the markets to hold theiruptrend as it is based mainly on hugeand sustained buying support from theforeign institiutional investors who havemopped up shares worth more than Rs17,000 crore in the month of Septem-ber alone and are expected to buymore in the days to come as they haveno other option left.

During the last week the sensexwhich was earlier belamed of movingup sans support from individual andsmall investors and sans marketbreadth, did away with this complaint

(Cont.... on P 10)

Golden quote

I am interested in future as I have to live my rest of life over there.

Sarvesh Ashok Trivedi(Mumbai) (Mob) 09820728124Stock Wave

www. cha r t s anke t s to ck . com

Selected stocks will maintain momentum

(Cont.... on P 2)

BSE Index (20045.18) :- BSE Index is on its northward journey from itsbottom level of 17819.99. Market shows overbought position on daily weeklyand monthly basis. On upward side beyond 20,000 it may face the resistance at20106 and if it crosses this level then it may touch to its new top level of 20130and 20250. On down side below 19863 it can be supported at 19445. Thehighest and the lowest price of Date 21 to 24 should be used for SL

Nifty Future (6034.55) :- Last week we predicted the possibility that theNifty future index may touch to the top level of

7 IPOs : Career, Microsec, Ramky, Orient Green, Electrosteel & Gallantt have oversubscribed last week6 IPOs : Va Tech-Wabag, Cantabil, Techpro, Ashoka Buildcon, SEA TV & Bedmutha are entering the market this weekHow much the IPOs would be oversubscribed? What about refund ?

What is the possibility of allotment and listing price?

Grey market IPO Premium

GAMC No. :1703/2009-11. Issued by SSP Ahd. Valid up to 31-12-2011

SMART

2 27th Sep. to 3rd Oct. 2010SMARTI N V E S T M E N T

Financial Weekly

Small & Beautiful By : “SAARTHI” www.saarth i . co . in

Raj Oil Mills (Rs. 50.00)(Code : 533093) :- Being one ofthe pioneers of the oil industry In India,Raj Oil Mills is engaged in the businessof Crushing and Oil Filtration with a ca-pacity of 5,000 TPA and 30,000 TPArespectively. It produces & marketsseveral oils including coconut,ayurvedic, groundnut, sunflower, cot-tonseed, soyabean, til, mustard etcunder brands like Cocoraj, Guinea, Tilraj& Mustraj. In future company expectssoyabean and sunflower oil to grow ata faster pace but without offsetting thevalues on groundnut oil and mustardoil segment. Although company is intoa commodity business but on the backof retail revolution and the general shifttowards branded products, the futurelooks promising. For the fiscal 2010comprising of 15 months it recordedsales of Rs 462 cr and PAT of Rs 36 cr.Considering its Q1FY11 performanceand current oil prices it may report aturnover of more than Rs 400 cr andNP of Rs 25 cr i.e. EPS of Rs 7 onequity of Rs 36 cr. But with new plantgoing on stream, company is estimated

to clock an EPS of more than Rs 10 forFY12. Accumulate at sharp declines.

Sanghvi Movers (Rs. 177.00)(Code : 530073) :- Co. is engaged inthe business of providing hydraulic andcrawler cranes to various industries in theinfrastructure and core sectors like power,cement, steel, aluminium, wind energy,oil & refineries etc. Company has an ex-tensive service network all over Indiathrough its more than 40 depots and islooking to add dozen of more depots innear future. Interestingly, it has a fleet ofin-house trailers constituting 45 Volvos(100 MT) and 35 trailers of 25 MT - 35 MTto reduce dependence on outside trans-port services. To maintain its competitiveedge, company has been constantlyadding brand new heavy duty cranesevery year. Last fiscal, it spent Rs 160 crto purchase 18 higher capacity cranes(6 brand new and 12 second hand) andsold 22 light weight cranes which hadbecome quite old. In the current fiscal, itis contemplating to invest Rs 180~250 crto further modernize and strengthenedits fleet strength. It is expecting stronggrowth especially from power sector andhas targeted to record revenue of Rs375 cr & profit of Rs 100 cr for FY11. Thisleads to an EPS of Rs 23 on equity of Rs8.66 cr having face value as Rs 2/- pershare. A safe buy in current market sen-timents.

International Combustion(Rs. 317.00) (Code : 505737) :-Despite being a seven and half de-

cade old company having presence inthe fast growing engineering sector, In-ternational Combustion (330.00)couldn’t become a very large scale ordominant player. To enhance its com-petitive edge and provide better prod-ucts to Indian clients, company hasbeen regularly making several market-ing and technical tie ups with interna-tional majors across the globe. Last fis-cal, as a part of its strategy to expandthe product portfolio it entered into alicense agreement with Advance Engi-neering Ltd., Brazil for manufacture ofa range of jaw crushers, cone crushersand roll crushers. These crushers aresynergic with the screens manufacturedby it and would enable the company tooffer crushing & screening plants andsystems for mining, cement and vari-ous other industrial applications. Be-sides, it also entered into a licenseagreement with Danfoss Bauer formanufacture of energy-efficient motorswhich are currently a mandatory re-quirement in Europe and expected tobe applicable in India in the near fu-ture. Fundamentally, company is far-ing satisfactorily and is expected to re-port a topline of Rs 105 cr and netprofit of Rs 12 cr i.e. EPS of Rs 50 onequity of Rs 2.40 cr. A liberal bonus isawaited since long, as it has huge freereserves of Rs 65 cr on such a tinyequity. Technically scrip made a highof above Rs 900 in end 2007 but iscurrently trading at one third of it, whenthe market is near its all time high

2 20th Sep. to 26th Sep. 2010

Smart Super-DuperBilcare (Rs. 668.00) (Code: 526853) :- The company is mainly en-

gaged in supplying various customized packaging solution to pharmaceuticalcompanies and it has 62 per cent market share in Indian blister packagingmarket. The company is active in two segments like pharma packaging solutionand global clinical research and its products includes aluminum foist, cold formedblister and rape system. As far as its GCS segment is concerned it seems that thefuture growth of the company is most sound and robust. The company hasposted the net profit of Rs. 18.54 crore on sales of Rs. 153 crore for the period ofJune quarter. Investors can invest in this stock for long term perspective.

Diamines & Chemical (Rs. 87.00) (Code: 500120) :- This small capcompany, based in Baroda, is engaged in production of Ethylamines and isleader in the same sector. The products of the company is mainly used in FMCG,Dye and chemical and Agro industries beside the company has earned theincome worth Rs. 2 crore from its wind power business. The income of thecompany has increased with 40 per cent growth and its net profit is recorded atRs. 2.3 crore and its net profit margin is recorded at Rs. 4.6 crore achieving EPSof Rs. 15 for the period of june quarter. The promoters of the company hold 65per cent of total equity.

Dhunseri Petro (Rs. 187.00) (Code: 523736) :- India’s leading PetResin producer company is mainly engaged to segment. The company haschalked out an expansion plan worth Rs. 370 crore in order to double its Haldiabased petro chemical operations. The company may gain very handsome in-come from its IT SEZ division. Considering the prevailing robust growth of teaindustries it seems that company may get maximum benefit from this growth. Thecompany has full potential to progress with multi fold growth. Investors can investfor mid to long term perspective.

Stock Wave (Continued from Page 1)

Currently this scrip is in a “T”group but is will come out of this groupnext month. The price may touch toits new top level once it comes out ofT group.

Subero Organics (Rs. 70.00)(Code: 524446):- The company, hav-ing equity of Rs. 33.86 crore, is en-gaged in production of fungicides andpesticides. The company, havingmore than 1000 clients across 50countries, is planning to set up newplant at Dahej. It is expected that thecompany may post the net profit ofRs. 45 crore on turnover of Rs. 480crore and will achieve the EPS of Rs.14 during current FY. It is best bet forthree-four quarters.

Compucom Soft (Rs. 39.00)(Code: 532339):- The company, con-nected with education sector, is cur-rently involve with education projectsworth Rs. 260 crore with 6000schools. The company has recentlyreceived order worth Rs. 104 crorefrom Rajashthan government underSarva Shiksha Abhiyan scheme. Theprice may go up following this devel-opment.

Terrific Shots(Continued from Page 12)

Index has closed above 20000marks and NASDAQ closed above6000 is very positive psychologicalboost in the week to come. In this tejireliance has not participated and shareprice has not come even equal to comebonus price. Ril news spread in mediathat Mukesh will be richest in the worldby 2014 failed to cheer the market.

Against this see Tata group Tiscowent up from rs.475 to rs.630 and tar-get for the week is rs.650.even tatamotors went up by rs. 150 and nowpeople talk of rs.1100 this week. Allthe best to tata. Hind Unilever went upto rs.313 and now target isrs.325.stoploss is rs.305.

The GDP growth in India is pro-jected at 10% in commiming years soFiis have turned buyers. The economyprogress may lead to growth in cementshares like ACC, Ultra cement India ce-ment etc DLF has given good breakout on Friday now keep stop loss ofrs.353 and buy. Gold and silver is gal-loping and so does commodity inmcx.be on buy side in niclel, lead, cop-per and zinc

Diwan-E-Khas(Continued from Page 12)

6050 and our prediction proved perfcet. Now if it crosses the level of 6048 itmay swing between risky range of 6085 to 6125.On downside below 5900 theremay be heavy profit nooking and below this level it may be supported at 5850.

BRFL (Rs. 266.90) This stock is on its northward journey from its bottomlevel of 253. Market shows neutral position on daily and weekly basis andoverbought position on monthly basis. On upside beyond 271 it may face resis-tance at 278 and on down side it may get some support at 255.

Punj Lloyd (Rs. 132.10) :- The stock is on its upward journey from itsbottom level of 104.50. Market shows overbought position on daily and weeklybasis and oversold position on monthly basis. On upward side it may face stiffresistance at 140 and 142. Investors should not make any new position. Ondown side it may again get some support at 120 and125.

Hindustan Uniliver (Rs. 319.65) :- This stock is also on its northwardjourney from its bottom level of 249.90. Market shows overbought position ondaily, weekly and monthly basis. On down side it may be supported at 289 andon upward side beyond 306 it may touch to the top level of 312 to 330.

IDBI (Rs. 152.85) :- This stock is also on its progressive path from itsbottom level of 119. Market shows overbought position on daily and weekly basisand neutral position on monthly basis. We have in our last edition predicted forrange between 145-148 and this range is now completed. Beyond 148 thereshould be another range up to 155. On downside it may be supported at 140and 137.50 and on upside it may touch up to 160.

Tech Mahindra (Rs. 773.10) :- This stock is on its northward journeyfrom its bottom level of 634. Market shows overbought position on daily andweekly basis and oversold position on monthly basis. On down side the level of735 may be considered as panic bottom and it may supported at 755. Onupward side beyond 820 it can touch to the new top level of 850 to 855.

UCO Bank (Rs. 115.00) :- This stock is on its downward jouney from itstop level of 120.35 thanks to some heavy profit booking. Market shows oversoldposition on daily basis and highly overbought position on weekly and monthlybasis. At present it has no potential to cross the level of 120 and on downside itmay again get some support at 107.

27th Sep. to 3rd Oct. 2010 3SMARTI N V E S T M E N T

Financial Weekly

Gold :- This week, gold prices are expected to trade with apositive bias in the short term on indications of the US FederalReserve pumping around 1 trillion dollars into its economy. Thisreiterates concerns over inherent weakness in the US economyand its impact on the US Dollar Index (DX). The current festiveseason in India also remains a positive factor for gold prices, asIndia is the largest consumer of yellow metal. Spot gold is likely tofind a support at 1277/1260 levels and resistance at 1308/1320levels and MCX Gold October is likely to find a support at 19000/18875 levels and resistance at 19245/19360 levels in this week

Copper :- Copper prices are expected to trade with a nega-tive bias in the short-term as the global economic scenario remainsbleak. The US Federal Reserve is expected to enter in to anotherasset-purchase program to the tune of $1 trillion in the month ofNovember. This indicates the weak state of the US economy andany concern over the front will lead to downside pressure in basemetals. MCX Copper November is likely to find a support at 352/347levels and resistance at 367/372 levels in this week.

Crude Oil :- Crude oil prices will mainly take cues from thehurricane. Any major disruption in oil exploring activities wouldsupport an upside in crude oil prices on concerns over supply.MCX Crude Oil October is likely to find a support at 3385/3320levels and resistance at 3550/3610 levels in this week.

BadruddinSr. Research Analyst - CommoditiesAngel Commodities Broking Pvt. Ltd.

Comodity space

IL & FS Transporatation : Huge potential in InfrastructureTata Power will join the market mood on huge investment plan makes

Aricept will be another shot in the arm for RanbaxyONGC strikes : Discouvers Gas in KG Basin and Cambay

R&D will be the boost for Nesle

S. N. Zaveri

Smart BestBuy

IL&FS Transportation Net-works Ltd. (ITNL) (Code :533177) is an established ISO9000:2001 surface transportation in-frastructure company, and is one of thelargest private sector BOT road opera-tors in India. ITNL is a developer, op-erator and facilitator of surface trans-portation infrastructure projects, takingprojects from conceptualization throughcommissioning to operations and main-tenance. it has completed the Beawar-Gomti Road Project five months aheadof schedule and that toll collection willcommence effective today i.e.25.08.2010. Its order book was Rs10,000 crore as on FY10 ending. Thecompany is expecting another 10-20%order book. So Rs 16,000 should go toabout Rs 19,000-20,000 crore. It is lessknown company which has huge po-tential in infrastructure sector. It hasnumber of better margin projects inhand. It is a value buy for long term.

Tata Power (Code : 500400):- Tata Power plans to invest Rs70,000crore to reach its targeted installed ca-pacity of 25,000 mw by 2017. The com-

pany has an operational capacity of2,977 mw, the largest for a private sec-tor generator in the country.Tata Powerrecently bagged a 240 mw geothermalpower project in Indonesia in consor-tium with Australia’s Origin Energy andPT Supraco Indonesia.The companyplans to venture into nuclear powerwhen it is opened to the private sectorand also into solar power. It plans toset up solar facilities with a capacity of300 megawatts by 2013. The companyhas 5,570 mw in the constructionphase, including the UMPP and the1,050 mw plant at Maithon inJharkhand. The stock has not per-formed in a big way in this rally, butnow as power stocks are in limelight,this Tata group company will join therally. Buy.

Ranbaxy (Code : 500359) :The US Food and Drug Administration(FDA) has granted Ranbaxy Laborato-

ries the right to exclusive sales of thegeneric version of Aricept, which isJapanese drug maker Eisai's biggestselling drug in the US. Aricept is usedin the treatment of Alzheimer's and isco-promoted by Eisai and Pfizer anddistributed by Eisai in the US. Ranbaxywill start selling the Aricept copies inthe US after the patent on the medi-cine expires on November 25 this year.The 180-days exclusive sales windowis likely to present Ranbaxy with a sig-nificant revenue opportunity, consider-ing that Aricept brings in about $3 bil-lion annually in sales. This could trans-late into pre-tax profits of roughly over$300-350 million (earnings per shareof about Rs 21-25) in the six-monthperiod for the company. The stock istrading at almost 52 week high. Buyfew stocks and buy more at decline.

ONGC (Code : 500312) :ONGC has made two oil and gas dis-coveries in the Krishna Godavari andCambay basin.The well proved 30meter gas column on testing and pro-duced gas at the rate of 75,000 cubicmeters per day and 3 million cubicmeters per day of condensate. Also,ONGC is likely to get getting additionaltime for completing their oil and gasexploration programme in their KG ba-sin fields. Another positive for the com-pany is that it has dislodged State Bankof India to emerge the top advancetaxpayer for the first half of the currentfiscal. ONGC's advance tax pay-outstood at Rs 3,481 crore, higher thanSBI's Rs 2,793 crore. Last year, for thesame period, SBI's cumulative advancetax payout was the largest at Rs 2,900crore, followed by ONGC at Rs 2,676

crore.So, it is indicative that ONGC willcome out with strong Q2 numbers. Buy.

Nestle (Code : 500790) :Nestle, the fast moving consumergoods major, today said it would investRs 230 crore to set up its first researchand development (R&D) centre in In-dia at Manesar in adjoining Gurgaondistrict. The facility will be made opera-tional by July 2012. The R&D centre,the company’s 30th such facility world-wide, will facilitate innovation across avariety of categories -culinary, cereals,beverages and dairy products, amongothers.Nestle, which sells popular prod-ucts such as Maggi noodles, Nescafeand KitKat chocolates, has been fo-cusing on indigenisation of its productsin India. Accumulate this multinationalstock for more gain.

Co. Name CMPIL&FS Trans. 330.00Tata Power 1327.00Ranbaxy 570.00ONGC 1437.00Nestle 3290.00

INVESTMENT VIEW & MARKET GUIDANCEkukkuji

([email protected])

Ganesh HousingCo. Ltd is one of the larg-est real estate developer of

Gujarat founded in 1960; by Shree Govindbhai C Patel, Chairmanof GHCL. The Company went public in 1993. In next 6-8 yearscompany will develop approximately 38 Million sq.ft. of space. FY2009-10 company booked a sale of Rs. 900 millions. RemainingRs. 3580.47 millions will be received in the next 15 months. Com-pany has reported encouraging growth in top line of the 1st qtrJune 10 , with sales moving up sharply by 213 % from rs 11.17 crsto rs 35 crs while net profit shot up from rs 1.55 crs to rs 11.84 crsafter higher provision of tax for rs 3.09 ag rs 0.95 crs givingattractive eps of rs 3.63 against rs 0.47 during same period of lastyear. Book value of company is 153.5 while market cap is rs 658crs, in bull run of 2007/08 stock had touched high of rs 800 levels. We have been advising this stock from the levels of rs 58 &regular update from time to time, investors can continue to holdthis stock for target price of rs 300 to review over next 6 to 8months time .

N R AGARWAL -- With the rapid rise in demand fornewsprint from the print media and for paperboard from theFMCG industry, paper manufacturers are recording strong rev-enue growth, which is backed by improving margins. The increasedfocus on education by the government, an increase in thegeneral level of literacy and continued demand from user indus-tries will further add to the growth prospects of this sector. For the1st qtr of current year sales have gone up from rs 88 crs to 113 crswhile net profit shot up by 65 % from rs 4.2 cr to rs 6.94 givingattractive of rs 4.04 for the 1st qtr, if this trend is any indicationcompany likely to report full year eps of around rs 18 for 10/11.Plant of company is situated in area of around 125 acres out ofwhich 50 acre land is surplus, Company has also power plant of15 MW , Book value of company is rs 34 while market cap is 172 crsROCE is 20.24 % while RONW .

Sambandam spn, last year company earned cash profit of rs17.35 crs including defer tax, current year expected cash profit likely tobe around rs 32 crs based on 1st qtr results . company has earned neteps of rs 8 for the 1st qtr, since cotton yarn units are doing every well,full year eps of company likely rs 32/34.. current market cap is rs 53 crswhich is 1.65 time of expected cash profit of current year.

Weizman ltd, stock was earlier advised at lower levels, inves-tors if holding can stay invested, as there is lot value in this stockwhich shall get unlocked in near future through demergers whichlikely to get completed over next few weeks time.

DIAMINES CHEMICALS last week call was given at 63/64 levels & stock shot up to close at 90 levels with in just oneweek of time. since upmove is very sharp, investors can think ofbooking part of profits & switch to N R AGARWAL


Financial Weekly

Sea TV Network

The Taj of Agra in the Multi-System Operator Business

Corporate Feature

Sea TV also has its own local channels, programmesof which are produced by its own production team. Theselocal channels mainly focus on Agra city/U.P State news/events and information, which is more relevant to the cityviewers. These channels are broadcasted free of charge tothe TV subscribers of Sea TV. These Channels are:

Sea News : It is a 24 hour News channel of Agra City.The focus is primarily on Local News from Agra City andother news from the state of Uttar Pradesh. It is the USP ofthis news channel, as such news content is not catered toby the National level news channels. The entire operationsof the news channel are managed in-house by Sea TV’sown production team.

Sea Jinvani : This channel is dedicated to the fol-lowers of ‘Jain Religion’. All type of religious programmeslike Pravachan, Satsang, Short stories on the various JainTirth, Songs etc are telecast through this channel. The Com-pany also has plans to launch this channel as a SatelliteChannel as a part of the second phase of its expansion

Sea TV Network Channel

activities. It has been conceived to be an internationalchannel based on Jainism, while at the same time givingdue weightage to all other religious cultural events andreligious practices of the people. The Company plans tolaunch this channel as a satellite Channel to be broad-casted all over the world. The Company has got the per-mission form the Ministry of Information & Broadcasting,Government of India for Up-Linking of Non-news andCurrent Affairs Channel “Jinvani” from India.

Sea TV : On this channel The company telecastslocal cultural programmes, sport meets, annual functions,various other programmes e.g. "Kavi Sammelan" etc. Thusit is able to attract schools/colleges, Clubs, Hotels, Com-

Mr. Pankaj Jain Mr. Pankaj Jain(Director Distribution & Networking)

Mr. Pankaj Jain, aged about 40 years, is the directordistribution and also one of the Promoters of the Company.He handles all the issues related to networking and distribu-tion. He is well equipped to handle the networking anddistribution department of the Company because he is inthis industry since last 18 years and handling the distributionand networking. It’s because of Mr. Jain that the network ofthe Company runs very effectively and all the complaints ofthe customers are resolved within minimum possible time.

Promoters of Sea TVMr. Neeraj Jain(Chairman and Managing Director)

Mr. Neeraj Jain, aged about 36 years is the promoterand CMD of the company. He has the rich working expe-rience of more than 18 years in Cable TV Industry and hasfocused business interest in the Company Management.Mr. Neeraj Jain was appointed as Managing Director ofthe Company on January 11, 2008. His core responsibili-ties in the organization include visioning and promotion ofvarious business strategies and engineering & controllingthe company's current growth in and future expansion intolocal market. In addition, he oversees all projects' devel-

Mr. Neeraj Jain

opment activities and related businesses of the company, generating significantfinancial returns for the company. Mr. Neeraj Jain has sharp business acumenand is aptly equipped to handle Media & Entertainment project. He has adiversified portfolio of different kind of work experiences and enriched with theexperience of general management, business administration and operations.

Mr. AkshayKumar Jain

Mr. Akshay Jain (Director Finance)Mr. Akshay Kumar Jain, aged about 33 years, is Direc-

tor Finance and also one of the promoters of the company.He reports to the CMD and his responsibilities include Bud-geting and Financial Control, Monitoring of funds utilization,Preparation & filing of all Statutory, Returns related to In-come Tax, Service Tax, ESI & PF, Providing Inputs to theManagement in the financial matters. He has been associ-ated with the Company from its inception and credit for ef-fective financial management of the company goes to himas he handles all the matters related to finance very effectively and also helpsthe CMD in utilizing his valuable time in other important matters.

Mr. Pankaj Jain

mittees and provide them a local platform for their performances. Besidesthese nice channels the Company also plays old Hindi Movies and Music onits local channels.

Programmes

Sea TV Network in entering intothe capital markets on Septem-ber 27 with a public issue ofequity shares worth Rs 50.20crore. The price band for thisissue has been fixed at Rs 90to Rs 100 per equity share of

face value Rs 10 each. Theissue closes on September 29

Apart from providing the servicesof Multi System Operator, Sea TValso has its own local channels,

programmes of which areproduced by its own production

team. These local channelsmainly focus on Agra city/U.P

State news/events and informa-tion, which is more relevant to

the city viewers

The company has very aggres-sive expansion plans for nextone year. It is going to set upcomplete Digital Headend andnetwork for implementation

of Conditional AccessSystem(CAS). It is also going

to set up network for completeIPTV solution. It will have its

won cabledistribution(underground

optical fibre) network capableof digial transmission

trhoughout Agra City andadjoining areas

Sea TV Network Ltd. is a wellknown name in the field of Elec-tronic Media in the Heritage cityof Agra. The company is engagedin providing services of a MultiSystem Operator (MSO) to vari-ous local cable operators of Agraand adjoining areas. Within sixyears of its incorporation the com-pany has experienced a high rateof growth and currently has thehighest coverage of City Area.

Sea TV Network is enteringinto the capital markets on Sep-tember 27 with a public issue ofequity shares worth Rs 50.20crore. The price band for this is-sue has been fixed at Rs 90 to Rs100 per equity share of facevalue Rs 10 each. The issuecloses on September 29. Icra hasgiven this issue an IPO Grade-1.Chartered Capital and Invest-ment Limited is its book running

lead manager and Lint Intime In-dia private limited is its registrar.The equity shares are proposedto be listed on BSE. QIB will beissued 50% of the net issue i.e.Rs. 25.10 crore. Non-Institutionalportion will be Rs. 7.53 crore. i.e.15% of the issue. Retail individualinvestors will be issued sharesworth Rs. 17.57 crore i.e. 35% ofthe issue.

The firm aims to utilise part ofthe net proceeds of the issue forexpansion plans, which includesetting up of digital headend andnetwork for implementation ofConditional Access System(CAS). The IPO proceed will alsobe used for setting up network forIPTV solution and for setting upof own cable distribution networkcapable of digital transmissionthroughout Agra City and adjoin-

ing areas.Recently, on 12th August,

2010 the company has appliedto get approval for uplinking of'Real News' and 'Ocean TV' and'Your TV' from Central Information

and Broadcasting Ministry.On financial front, Sea TV is

growing very fast. The company'stotal income increased to Rs. 946lakh in the financial year endingMarch-2010. It was up from to Rs.796 lakh in the earlier year. Its

net profit also jumped to Rs. 151lakh from Rs. 102 lakh.

On 21 May 2004 Sea TV Net-work Limited was incorporated to

carry on the business in a moreorganized manner as a corpo-rate entity. Actually, the Promot-ers of Sea TV had started the busi-ness of Cable TV distribution wayback in year 1992 as a proprietaryfirm with only two channels. How-ever due to their positive businessapproach they gained a customerbase of 800 from these two chan-

nels only. Since the Cable TV in-dustry was in its expansion phasethe demand for new channelswas increasing day by day.Hence Jain Brothers set up an-other Headend with the capacityof 35 channels and was success-ful in gaining a customer base of1200-1500 customers. Cable TVIndustry has witnessed a para-digm shift with many Big Playershave entered into the Cable TVbusiness and many Free to Airchannels have been convertedinto Pay Channels. In this era, thesharp business acumen of Mr.Neeraj Jain came into play. Hehas already assessed that therewill be huge business prospectsfor Multi System Operators. Seiz-ing the opportunity Jain brothershave started to operate as MultiSystem Operator (MSO), insteadof being a Local Cable Operator(LCO).

The company focuses on the

cable distribution business andintends to emerge as a MSO withan all india presence, while work-ing in consonance with thebroascasters and the viewers asagainst the normal practice in the

industry of working as a rival tothe broadcasters. The companyhas very aggressive expansionplans for next one year. It is go-ing to set up complete DigitalHeadend and network for imple-mentation of Conditional Access

System(CAS). It is also going toset up network for complete IPTVsolution. It will have its won cabledistribution(underground opticalfibre) network capable of digialtransmission trhoughout AgraCity and adjoining areas.

It will also set up 20 branchoffices in the city and adjoiningareas with required infrastructurefor receiving digital signals andre-transmitting the same withoutmuch value addition trhough co-axial cables to individualcustormers or subscribers. It willreduce its dependence on LCOsto a great extent.

Sea TV sees huge increasein its subscriber base throught allthese steps. It will lead to increasein its revenue from Advertise-ments and Carriage Fees. Also,rent of set-top box, to be installedby each subscriber, will also in-

crease its revenue.The company plans to install

Optical Fibre Network with Opti-cal Cable having 48 lines and itwill reserve 33 lines for its ownuse against the immediatae re-quirement of 15 lines. It will rentthe remaining 15 lines to thirdparties. So, it will an additionalincome for the company.

Value Added Services Rev-enue will be generated trhoughits own channels by providingservices like Movie on demand,inter-active games, TV competi-tion and quiz etc.

The promoters of Sea TV arein this business since 1994. Theyhave conitinuously strived to im-prove their business quality in allaspects. Now, they are planningto adopt latest IPTV technologyfor providing TV channels toviewers. ***


Financial Weekly

Smart ChatNifty will cross 6100 level

Dow up 195 points, Double century for Sensex on Monday ?FIIs net buy Rs. 18,000 crore, DIIs sell net Rs. 8604 crore

Auto, Cement and Steel companies toannounce September sales data

Steel companies to announce price riseSun Pharma announces stock split,

Aurobindo Pharma gets USFDA

Harshad : Sensex and Nifty once again crossed 21kand 6k respectively.Ketan : Ya. Many investors would have though thatmarket will correct sharply after these psychologicallevels. But it did not happen.Bhansali : Those who chat with SMART people hadalready known that it would not happen. Becausethey know that there is no U turn on Express highway toward 6100 and 21,000.Harshad :True. I had said this last week. You cansee the market rebounded on Friday.Ketan : On Friday, Dow Jhones has also jumped by195 points on Wall Street. So, Sensex may hit doublecentury on Monday.Bhansali : Ya. I think so. Because there is no anynegative cues from anywhere. Bears are trapped.Harshad : FIIs have purchased equities worth Rs.18,649 crore net in September(till 24th.).Ketan : Ya. but DIIs are also aggressive in selling asthey have sold equities worth Rs. 8604 crore.Bhansali : It is good for market. Because if all thepeople go in the same direction, it will be dangerouslike happened in 2008.Harshad : Ya. even in politics, a strong opposition isvery much needed for better administration. You cansee the BJP has weakened and that’s why Congressis enjoying power without doing much.Ketan : Steel comaanies are going to announce pricerise next week or so. JSW Steel has already made upmind. Watch out it. And also Tisco.Bhansali : Everest Kanto jumped by 5 per cent onFriday. It is going to sell its US subsidiary, CP Indus-tries.Harshad : XL Telecom has surprisingly issued 18.65lakh shares to Goldman Sachs on FCCB conversionat Rs. 150 per share. The stock is trading at just Rs.31 even after 20% buyer circuit on Friday.Ketan : FIIs are active in PNB. There has been 15lakh shares block deal seen last week. The stock istrading at huge premium in FII trade.Bhansali : Investrors in Financial Technologies dis-appointed inspite of market bouncing back on Fri-day. Sebi has rejected MCX’ request for starting eq-uity trading.Harshad : Sun Pharma has announced stock splitfrom Rs.5 face value to Rs. 1 face value.Ketan : Aurobindo Pharma has got US FDA approvalfor its generic Ampicilin and Sulbactanda.Bhansali : FMCG Index jumped by more than 5 percent last week. HUL jumped 11% and ITC also jumped7%.Harshad : Punj Lloyd was up12% as there is talk thatL&T has entered into this counter.Ketan : Mahindra Satyam has jumped by 9% as it willcome out with audited numbers next week. Watchout this stock.Bhansali : IDFC, HDFC up 6.5% while auto majorsMaruti and Hero Honda also rose 6.5%.Harshad : Rally in RIL stopped. The stock fall bymore than 2%.Ketan : Auto, Cement and Steel companies will comeout with September sales data next week. Watch outTata Motors, M&M, Ashok Leyland, ACC, AmbujaCement, Tisco, JSW Steel, JSPL.Harshad : Madhucon Infra will file RDHP befor sebifor IPO. Madhucon Projects will get momentum.Ketan : Orchid Chemicals and Punj Lloyd have seenhuge open interest in F&O segment. These stockswill go upward next week. HCC and Indiabulls RealEstate indicate downward movement. Let us see.

Hemant K. Gupta(Mumbai)

1. Mudra Lifestyle Ltd Rs 47/: Stakesale deal was not signed. Earlier, it was ex-pected that existing promoters will exit com-pletely. However, now it is reliably learnt thatpromtoers may sell only 50% of their stake to

VAR IOUS UPDATESVAR IOUS UPDATESVAR IOUS UPDATESVAR IOUS UPDATESVAR IOUS UPDATES

Korean giant. And furtherissue of equity likely to bemade to Korean company.Existing promoter will become co-promoter of Mudra andcombined promoter stake may rise to 70%. Deal shouldbe signed in october 2010 definitely. Stay invested.

2. Piramal Healthcare Ltd : Stay invested, An-nouncement about hefty dividend and buyback ex-pected in near future.

3. Everest Kanto Cylinders Ltd Rs 124/: As perour sources, company has sold its U.S. Subsidiarywhich was engaged in production of jumbo cylinders.By selling this subsidiary, EKC may make PBT of morethan 200 crs and it will help company to reduce itsdebt and company should become highly profitable.In short term, price target Rs 140-145/ and it maytouch even Rs 200/ in less than 1 year. Buy.

6 27th Sep. to 3rd Oct. 2010 SMARTI N V E S T M E N T

Financial Weekly

Dilip K. ShahPrimary Market

VA TECH WABAG LimitedIPO opens on Sept. 22nd Sept. & closes on 27th Sept., 2010

Price Band fixed between Rs. 1230 and Rs. 1310 per Equity Share

Shares Rupees5 6550/-10 13100/-15 19650/-20 26200/-25 32750/-30 39300/-35 45850/-

Shares Rupees40 52400/-45 58950/-50 65500/-55 72050/-60 78600/-65 85150/-70 91700/-75 98250/-

How to apply for retailers ?

QIB 4,77,099HNI 1,43,130Retail 3,33,969

RegisterKarvy ComputerCity : Chennai

Issue Allocation

VA TECH WABAG Limited a multinational player in the water treat-ment industry with market presence in India, the Middle East, North Africa,Central and Eastern Europe, China and South East Asia through princi-pal offices in India, Austria, the Czech Republic, China, Switzerland,Algeria, Romania, Tunisia, UAE, Libya and Macao, proposes to open its

The other side of Va-Tech WabagThe average price (per share) of promoter’s each share is Rs. 3.14, the book

value is Rs. 428 and the offer price is Rs. 123/1310

Rating agency ICRA has awarded 4/5 rating to this IPO indicating the good fundamentals

Financial performance is comparatively better and PE ratio is genuine

Co. Name F.V. EPS P/E RONW NAV

(Rs.) 09-10 Ratio % (Rs.)

Va Tech Wabag 5 55.23 26.5 12.43 428.4IVRCL Infra 2 2.6 63.2 4.0 69.3

Engineers (I) 5 9.6 24.6 35.0 33.1

Thermax 2 20.7 32.5 25.5 88.2HCC 1 1.4 36.5 6.5 25.0

Nagarjuna Con. 2 7.6 19.2 10.2 87.5

Gammon India 2 9.8 20.8 9.7 131.2

Comparison of the co with Peer Group

· The average price (per share) of promoter’s each share is Rs. 3.14, the book value is Rs. 428 (ason March 31, 2010) and the offer price is Rs. 123/1310. The company on 19-09-2009 has allottedbonus share to its promoters in ratio of 1:8

· The subsidiary companies based inSingapore, Bejeeing, Hongkong andBarno are currently making huge loss.

· The existing registered office of thecompany is not owned by it, rather it is onrental lease agreement.

· The 66 per cent of its total turnover isoccurred by its five clients which is one ofthe risk factors for the company.

· The cash flow during FY 2009-10was recorded negative.

· The current IPO is consisted withsome fresh share worth Rs. 125 crore andthree fourth ,i.e. Rs. 347 crore, amount isoffer for sell out of which some mutual funds are selling 26.53 lakh shares.and

Remark :- The company has posted the net profit of Rs. 49.39 crore indicating 17 per centgrowth on turnover of Rs. 1233.76 crore indicating 8 per cent growth for the FY 2009-10 ended onMarch 31, 2010. The rating agency ICRA has awarded 4/5 rating to this IPO indicating betterfundamentals compared to fundamental of its peer companies. The company has order worth Rs.2780 crore as on June 2010 out of which it has completed 113 projects at the end of 31-07-10 and81 projects are to be completed. The 60 per cent of its total business is occurred from domesticmarket and rest of 40 per cent comes from its export division. The company has completed 2250projects scattered over 19 countries during last three years.

Recommendation :- The stock is currently traded with 26.5 PE than its upper price band whichindicates attractive valuation compared to PE ratio of its peer companies like IVRCL Infra, HCC andThermax. The EV/EBDITA of the company is 10x and price to book value is 3.1. The stock is bestbet for long term investment perspective.

Cantabil Retail India LtdIPO opens on 22nd Sept, & close on 27th Sept.2010

Price band fixed at Rs. 127 to Rs. 135 per equity shareCantabil Retail India Limited, engaged in the business of designing,

manufacturing, branding and retailing of apparels under the brand namesof “Cantabil” and “La Fanso”, proposes to enter the capital markets on22nd September, 2010 with its Initial Public Offer (“IPO”) of Rs.1,050 Mil-lion, equity shares of Rs. 10/- each. The company has fixed the price bandof the issue at Rs. 127 to Rs. 135 per equity share. SPA Merchant BankersLimited is the sole Book Running Lead Manager for the Issue and BeetalFinancial & Computer Services (P) Limited is the Registrar to the Issue.

Cantabil Retail India Ltd is in the business of designing, manufacturing,branding and retailing of apparels under the brand names of “Cantabil” and“La Fanso”. It has a network of 411 exclusive retail outlets (ason July 31, 2010) spread across India, which includes 270stores of family-wear brand ‘Cantabil’ and 141 stores of themenswear brand ‘La Fanso’. Cantabil Retail India Ltd has 3in-house manufacturing / finishing units and 4 warehouseslocated in Delhi. To enhance visibility and to ensure maxi-mum footfalls, the company stores are situated at malls andat prominent locations of the major metros, mini metros, largecities and other Tier II cities. Such metros and cities includeDelhi, Mumbai, Kolkata, Bangalore, Hyderabad, Pune, Jaipur,Ahmedabad, Vadodra, Lucknow, Kanpur, Patna, Ranchi,

Dehradun, Meerut, Ludhiana, Jalandhar, Udaipur, Agra, Ghaziabad, Gurgaon etc.

QIB 46,66,666HNI 7,77,777Retail 23,33,333

Register

Beetal Financial &Computer ServicesCity : New Delhi

Issue Allocation

Shares Rupees50 6750/-

100 13500/-

150 20250/-

200 27000/-

250 33750/-

300 40500/-

350 47250/-

Shares Rupees400 54000/-

450 60750/-

500 67500/-

550 74250/-

600 81000/-

650 87750/-

700 94500/-


The other side of CantabilThe average price (per share) of promoter’s each share is Rs. 1.62, the book

value is Rs. 34 and the offer price is Rs. 127/135Rating agency ICRA has awarded 2/5 rating to this IPO, the cash flow of the company was recorded totally negativeduring last some years indicating some discounting angel in its business.

The performance of the company during last five years was comparatively better, PEratio is genuine, Investors can yield 10/15 per cent gain on very first day of listing.

Co. Name F.V. EPS P/E RONW NAV(Rs.) 09-10 Ratio % (Rs.)

Cantabil 10 17.40 11.3 49.66 34.58

Kewal Kiran 10 25.50 13.30 19.90 142.1Koutons 10 27.20 12.0 20.50 165.10

Provogue 2 2.50 23.50 5.80 61.40

Zodiac Clo. 10 15.90 20.50 16.40 110.90


· The average price (per share) of promoter’s each share is Rs. 1.62, the book value is Rs. 34.58and the offer price is Rs. 127/135

· Rating agency ICRA has awarded 2/5 rating to this IPO indicating poor fundamentals comparedto fundamentals of its peer companies fromthe same sector.

· The cash flow of the company wasrecorded totally negative during last someyears indicating some discounting angelin its business. · The company is very fa-mous with its nick name “DiscountingModel” thanks to its various discountschemes like “Buy 2 Get 9 Free” and “Buy1 Get 70 % off” indicating that the com-pany is facing very stiff competition. · Its

profit can be negatively impacted as the price of yarn and fabric are increasingly growing up.Remark :- As far as the financial front is concerned the company is performing well as its sales

increased to Rs. 201 crore indicating 47 per cent growth and its net profit zoomed to Rs. 14.68 croreindicating 136 per cent jump compared to last year’s net profit.

Recommendation :- The share of the company is currently quoted with 11.3 PE indicating balanceratio compared to PE ratio of other companies from the same sector. The market to sales ratio is 1.09x andits EBDITA is 9.79x indicating an average IPO. Investors can invest for short term perspective.

1. Sea TV Network2. Va Tech Wabag3. Techpro Systems4. Cantabil Retail5. Ashok Buildcon

1. Va Tech Wabag2. Techpro Systems3. Bedmutha Ind.4. Ashok Buildcon5. Cantabil Retail

Frequently asked questions for primary market’s investors

Which is the worth enough IPO, from thespate of recent IPOs, to be subscribed?

Priority for short term listinggain only

Priority as per strong funda-mentals

Seven IPOs including Career, Microsec, Ramky, Orient Green, Electrosteel & Gallantt have oversubscribed last week thankSix IPOs including Va Tech-Wabag, Cantabil, Techpro, Ashoka Buildcon, SEA TV and Bedmutha are entering the mark

Bulls are hovering over secondary market, premium in Grey market have zoomed to the newtop level, Retail investors are enjoying their pink days with hefty return in each IPO

History 0f 1995 is repeated in Primary market following 30 per cent fund flow by FII

Coal India got nod from SEBI within 40 days only, The company will offer some discount to retail investorsPower Grid is going to tap the market during November with its IPO worth Rs. 8000 croreSail will enter in the market in December to collect Rs. 8000 crore through its FPOSCI may get green signal from Cabinet next week for its proposed IPO worth Rs. 1400 crore

Company Offer Premium

Price (Rs.) (Rs.)Indo Solar Ltd. 29 (Lower) 0.70 to 0.80 (Paise)Tirupati Inks (FPO) 43 (Upper) 8.50 to 9.00Career Point Info 310 (Upper) 140 to 142EROS International 175 (Upper) 43 to 44Microsec Fin. 118 (Upper) 17 to 19Ramky Infra 405 to 468 13 to 15Orient Green Power 47 to 55 0.65 to 0.70 (Paise)Electro Steel 10 to 11 1.25 to 1.50Gallantt Ispat 50 (Fixed) 2 to 2.50Va Tech Wabag 1230 to 1310 335 to 340Cantabil Retail 127 to 135 14 to 15Tecpro Systems 340 to 355 53 to 55Ashok Buildcon 297 to 324 27 to 29Sea TV Network 90 to 100 22 to 24Bedmutha Ind. 95 to 102 12 to 13Coal India 200 to 225 (Approx) 8.50 to 9

Grey market IPO Pr

bid/issue period on September22, 2010, for its public issue ofequity shares of Rs. 5 each for cash at a price band fixedbetween Rs. 1230 and Rs. 1310 per Equity Share for afresh issue of Equity Shares aggregating to Rs. 12,500lakhs (the “Fresh Issue”) and an offer for sale of 26,53,383Equity Shares . The Issue has been graded by ICRA as4/5 indicating that the fundamentals of the Issue areabove average. The Book Running Lead Managers(“BRLMs”) to the Issue are Enam Securities Private Lim-ited and IDFC Capital Limited.

21-9-10 22-9-10 23-9-10

QIB 0.04 0.40 5.86

HNI 0.61 0.61 0.75

Retail 0.01 0.13 0.43

Average 0.09 0.34 3.72

Electrosteel IPO Subscribed

22-9-10 23-9-10 24-9-10

QIB 0.00 0.35 0.53

HNI 1.03 1.07 1.34

Retail 0.08 0.17 0.34

Average 0.18 0.39 0.59

Cantabil Retail IPO Subscribed23-9-10 24-9-10

QIB 0.00 0.15

HNI 0.00 0.00

Retail 0.02 0.10

Employee 0.00 0.01

Average 0.01 0.11

Tecpro IPO Subscribed24-9-2010

QIB 0.58

HNI 4.52

Retail 0.14

Employee 0.70

Average 0.90

Ashok BuildconIPO Subscribed

Primary market is nowadays over-whelmingly flooded with bandwagon ofenormous IPOs. Expiration of SEBI’spermission to some of the IPOs, highdegree of rally of secondary market,

continuous trend of premium listing andarrival of Coal India were the enoughdeterrent reasons that compelled mostof the lead managers and promoters totap the market during the second weekof September and 15 companies havemade up their mind to tap the marketduring 15 September to 30 Septemberby all means. Accordingly during previ-ous week the IPO of Indosolar and theFPO of Tirupati Ink were closed on 15September and during last week sevenIPOs including Career Point, MicrosecFin, Ramky Infra, Elecro Steel and GalantIspat were closed last week.

Summarizing the affairs of thesetwo weeks it can be concluded thatnine IPOs were closed during previousweek and half a dozen IPOs includingVa Tech-Wabag, Cantabil, Techpro sys-tem, Ashoka buildcon, SEA TV andBedmutha are going to close next week.

As per the primary market’s statisti-cal data Career Point was oversub-scribed 47.39 times more, EROS wasoversubscribed 26.51 times more,Microsec was oversubscribed 12.20times more, Ramky Infra was oversub-scribed 2.89 time more, Orient Greenwas oversubscribed 1.07 times more

and Electrosteel was oversubscribed8.23 times more than their size.

The IPOs those are still in the mar-ket includes Va Tech-Wabag (oversub-scribed 15.20 times more on third day)and Cantabil Retail (oversubscribed0.59 times more on third day) which aregoing to close on 27 September.Techpro System (oversubscribed 0.11time more during two days) and AshokaBuildcon (oversubscribed 0.90 timemore) will close on 28 September. TheIPOs that are going to enter in the mar-ket next week includes SEA TV (From27-29 Sept) and Bedmutha Industries(From 28 Sept-01 Oct).

Currently most of the FIIs are infus-ing 30 per cent of their total fund flowvia Anchor rout that has really created

very positive impact on primary market.Beside prevailing boom and rally of thesecondary market, high premium of Greymarket and handsome return on eachIPO are the enough reasons for retailinvestors to attract more and more to-ward primary market. Considering theprevailing phenomena of the market itquietly seem that the history of 1995 isgoing to repeat itself.

Almost four-five companies are plan-ning to tap the primary market duringthe first week of October. And yes themega IPO of Coal India is going to en-ter in the market on 18 October.

IPO from Public Sector :- IPOsfrom private sector were dominating theprimary market last week but now themega IPOs from public sector are readyto dominate primary market next week.

Coal India :- One of thegovernment’s Navratna companies isgoing to enter in the capital market on18 October with its mega IPO worth Rs.

7SMARTI N V E S T M E N T

Financial Weekly

27th Sep. to 3rd Oct. 2010

Tecpro Systems Limited’sIPO opens on 23rd Sept, & Closes on 27th Sept.2010

Price band: Rs.340 to Rs.355 per equity shareTecpro Systems Limited (the Company or the Issuer), engaged in providing

turnkey solutions in material handling, ash handling, balance of plant (“BoP”)and engineering, procurement and construction (“EPC”) contracts, proposes tooffer 7,550,000 equity shares of Rs. 10/- each, through its Initial Public Offer(“Offer”). The Company has fixed the price band of the Offer at Rs. 340 to Rs.355 per equity share. Tecpro Systems Limited is an established material han-

QIB 45,30,000HNI 7,55,000Retail 22,65,000

Register

LINK IntimeCity : New Delhi

Issue Allocation

Shares Rupees15 5325/-30 10650/-45 15975/-60 21300/-75 26625/-90 31950/-105 37275/-120 42600/-135 47925/-

Shares Rupees150 53250/-165 58575/-180 63900/-195 69225/-210 74550/-225 79875/-240 85200/-255 90525/-270 95850/-


The other side of Tecpro SystemsThe average price (per share) of promoter’s each share is Rs. 5.38, the book

value is Rs. 78 and the offer price is Rs. 340/355

The company has mortgaged 21 lakh shares with SBI, the cash flow of the company was

recorded negative during last five years, sales to debt ratio is higher

Rating agency CRISIL has awarded 4/5 rating to this IPO indicating the good fundamentalsFinancial performance is comparatively better and PE ratio is genuine, EV/EBDITA is

average but order book is healthy, valuation is genuine, best bet for long term, investors

can yield 12/15 per cent return on very first day of listing

Co. Name F.V. EPS P/E RONW NAV

(Rs.) 09-10 (time) % (Rs.)Tecpro 10 25.01 -- 32.04 76.72

BGR Energy 10 27.9 29.1 22.29 97.6

Elecon Engg. 2 5.6 16.6 18.6 35.1McNally Bharat10 11.2 25.3 10.43 72.5

Sunil Hitech 10 18 10.9 9.18 161.8

TRF Ltd. 10 41.9 19.4 31.25 154.3


· The average price (per share) of promoter’s each share is Rs. 5.38, the book value is Rs. 78 andthe offer price is Rs. 340/355 · The company has mortgaged 21 lakh shares with SBI · The cash flowof the company was recorded negative during last five years · The company has offered 13 lakhshares under “offer for sell” scheme and the purchase price of the share holder, who are going to seelthe share under this scheme, is Rs. 51.25

· The debt ratio of the company is 61per cent higher than its sales which cancreate negative impact on its working capital

Remark :- The rating agency CRISILhas awarded 4/5 rating indicating betterfundamentals. The company has ordersworth Rs. 2311 crore as on (July 31, 2010)in its kitty. The net profit of the companyincreased with 96 per cent growth and itsincome has zoomed with 77 per centgrowth.

Recommendation :- The stock is currently quoted with 16.50 PE than its cap price of Rs. 355and its diluted equity which is genuine compared to its peer companies like BGR and Eleconengineering. EV/EBDITA is 13.70 which is higher than Elecon and its RONW is reduced to 32 percent from 40 per cent. Considering is five years financial performance, healthy order book andgenuine valuation the stock is best bet for long term investment.

Ashoka Buildcon IPO opens on 24th Sept. & Close 28th Sept. 2010Price Band fixed between Rs. 297 and Rs. 324 per Equity Share

Ashoka Buildcon Limited (the “Company”), which builds and operatesroads and bridges in India on a build, operate and transfer basis, proposesto open on September 24, 2010, an initial public offer of equity shares of Rs.10 each (“Equity Shares”) for cash at a Price Band fixed between Rs. 297and Rs. 324 per Equity Share aggregating up to Rs. 225 crore. This Issuehas been graded by CRISIL Limited as CRISIL “IPO Grade 4/5” indicating

that the fundamentals of the IPO are above average. TheIssue will close on September 28, 2010. The Equity Sharesoffered through the Red Herring Prospectus (“RHP”) are pro-posed to be listed on the National Stock Exchange of IndiaLimited (“NSE”) and the Bombay Stock Exchange Limited(“BSE”). The Book Running Lead Managers to the Issue areEnam Securities Private Limited and IDFC Capital Limited.The Co-Book Running Lead Manager to the Issue is MotilalOswal Investment Advisors Private Limited.

QIB 41,66,666HNI 6,94,444Retail 20,83,333

Register : LINK Intime (I)

City : NASHIK

Issue Allocation

Shares Rupees21 6804/-42 13608/-63 20412/-84 27216/-105 34020/-126 40824/-147 47628/-

Shares Rupees168 54432/-189 61236/-210 68040/-231 74844/-252 81648/-273 88452/-294 95256/-


The other side of Ashoka Buildcon

The average price (per share) of promoter’s each share is Rs. O.50, the book valueis Rs. 101 and the offer price is Rs. 297/324

The Income tax department, during current year, has raided the premises andresidence of the promoters and found out the unaccounted assets worth Rs. 25

crore, promoters themselves have confessed the tax evasion of Rs. 25 croreThe relatives of the promoters have lodged complaint with SEBI to stop this IPO

The promoters have pledged majority chunk of their shares with bankCRISIL has awarded 4/5 rating to this IPO but PE, EV/EBDITA and P/BV are more aggressive that indicates the IPO most expensive

Co. Name EPS P/E RONW NAV

09-10 (time) % (Rs.)Ashoka Buildcon 17.34 18.68 17.3 101.1

IRB Infra 1.7 221.6 4.2 41.2

IL&FS Trans. 15.9 19.0 27.2 81.1Gammon Infra 0.2 -- 2.8 7.4

Gayatri Projects 46.8 8.4 20.9 197.6

Madhucon Projects 5.9 26.6 9.1 78.1


· The average price (per share) of promoter’s each share is Rs. O.50, the book value is Rs. 101and the offer price is Rs. 297/324

· The Income Tax department on 15 April, 2010 has raided the premises of the company and itssubsidiaries and residential area of the promoters, employees, associates and directors and seizedthe assets worth Rs. 25 crores followingwhich Mr. Ashok Kataria, the promoter ofthe company has declared the unac-counted assets worth Rs. 25 crore.

· The Deepak Kataria and HeenaKataria, the relatives of the promoter dur-ing FY 2008 had lodged a complaint seek-ing ban on this proposed IPO, currentlythe matter is sub juried.

· The company has pledged majoritychunk of its shares with Axis Bank, IDFC,Bank of India, SBI and the Federal Bank.

Remark :- The rating agency CRISIL has awarded 4/5 rating to this IPO indicating comparativelybetter fundamentals besides the stand alone and consolidate based performance of the companyduring last five years was recorded good as it has posted the net profit of Rs. 85 crore indicating 124per cent growth on sales of Rs. 795 crore indicating 53 per cent growth for the FY 2009-10 ended onMarch 31, 2010. The company has pending order worth Rs. 1615 crore in its kitty as on May 31, 2010.

Recommendation :- The stock is being offered with 18.68 PE against its cap price of Rs. 324 whichis an average compared to its peer companies like IL&FS Transportation, Madhucon Projects and IRBInfra. The P/BV ratios is worked out at 3.20 and its EV/EBDITA is worked out at 14.68x from its higherprice band which is really very aggressive. Investors can invest their money for short term only.

Sr Company Issue Open Dt. Issue size Offer price Min. Rs. 50,000 Rs. 1,00,00 Listing Lead RatingRemarkIssue Close Dt. (Rs. Cr.) (Rs.) App. Limit Limit Manager %

1. Va Tech 22-9-2010 36,07,581 1230 5 Shares 35 Shares 75 Shares BSE ENAM 49 % Attra-Wabag To Eq. Shares To (Rs. 6550) (Rs. 45850) (Rs. 98250) NSE IDFC ctive(Book Build) 27-9-2010 (Rs. 473 Cr.) 1310

2. Cantabil 22-9-2010 77,77,776 127 to 135 50 Shares 350 Shares 700 Shares NSE SPA 40 % AverageRetail to Eq. Shares (Rs. 6750) (Rs. 47250) (Rs. 94500) BSE Merchant(Book Build) 27-9-2010 (Rs. 105 Cr.)

3. Tecpro 23-9-2010 75,50,000 340 to 355 15 Shares 135 Shares 270 Shares BSE SBI Cap. 44% GoodSystems To Eq. Shares (Rs. 5325) (Rs. 47925) (Rs. 95850) NSE Kotak (Short(Book Build) 28-9-2010 (Rs. 268 Cr.) Mah. Term)

4. Ashoka 24-9-2010 69,44,443 297 to 324 21 Shares 147 Shares 294 Shares BSE ENAM, 39 % AvoidBuildcon To Eq. Shares (Rs. 6804) (Rs. 47628) (Rs. 95256) NSE IDFC-SSKI(Book Build) 28-9-2010 (Rs. 225 Cr.) Motilal

5. Sea TV Network 27-9-2010 50,20,000 90 to 100 65 Shares 455 Shares 975 Shares BSE Chart. 38% Listing(Book Build) To Eq. Shares (Rs. 6500) (Rs. 45500) (Rs. 97500) Capital Gain

29-9-2010 (Rs. 50.20 Cr.)6. Bedmutha Ind. 28-9-2010 90,00,000 95 to 102 65 Shares 455 Shares 975 Shares BSE Ashika 41 % Neutral

(Book Build) To Eq. Shares (Rs. 6630) (Rs. 46410) (Rs. 99450) NSE Keynote1-10-2010 (Rs. 91.80 Cr.)

IPO News : (Public Issues)

subscribed last week thanks to markete entering the market this week

Bulls are hovering over secondary market, premium in Grey market have zoomed to the newtop level, Retail investors are enjoying their pink days with hefty return in each IPO

History 0f 1995 is repeated in Primary market following 30 per cent fund flow by FII

Offer Premium Kostak

Price (Rs.) (Rs.) (Rs. 1 Lakh)29 (Lower) 0.70 to 0.80 (Paise) --43 (Upper) 8.50 to 9.00 -

310 (Upper) 140 to 142 -175 (Upper) 43 to 44 -118 (Upper) 17 to 19 -405 to 468 13 to 15 -47 to 55 0.65 to 0.70 (Paise) -10 to 11 1.25 to 1.50 -

50 (Fixed) 2 to 2.50 -1230 to 1310 335 to 340 1900/2000127 to 135 14 to 15 2000/2100340 to 355 53 to 55 1800/1900297 to 324 27 to 29 1950/200090 to 100 22 to 24 2000/210095 to 102 12 to 13 2100/2200

200 to 225 (Approx) 8.50 to 9 - - -

y market IPO Premium

dling company in India, engaged inproviding turnkey solutions in mate-rial handling, ash handling, balanceof plant (“BoP”) and engineering, procurement and construc-tion (“EPC”) contracts. Tecpro Systems Ltd has an experiencedmanagement team led by its Promoters, Mr. Ajay Kumar Bishnoiand Mr. Amul Gabrani, each of whom has more than 25 yearsexperience in the material handling industry. The company hasfour manufacturing facilities out of which three facilities are lo-cated at Bhiwadi, Rajasthan and one at Bawal, Haryana. Thecompany was accredited with the ISO 9001 in 2003 from QMSCertification Services for its quality management system.

16-9-2010 17-9-2010 20-9-2010 21-9-2010

QIB 0.00 2.15 47.45 47.45

HNI 0.10 0.14 6.26 101.93

Retail 0.12 0.47 4.05 31.74

Employee 0.00 0.08 0.48 1.07

Average 0.05 1.27 26.02 47.39

Career Poin IPO Subscribed

17-9-2010 20-9-10 21-9-10

QIB 0.39 0.69 5.91

HNI 7.43 9.26 35.88

Retail 0.75 2.04 11.04

Average 1.57 2.45 12.20

Microsec IPO Subscribed

17-9-2010 20-9-10 21-9-10

QIB 0.18 0.82 25.79

HNI 3.74 4.63 73.40

Retail 0.69 2.04 11.95

Average 0.07 1.71 26.51

EROS IPO Subscribed21-9-10 22-9-10 23-9-10

QIB 0.00 0.30 4.52

HNI 0.00 0.21 1.45

Retail 0.01 0.09 0.99

Average 0.00 0.21 2.89

Ramky Infr IPO Subscribed21-9-10 22-9-10 23-9-10 24-9-2010

QIB 0.06 0.11 2.09 2.09

HNI 0.00 0.37 0.37 0.64

Retail 0.00 0.02 0.04 0.18

Average 0.03 0.12 0.97 1.07

Orient Green IPO Subscribed21-9-10 22-9-10 23-9-10 24-9-10

0.04 0.40 5.86 5.86

0.61 0.61 0.75 28.58

0.01 0.13 0.43 6.19

0.09 0.34 3.72 8.23

Electrosteel IPO Subscribed

(Cont.... on P 11)

22-9-10 23-9-10 24-9-10

QIB 0.07 1.15 36.13

HNI 0.02 0.04 0.84

Retail 0.03 0.11 0.27

Average 0.05 0.53 15.20

Va-Tech Wabagh IPO Subscribed

14000-15000 crore which will be firsever mega IPO in Indian capital mar-ket. The company has received the nodfrom SEBI within very short period of 40

days only as it has filed its DRHP with SEBIon 11 August. This will be the first everlargest IPO of Indian capital market. It maybe recalled that prior to this Reliance Powerentered in the market with its IPO worth Rs.11,500 crore. According to latest report thecompany is going to earmark 35 per cent oftotal share for retail investors. It is alsopossible that the company may offer themsome discount. The offer price of this IPOmay be worked out around Rs. 200/225.This IPO will close on 21 October.

BSNL :- The government was supposeto offload its 30 per cent equity from thistelecom PSU but it could not tap the market

thanks to parliamentary committee’s sug-gestion that government can only disinvestits equity once this PSU achieved turnaroundposition. Considering this development itseem that the future of this IPO hangs inbalance

Power Grid :- This PSU may enter inthe market during the month of Novemberwith its IPO worth Rs. 8000 crore through its10 per cent disinvestment and 10 per centfresh equity. This propose IPO will be handledthrough fast track rout as the company isgoing to file its documents with SEBI veryshortly.

SAIL : Known as Steel Authority Of

India, this giant PSU is planning to tap themarket at the end of December with its FPOworth Rs. 8000 crore. Out of this proposedfund of Rs. 8000 crore government wouldget Rs. 4000 crore toward its 5 per centdisinvestment and the company will get rest

of Rs. 4000 crore. The company has al-ready appointed merchant bankers for itsIPO.


Financial Weekly

Sea TV Network LimitedIPO opens on 27th Sept. & closes on 29th Sept. 2010,

Price Band fixed at Rs 90 to Rs 100Sea TV Network Limited, Agra-based company engaged in providing

services of a Multi System Operator (MSO) to various Local Cable TVoperators of Agra city, proposes to enter the capital markets on 27th

September 2010 with a public issue of equity shares aggregating Rs5020 lacs. The price band for this 100% book built issue has been fixedat Rs 90 to Rs 100 per equity share of face value Rs 10 each. The Issue

closes on 29th September. ICRA Limited has assignedIPO Grade 1 to the Issue. Chartered Capital and Invest-ment Limited is the Book Running Lead Manager to theIssue and Link Intime India Pvt Ltd is the Registrar to theIssue. The Equity shares are proposed to be listed onBSE, the designated stock exchange. Now Sea TV pro-poses to adopt latest technology i.e. IPTV for providingTV channels to its viewers. It already has a network ofabout 150 franchisees throughout Agra city. TheCompany’s proposed expansion plan of Rs 5965 lacshas been appraised by Allahabad Bank and the Bankhas sanctioned a term loan of Rs 895 lacs. To meet the

QIB 25,10,000HNI 7,53,000Retail 17,57,000

Register

LINK IntimeCity : Agra

IssueAllocation

Shares Rupees65 6500/-130 13000/-195 19500/-260 26000/-325 32500/-390 39000/-455 45500/-

Shares Rupees520 52000/-585 58500/-650 65000/-715 71500/-780 78000/-845 84500/-910 91000/-975 97500/-


remaining fund requirement, the Company proposes to make a public offer of Rs 5020 lacs andcontribute Rs 50 lacs from internal accruals.

The other side of Sea TV

The average price (per share) of promoter’s each share is Rs. 1.19, thebook value is Rs. 14 and the offer price is Rs. 90/100

Rating agency ICRA has awarded 1/5 rating to this IPO indicating the poorest fundamentalsThe performance of last five years is comparatively better, the company may get benefit of its expansionfrom next year ; Investors can yield some handsome return on its listing

· The average price (per share) of promoter’s each share is Rs. 1.19 ( as on March 31, 2010),the book value is Rs. 14.03 and the offer price is Rs. 90/100.

· Rating agency ICRA has awarded 1/5 rating to this IPO indicating the poorest fundamentals

compared to fundamentals of its peercompanies from the same sector.

· The business field of this com-pany is confined to Agra city’s territoryonly indicating very limited opportunityof its progress and growth.

· The company is currently activeas a multisystem operator and it has toface very stiff competition from the companies like Tata Sky, Bharti, Dish TV and Big TV.

· The company, during last three years, got failed to submit its documents with ROC besides italso failed, for 845 days, to appoint full time company secretary.

Remark :- The company itself was loss making entity during beginning years but it achievedturnaround position and started to earn some handsome profit from FY 2006 to 2010. Thecompany has posted the net profit of Rs. 94.62 lakh on turnover of Rs. 15 crore achieving 7.13times more P/BV ratio and PE ratio of 46.51x for the FY 2009-10 ended on March 31, 2010.

Recommendation :- The performance of this company is on its progressive path since last fiveyears and it can get the benefit of its expansion from next year. Investors, having solid patience,can only invest in this company despite it has some potential to create some handsome return onits very first day of listing.

Co. Name F.V. EPS P/E RONW NAV(Rs.) 09-10 (time) % (Rs.)

Sea TV 10 2.15 46.51 15.33 14.03DEn Network 10 1.60127.90 -- 55.60Hathway Cable -- 10 -- -- 62.00


Bedmutha Ind.IPO opens on 28th Sept., 2010 & closes on 1st October, 2010

Price Band fixed at Rs. 95 to Rs. 102Bedmutha Industries Limited (“BIL”/ “The Company”), one of the lead-

ing steel wire manufacturers in western India, proposes to enter the capitalmarkets on 28th September, 2010 with its Initial Public Offer (“IPO”) of 90,00, 000 equity shares of Rs. 10/- each. The Price Band has been fixed atRs. 95 to Rs. 102. LRPC Wire and 18,000 MTPA of Spring Steel Wire. Thetotal cost of the project is estimated at Rs. 8494.40 lacs which include landacquisition, site development & construction, plant & ma-chinery and various other costs. Located in Nashik,Bedmutha Industries Ltd. (BIL) is one of the leading steelwire manufacturers in western India. The company startedits commercial production in the year 1992 by setting up itsfirst Galvanized Wire Plant at Nashik with an installed ca-pacity of 3600 MTPA. Over the years, BIL has enhancedcapacities from 3,600 MTPA to 26,050 MTPA by settingup three more Galvanizing lines at the existing locationwhile Wire Drawing capacities has increased from 16,800MTPA to 60,000 MTPA. BIL has been granted status of“Mega Project” under the package scheme of incentives by the Government. Of Maharashtra.

QIB 50,00,000HNI 15,00,000Retail 35,00,000

RegisterMondkar Computer

City : NASHIK

Issue Allocation

Shares Rupees65 6630/-130 13260/-195 19890/-260 26520/-325 33150/-390 39780/-455 46410/-

Shares Rupees520 53040/-585 59670/-650 66300/-715 72930/-780 79560/-845 86190/-910 92820/-975 99450/-


The other side of BedmuthaThe average price (per share) of promoter’s each share is Rs.

2.63, the book value is Rs. 22 and the offer price is Rs. 95/102Rating agency ICRA has awarded 2/5 rating to this IPO.

Prior to submitting DRHP with SEBI has allotted some share to its promoters at pricevery less than offer price and has also issued bonus share in ratio of 1:3

The financial performance of the company during last five years hasrecorded very excellent, PE ratio is genuine, RONW is higher

· The average price (per share) of promoter’s each share is Rs. 2.63, the book value is Rs.22.16 on consolidated base and the offer price is Rs. 95/102

· Rating agency ICRA has awarded2/5 rating to this IPO indicating verypoor fundamentals

· The company prior to submittingDRHP with SEBI i.e. on 20 June, 2010has allotted 24712 shares to its promot-ers at Rs. 26.64 which is 75 per cent lessthan its offer price besides it has 0n Oc-tober 31, 2009, issued 3 million bonusshares to its promoter in ratio of 1:3

Remark :- the company has postedthe net profit of Rs. 12.78 crore indi-cating 74 per cent growth on sales of Rs. 178 crore indicating 17 per cent growth for the FY 2009-10 ended on March 31, 2010. The financial performance of the company during last five years wasrecorded very excellent as its turnover and net profit both increased heaps and hops

Recommendation :- The stock is currently quoted with 12.3 PE than its upper price bandcompared to the stock of its peer company Rajratna Global wires which is quoted with 8.20x PE.The book value of this company’s share is 1.21 times more whereas the book value of Rajratna is0.75. Of course the PE ration of this company is genuine compared to PE ratio of its peercompanies like Usha Martin, Ransarup Industries and Odessy. The RONW is very attractive com-pared to other rival companies. Investors can invest for long term perspective only.

Co. Name F.V. EPS P/E RONW B.Value(Rs.) 09-10 (time) % (Rs.)

Usha Martin 1 2.90 23.40 7.30 49.20Ramsarup 10 12.70 8.20 9.90 162.9Rajratan Gl. 10 20.90 10.0 14.20 117.8Odessy 10 1.50 101.3 -39.10 33.10Goodluck Steel 2 8.20 3.40 29.30 34.4Bedmutha 10 8.29 12.3 37.96 81.82


The premium in grey market have zoomed to their new top levelThe trades of Coal India have started in Sakar bazaar

The premium of SEA TV, VA-Tech, Tecpro, EROS and Electro Steel have increased signifi-cantly whereas the premium of Microsec, Ramky, Orient Green and Gallant have plummetHeavy rush for application forms of SEA TV, market may witness fancy during last daysAshoka Buildcon and Techpro may also get most positive response from the market

Primary Market’s

Sweet & Sour

Sr. Co. Name Offer Discovry Retail Refund Retail Allotment Listing Listing RemarksPrice Priced Category Date Of Shares Date Price After Listing(Rs.) Expected Subscription (Expected) (Rs.1 Lac App.) Expected Expected Scirp

(Times) (Expected) May Go1. Indosolar 29 (Lower) Fixed 1.81 24/25 Sep. 1700 to 1750 29/30 Sep. 28/31 Discount2. Tirupati Inks 43 (Upper) Fixed 12.59 28/29 Sep. 180 to 190 1 Oct. 50/55 60 / 703. Career Point Info. 310 (Upper) Fixed 31.74 1/2 Oct. 20 4 Oct. 400/450 500 Plus

(Appl. 1 : 2)4. EROS Inter Media 175 (Upper) Fixed 11.95 1 / 2 Oct. 47 to 50 4 Oct. 210/225 250 Plus5. Microsec Fin. 118 (Upper) Fixed 11.04 1/2 Oct. 75 to 80 4 Oct. 130/140 150 Plus6. Ramky Infra 450 Fixed 0.99 4 Oct. 210 to 220 6/7 Oct. 460/470 475 Plus7. Orient Green 47 to 55 47 0.18 4/5 Oct. 1750 6/7 Oct. 45/48 Discount

Lower Band (Full & Firm)8. Electrosteel Steels 10 to 11 11 6.19 4/5 Oct. 1460 to 1500 7/8 Oct. 12/13 Discount9. Gallantt Ispat Ltd. 50 (Fixed) 50 1.5 to 2 4/5 Oct. 1000 to 1200 7/8 Oct. 53/60 Discount10. Va Tech Wabag 1230 to 1310 1310 12 to 15* 7/8 Oct. 5 to 10 Or 11 Oct. 1600/1650 1700 Plus

Draw Sys.11. Cantabil Retail 127 to 135 135 1.5 to 2* 7/8 Oct. 300 to 400 11 Oct. 140/15012. Tecpro Systems 340 to 355 355 4 to 6 * 8/9 Oct. 80 to 100 12 Oct. 380/400 425 Plus13. Ashok Buildcon 297 to 324 324 2 to 3* 8/9 Oct. 125 to 150 12 Oct. 340/360 375 Plus14 Sea TV Network 90 to 100 100 13 to 15+* 11 Oct. 65 Or Draw 13/14 Oct. 120/140 150 Plus15. Bedmutha Ind. 95 to 102 102 2 to 3 12/13 Oct. 500 to 700 15 Oct. 110/120 125 Plus

* Expected , • Remark : Above figures are mentioned only based on assumption. Possibility of its miscalculation can’t be ruled out. Possibility of listing price is based on condition of secondary market that may vary from time to time

How much the IPOs would be oversubscribed? What about refund? What is the possibility of allotment and listing price?

Most of the IPOs are dominated by JainsPrimary market is nowadays overwhelmingly flooded with bandwagon of enor-

mous IPOs. What is interesting aspect of this IPO phenomena is that most of theIPOs are dominated by Jain community from Rajashthan. Most of the IPOsentered in the market recently are promoted by Jain promoters and not only thatsome CEO and directors are also from Jain community.

For instance the CMD of SEA TV is Mr. Niraj Jain, the chairman of BedmuthaIndustries is Mr. K.R. Bedmutha and its MD is Mr. Vijay Bedmutha. The chairmenof Ashoka Buildcon is Mr. Ashok Kataria, its M.D is Satish and its Vice presidentis Mr. Paresh C. Mehta and its one of the executive is Mr. Dilip Kothari. TheSecretary of Cantabil Retail is Mr. Kamal Jain and its manager of Ad Agency isAtul Jain. The main promoter of Orient Green Power is Mr. Sanjay Jain who is atthe helm of the affairs of J.M. Finacial.

More than half a dozen IPOs arein a queue this week to enter in themarket. Despite the chunk of 15 IPOsinvaded primary market during the firsttwo week of September, majority ofthe IPOs were fully subscribed. Mar-ket analysts are of the opinion thatbarring two/three IPO most of theIPOs may get listed with premiumprice. Our reader are informed thatmost of the details including discov-ery price, listing date, refund and al-lotment is given separately in thisedition. At present market is witness-ing some fancy for Va-Tech andTechpro System thanks to some bidfrom its upper price band from anchorinvestors, We have also disclosedsome in depth detail regarding prior-ity of IPO that is worth enough to besubscribed.

Considering investors curiosityand inquiry for the application form ofSEA TV it seems that this IPO willdefinitely get most positive responsefrom the market. Market may witnesssome attraction on last day for theIPO of Bedmutha as it closes on 1October.

VA-Tech, Techpro and Ahokabuildcon may get heavy responsefrom QIP segment and Techpro andAshoka buildcon may oversubscribe20/25 times more than their size.

The movement of Grey market:- Grey market has witnessed high de-gree of volatility during last week asthe premium of career Point, ElectroSteel, EROS, Va-Tech, Tech pro andSEA TV have zoomed to their newtop level. On the other side the pre-mium of Microsec, Ramky Infra, Ori-ent reen and Gallant Ispat have

tanked to their bottom. Of course thepremium of cantabile and Bedmuthaare moving northward. The trades ofCoal India, entering in the market on18 Ocober, have started from lastThursday and at present the premiumis quoted around Rs. 8.50/9.


Financial Weekly

High Risk

SharesHigh Return

Navin fluorine : The company may buy its share back with open offer ; BASF India : Ths stock may be most buzzing following seven products launched in marketHUL : Investors’ confidence is increasingly growing following festive season and good monsoon ; Reliance Capital : The company may announce new corporate developmentKemrock : Local Fund houses are very bullish ; Tech Mahindra : May get maximum benefit from very excellent result of Satyam ; Guj. Gas : Stock may take positive turn

Allied Digital : Market may witness fancy following fund raising ; Maruti : Global brokerage institution awarded “Buy” rating for target price of Rs. 1720Hindustan Copper (Rs. 445.00)

(Code: 513599) :- The rumor that the diprecession is hovering on US fueled theprice of copper and the company itself isheavily selling the waste material in orderto raise some additional income are theenough reasons to accelerate the priceof this stock during last two session.

Nitin Fire (Rs. 311.00) (Code:532854) :- The company has recentlyacquired Dubai based New Age com-pany LLc with 80 per cent profit shar-ing basis. This development can fuelthe price of the share.

Allied Digital (Rs. 237.00) (Code:532875) :- The board of directors ofthe company has recently given itsgreen signal to raise Rs. 32 crore onpreferential basis. The price can touchto its new top level following this devel-opment.

Maruti Suzuki (Rs. 1482.00)(Code: 532500) :- The global broker-age institute has awarded “Buy” ratingto this company for the target price ofRs. 1720. Investors can add this stockin their portfolio at every dip.

VIP Ind (Rs. 535.00) (Code:507880) The company has recordedvery excellent financial performance forthe Q4 of FY 2009-10. The manage-ment of the company is of the opinionthat the company will maintain its pro-gressive momentum during next quar-ters too as company is going to be adebt free entity during FY 2011.

Navin Flourine (Rs. 291.00)(Code: 532504) :- The company, lead-ing player for carbon credit receipt, isassociated with fluorine industries andis going to buy its share back from openmarket. The board meeting, going tobe held on 24 September, will an-nounce the buy back price that mayagain fuel the price of the share.

BASF India (Rs. 658.00) (Code:500042) :- A week ago the price of thisshare has touched to its 52 week’s high-est level. At present too it is most ac-tive scrip on stock exchange. It hasbeen heard from the market that thecompany is going to launch seven newproducts in protection segment. Theprice may still go up following this de-velopment.

HUL (Rs. 314.00) (Code: 500696):- The confidence of the investors isincreasingly growing in FMCG sectorand price of this share too is going totouch its all time high level within veryshort term thanks to heavy buying frominvestors. The festive season of thecountry too helps the price to move up.

Kemrock Ind (Rs. 631.00) (Code:526015) :- The market has witnessed sig-nificant increase in its volume since lastmany trading session thanks to some lo-cal fund houses and operators’ aggres-sive buying. They are very bullish for thisstock. Investors too can join this band-wagon for short period.

MARKET OUTLOOKBY DHANVARSHA FINCAP PVT LTD.

(Nilesh.s.kotak)Ph:- 26584076,26582276

(M):9227204076, 9898425655

Reliance Capital (Rs. 811.00)(Code: 500111) :- The volume of thisshare has significantly increased dur-ing last three session indicating some-thing is cooking in the kitchen. Marketanalysts are hopeful for some positivecorporate announcement from thecompany that led some fund houses

for aggressive buying.Gujarat Gas (Rs. 394.00) (Code:

523477) :- The company has recentlysigned an agreement with B.G. IndiaEnergy Solution to purchase 0.50 mil-lion msqm Re-gasified liquid naturalgas. This move may prove most posi-tive for the company.

Tech Mahindra (Rs. 773.00)(Code: 532755) :- The stock may againsupported at level of 785. The SatyamMahindra, taken over by this company,is going to declare its results and thiscompany may definitely gain maximumbenefit from this development.

Market continue its up move in the fourthweek, both benchmark manage to close above20000 & 6000 respectively. Out of five tradingsession market close positive for three tradingsession. Market overall trend will be positiveuntil its trade above 19600 & 5900. • WeeklyRange :- Sensex:19800-20250 • Nifty : 5925-61001)Top Pick from Cash Market :-

JYOTI LAB (295.00) :- Buy above 295with a stoploss of 282 for a target of 310& above in next 5 to 7 trading session.

ESS DEE ALUMINIUAM (500.00) :-Buy above 500 with a stoploss of 490 fora target of 512 & above in next 5 to 7trading session.

Pratibha industries (81.00) :- Buyabove 81 with a stoploss of 78 for a targetof 88 & above in next 5 to 7 tradingsession.2) TOP PICK FROM THE DERIVATIVE :-Nifty future is trading 12 points premium tocorresponding cash Nifty. Derivatives totalout standing position is 2,20,000 cr. whichis on the higher side. Coming week is theexpiry of the September contract. Expectvolatility to increase in coming days.

ABAN OFFSHORE (864.00) :- Buyabove 864 with a stoploss of 845 for atarget of 880 & above in next 5 to 7trading session.

REMARKS: Please take position onbuy side above the suggested price andon sale side below the suggested price.


Financial Weekly

mukhi rudraksh’. • Till 10:55,Ganesha says, ‘trend is our friend’. Nofixed method is applicable. • From10:55 to 13:15, in this time frame, Niftymay go down in the beginning and thengo up step-by-step.

Thursday, 30th September,2010 :- • People born on 6, 15 & 24,should wear ‘6 mukhi + 7 mukhirudraksh’. • Those born on 7, 15 & 25should wear ‘9 mukhi + 14 mukhirudraksh’. • From 11:35 to 12:45, theremay be hope at Nifty. • From 12:45 to14:00, Nifty is average. • From 14:00to 15:30, there may be a buying trendin heavy weight scrips.

Friday, 1st October, 2010 •People born on 8, 17 & 26 should wear’11 mukhi rudraksh’. • People with birthdates 9, 18 & 27 should wear ‘3 mukhi+ Ganesha rudraksh’. • 10:25 to 11:30,stay away from the market; small-timeintraday traders may get trapped. •From 11:30 to 15:30, a frequent changein pattern can be seen. But Nifty willmake you do jobbing on the upper side,giving a hope.

Ganesha Speaks(Continued from Page 12)

Last Weeks RecommondationPair Stocks Recomm. Target Reached Lot Profit

Buy Jindal St. 1799 1897 2084 125 35625

Buy LIC Housing1317 1363 1369 250 13000

Buy Rel. Media 215 221 223 1000 8000

Buy L & T 1963 2013 2075 125 14000

Buy JSW St. 1256 1280 1300 250 11000

Total 81,625

forms a strong bullish pattern in theform of Three White Soldiers. The bull-ish implications of this formation will beseen once again in the next week. OnFriday, as per the daily charts, both theindices have formed a Bullish Engulf-ing pattern which is a strong bullish re-versal pattern.

Since last October, the market ismoving in a Rising Channel and thechannel top had provided strong resis-tance to the market and that supplytrendline top was breached and as aresult both the indices have closedabove their respective Trendline topsand hence a bullish breakout is inplace. Due to this Rising ChannelBreakout, the target for the Sensex willbe at 20627 and Nifty 6180.

Let us consider the Bullish InvertedHead and Shoulders formed on theweekly charts. Sensex fell from 15579in Aug 08 to 7697 in Oct 08. The targetfor this fall according to the GoldenRatio is at Sensex 20450. Similarly Niftyfell from 4649 in Aug 08 to 2252 in Oct08 and the target according to theGolden Ratio falls at Nifty 6130.

If we check the above two pointsfor target determination, then one cansafely assume that the short term tar-get for the Sensex will be anywherebetween 20450-20627. On a similarbasis, Nifty will have a target between

Market Scan (Continued from Page 1)6130-6180.

In the currentupmove both theindices have re-bounded fromSensex 17819and Nifty 5348and in the processhave registeredhigher bottoms.Sensex has formed higher bottoms at17819-17373 and Nifty has formedhigher bottoms at 5348-5210. Theuptrend will be in danger only if boththe indices close below their higherbottoms i.e. Sensex – 17819 and Nifty– 5348.

On the moving averages front,both the indices are well above their20dma (Sensex – 19008 and Nifty –5709) and 50dma (Sensex – 18478and Nifty – 5549) hence the short andmedium term trend are positive.

For those who had written 5900and 6000 Calls for the next month se-ries had to cover their shorts and as aresult the Call writers have lost confi-dence and Put writing is gaining cur-rency. For the next month, strong buildup is seen at the 5800 Put followed by5600 Put. One can expect the Nifty tohave support at around 5800.

For the week ahead, Sensex willfind Support at 19845-19621-19424

and will find Resistance at 20238-20439-20627.

For the week ahead, Nifty will findSupport at 5966-5901-5825 and willfind Resistance at 6077-6142-6207.

Chart Buster (Continued from page 1)too as after passing through a small corrective phase on Wednesday and

Thursday, when it jumped up again on Friday, it was accompanied with vastmajority of issues that also rose higher. Besides, the small and individual inves-tors who were feeling left out, also jumped in for buying on Friday on seeing thereturn of the buoyancy. In case the markets continued to buoy in the days tocome, the recently emerged new horses like LIC Housiing Finance, Aegis Logis-tics, Glodyne Thechnologies, Colgate and the likes which have proved to beextremely strpong issues by not going down much in the general downtrend andemerging up as frontrunners whenever the markets showed a slight sign ofimprovement, would set new records in the days to come. We wish that nocommunal harmoney would be disturbed on the Ayodhya verdict wheneverannounced, but in case it is dustrubed, then that would provide an excellentopportunity to pick these and such few other shares up. The manipulativeactivities in the stock markets were never ever absent and even after the SEBIcame into being, it is going on even today rampantly. The manipulators havealready left the scrips like Mavens Biotech, Sanra Media, Ashco neulab, RadheDevelopers, Resurger Mines etc to the market forces as they have alreadyachieved their goal of off-loading. These share are now left with gullible investorswho do not know when they will be able to get rid of them and whether they willget rid of them at all or not. Most of these scrips have fallen to their new lows arenearing to reach those levels. The scrips like FCS Software, Aqua Logistics,ACIL Cotton, Beckons Engineering, Bhagwati Banquet, Bihar Tubes, CCL Inter-national, Gangotri Iron, Farmex Retail, SVC Resources, Jindal Cotex, MidfieldIndustries, Punjab Communications, S.E. Investments, Syncom Healthcare,thinksoft and Veer Energy are still being rigged up with only one objective ofgetting more gullible investors into traps. A new scrip that has been taken up forprice rigging by the manipulators is that of Tulsi Extrusions. Investors are cau-tioned against buying any of the above scrips and get into trap as laid down bythose manipulators in co-operation with the managements of some of thesecompanies. The markets are most likely to remaian bullish in the days to come. Adisturbance that might come in the nature of communal unrest following the courtverdict will not bring a major fall in the markets. On the contrary, the marketswould get more strong after any such fall of temporary and outside factor. Thosewho would restrict their buying activities only to bluest of the blue chips would beamply rewarded in the bull run that is likely to be there for another few months.The investors who have been stranded with worthless issues and penny stockswould also get a chance to get rid of them, if at all they want to.

Ramco Systems :- Ramco Systems is a company that got separatedfrom Ramco Industries a few years ago. Its share had scaled to a high of Rs

Ramco Sys.546.70 in 2005, well ahead of the unprec-edented stock market boom that peaked out inJanuary, 2008. After peaking out at Rs 546.70,the share of Ramco Systems entered a longlasting descent that, alongwith the general mar-ket downtrend, pushed it as low as Rs 40 inFebruary, 2009. From Rs 40, the share shot upto a high of Rs 136.65 but met with selling pres-sure mainly in the nature of profit-taking thatsent it back to Rs 84.15. Thereafter a marketspurt helped it to rise up to a higher top of Rs

Meghmani Chem.

Meghmani Chemicals :- Meghmani Chemicals is comparatively a newlisting on the Bombay Stock Exchange. During the unprecedented stock mar-

ket boom in 2007-08, it had scaled to an all-timehigh of Rs 53.05 but immediately thereafter a trendreversal that emerged in the stock markets com-pelled it to adopt a declining trend. The share at itsworst reached a low of Rs 5.19 in March, 2009when the markets also bottomed out before enter-ing a long-lasting rising trend. The share rose to Rs19.60 within a few months' time but thereafter itwas stuck under that level for quite sometime. How-ever, during all that time, the share went on liftingits bottoms which pattern ultimately helped it to

stage a spur in the last week as the market in general scaled further up. Theshare of Meghmani Chemicals rose to a high of Rs 21.45 before closing the lastweek at Rs 20.60, higher than the previous peak of Rs 19.60 and thus brokenupward of the level that has been performing as a barrier against its uptrend.The share is also being well supported by all the three moving averages whichis also a positive sign. On the basis of such technical parameters, the share issuggested for picking up for short-term speculative gains.

Midfield Ind.

Midfield Industries (Sell) :- Midfield Industries is a new listing on theBombay Stock Exchange. On its first day of listing on August 4, 2010, theshare had established Rs 150 as its lowest for the day which turned out to bethe all-time low for the scrip as, after the listing,the share kept on gaining and reaching a newpeak of Rs 426.50 in just 29 trading sessions.After hitting the all-time new peak, the share ofMidfield fell steeply down to a low of Rs 353 onTuesday of the last week. Since then, it is beingoff-loaded every time it goes up a little and there-fore, unable to cross the all-time peak of Rs426.50. Investors are hereby cautioned againstbuying this share at the current high price levelsbecause of the high level speculative activitiesthat are being carried out in it. It appears thatthose new issue investors who might have helped the management of thecompany in getting oversubscription are now offloading at higher prices andgetting much high rewards on their investment made as bail out the IPO, withthe help of the manipulators. A recent rumour that these manipulators havecoined is that the company would announce a bonus share issue which is justto lure ignorant investors to get into their trap.

139 and when it fell back, it established a higher bottom of Rs 97.20 in the lastweek. Thus a positive pattern was formed on its weekly chart and that madethe share to jump up in the following days. The share last week jumped to ahigh of Rs 130.70 before closing at Rs 126.50 in the last week, an indicationthat it might cross the recently established double top pattern. In anticipationof such a move, buying a small quantity in this share might help small investorsbring in good returns in medium-term investing.

RAMCO SYSTEM-Wkly.10/06/05-24/09/10 B-532370

05 O 06 M S 07 M S 08 M S 09 M S 10 M S

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Disclaimer :- Investment recommendations made in Smart Investment are for

information purposes only and derived from source that are deemed to be reliable but their

accuracy and completeness are not guaranteed. Smart Investment or the analyst / writer

do not accept any liability for the use of this column for the buying or selling of securities.

Readers of this column who buy or sell securities based on the information in this column

are soley responsible for their actions. The author, his company or his acquaintance may /

may not have positions in the scrips featured herein

MIDFIELD-Dly .04/08/10-24/09/10 B-533220

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D i f f e r e n t Strokes(Continued from Page 12)

Little extra rains lead to floodingeven in Metro cities. Infrastrucuture islagging behind by a century as com-pared to China. Common man has tostruggle more and more to survive.

3. Common Wealth Games haveexpressed underbelly of our rulingelite who are being pampered day andnight by certain sections of media. It isheartening that World is coming toknow of rampant corruption and poorquality of work being done. Althoughmajority of Indians are not shockedwith such revelations who arebeingshort-changed since decades and areresigned to 10 times worse living con-ditions.

4. Delta Corp Ltd Rs 80 Re 1 FV: Annual turnover is 54 crores and EPSis less than Re 1. PE Ratio is morethan 80. This writer started laughingwhen a renowned Singapore basedfund manager mentioned that he likesthis stock and making/alluding refer-ence to Casino Tycoon of Las Vegas(atone time, one of the richest personson the planet). It was like comparing atooth-pick (Delta) with a Forest.

5. Markets have turned bulllish andone of the reasons being given is goodmonsoon. In fact, this extra rain isflood in real life there. Floods in somestates have potential to ruin the stand-ing crop.

6. Maytas Infra Rs 220/: Thiswriter had recommended this scrip at45-48/ levels immediately after Satyamscandal had broken out. In this arena,there are already several listed andunlisted giant companies with stron-ger financials and better managementteams. Some analysts feel that Maytas(simply bcoz ILFS is current promoter)will create money from thin air.

7. India Bulls Power Rs 28/:Company had come out with IPO @45. Scrip has been underperformingthe market as there is no significantprogress in project implementation.

8. Usha Martin Education Re 1FV: For June quarter, company hasreported revenue of 88 lacs and LOSSof more than 70 lacs. And market capis more than 110 Cr. Wow!!! I amspeechless.

9. AXIS IT & T Rs 5 FV : This scripagain proves might of filthy operators.Several sections of market feel noshame in spreading any type ofrumours and disproportionately idioticrumours and future prospects. Lastyear, revenues 20 cr and market cap220 cr. Hats off to this market-maker.

10. Last but no the least SHIRPURGOLD Rs 230/: Share price gives anindication that this company is reallygoldmine although it reported loss of16 cr last year and 5 cr loss in Q1.Plant still not operational. But marketcap whopping 320 crores. This is themight of technology and media whichspreads blatant lies as gospel truth.

Bazar.Com(Continued from Page 1)

twentyfive days of September. Thiscompares very well with $ 17.5 billioninvestments in 2009 which made thesensex rally by a neat 81%. For theyear to date , the Indian benchmarkhas outperformed MSCI's world equityindexand its emerging markets indexwhich has gained 0.1% and 5.1% re-spectively in the period.

Some marketmen views :- " Thereis still room for an 8% to 10% upside,and we might challenge the old highs.The market may be expensive but thereare still some good quality shares avail-able out here. " - Ramesh Damani

" Market shall be in the 19500 to21500 range for now and touch the23000 mark by March 2011. Retail par-ticipation by way of SIPs are advisedfor medium and small investors."- An-drew Holland

Expert’s Eye(Continued from Page 12)

fancy counters as well. BSESensex ended the day at 20045.18with a score of 184.17 points and NSENifty gained 58.75 points to close at6018.30. In the liquidity driven 4th posi-tive week, BSE Sensex posts net weeklygain of 450.43 points and NSE Nifty133.35 points.

Visu Intl. (BSE Code 590038):- Visu Intl. the company from ITsoftware segment is catching attentionof investors are informed buying isgoing on. The company is now planningQIP issue to tap resources foracquisition in domestic as well asinternational level in educationalsoftware segment. For the fiscal 09-10it earned net profit of Rs. 0.25 crore ona turnover of Rs. 14.50 crore. Thecompany got shareholders nod fordiversification into educational sectorin May 2010 and is now in the processof taking it forward. It hovers aroundRs. 4.95 against 52 week high/low ofRs. 8/4, FV Rs. 10.

T Spiritual (BSE Code532444) :- T Spiritual is in the field ofwellness products and services for in-dividuals and corporate. It differentiatesitself by being the only public listedCompany to have diversified into thewellness products and services space.It has been keeping its nose abovethe water level with its ongoing activi-ties. Now it plans to develop educa-tional softwares in a big way to tap ris-ing demand for online education. Forthe past three years the company’s topline has been around Rs. 6 crore with aprofit of Rs. 0.10 crore on an average.As on 31.3.2010 the book value standsaround Rs. 12.75. It issued bonus inthe ratio of 1 for 1 in 2002 and 2004. Itis currently quoting at Rs. 2.34 or thereabout against 52 week high/low of Rs.4/2, FV Rs. 10.

Saya Hsg. Fin (BSE Code511144) :- Saya Housing Finance isfinding bulk volumes fromknowledgeable circles. When all otherhousing finance stocks are having fastforward mode, this counter is leggingbehind and informed circles havestarted parking large chunk into it. Itappears that this company is a takeover target by some big players and isall set to see the light of the day oncethe formal announcement comes. Onperformance front, there is nothing noteworthy, but the company has postedmarginal profits. Scrip is worthconsidering at every decline for mediumterm rewards. It has changed its nameto Asya Infrastructure and Tourism CorpLtd. It is quoting around Rs. 4.82,against 52 week high/low of Rs. 6/2,FV Re. 10.

[Disclaimer: The author has noshort or long position in any scripmentioned here above]

Bank Of Maharashtra (Rs.69.00) (Code: 532525) :- The pre-vailing boom of the banking sector,excellent financial performance, attrac-tive asset quality, robust businessgrowth and healthy growth in its NIMare the enough reason to believe thatit is the best stock for midterm invest-ment. The bank, having equity of Rs.430.52 crore, has posted the net profitof Rs. 118.43 crore on sales of Rs.1280.21 crore achieving quarterly EPSof 2.75 for the period of June quarterof current FY. Investors can invest for6-8 months for the target price of Rs.90.

Smart Tips(Continued from Page 12)


Financial Weekly

Tilaknagar Ind: 30 September is fixed as record date for its bonus shareKPIT Cummins: The Company is all set to take over US based companyIndo Rama: The company will announce on 25 September for right issueTribhuvan Housing: Operators are on buying spreeEnergy Dev: The company has recently received very huge orderPrakash Steelage: Tied up with US based companyL.T. Food: the price may go up following new development

DalalStreet

Whispers

Prakash Steelage (Rs. 150.00)(Code: 533239) :- Towanda MetadyneInc, the New York based company en-gaged in production of high tech preci-sion materials and components has re-cently signed up MOU with this company

in order to set up forging unit for its mining and construction unit. The price of theshare can go up further following this development.

L.T. Food (Rs. 67.00) (Code: 532783) :- The company has chalked outa plan to set up two Basmati rice processing plant worth Rs. 70 crore beside it iscontemplating to set up a bio-gas generation plant at the same location. Thecompany is also mulling the idea to resort PE placement in order to raise somemore fund. Investors must hold on this scrip.

PBA Infra (Rs.90.00) (Code: 532676) :- The company has recentlyreceived orders worth Rs. 146 crore. It has been heard from the street thatsomething is cooking in the kitchen of this underperform company. The price maygo up in a very short term and investors must grab this opportunity.

Tilaknagar Indusries (Rs. 265.00) (Code: 507205) :- The market hasconstantly noticed some upward movement in this stock. The company has an-nounced 30 September as its record date for its bonus share in ratio of 2:1. Atpresent the stock is being quoted at its 52 week’s highest level and still it can go up

KPIT Cummins (Rs. 173.00) (Code: 532400) :- The company is all setto take over US based company in a very short time. The board meeting, to beheld on 27 September, will decide regarding this move. The price may go upfollowing this development.

Khaitan Chemical (Rs. 181.00) (Code: 507794) :- The market cap ofthis company is Rs. 171 crore. The company is going to take over a fertilizer Unitfrom Jairam Phosphate. This development can fuel the price of the share.

Indo Rama Synthetic (Rs. 43.00) (Code: 500207) :- The board meet-ing, going to be held on 25 september, will decide over proposal to raise somefund via either preferential issue or right issue. This development can fuel theprice of the share.

Tribhuvan Housing (Rs. 37.00) (Code: 531703) :- Market has noticedthat some operators have started to corner this share since last many tradingsession. Investors can also join this bandwagon for short term gain.

Energy Development (Rs. 63.00) (Code: 532219) :- The companyhas recently received an order from the Arunachal Pradesh Government to setup 516 Mw Hydro power plant. This development can help price to go north.

Graur & Weil (Rs. 100.00) (Code: 505710) :- The company has hugeland bank worth Rs. 1000 crore in Kandiwali area of Mumbai. It is also expectedthat the company may achieve the EPS of Rs. 10 during FY 2011. It is a best betfor short term investment.

KFA (Rs. 68.00) (Code: 532747) :- The promters are going to infusesome more funds and lenders are ready to settle the debt of the company.Theses both factor may prove most positive for the company.

Shipping Corporation :- As per the most reliable sources the cabinet committee willclear the deck for the IPO of SCI next week. Government is planning to sell off its 10 percent equity from this PSU.

UCO Bank :- This Kolkata based bank is planning to tap the market with its FPO worthRs. 400/500 crore. It is also believed that the bank has recently received Rs. 373 crorefrom central government so it can go slowly with its IPO

Hind Copper :- This PSU was supposed to enter in the market during September/October but now it seems that it may differ its planning till new calendar year.

IPOs from private sector:-LAVASA Corporation : The company, promoted by HCC group, is going to file its

DRHP with SEBI very shortly. The company is planning to issue 10 per cent fresh equityin order to finance its Pune based construction project. It has also been heard that big bullRakesh Zoonzoonwala has purchased majority chunk of stake during its pre-IPO place-ment move.

Madhucon Infra :- The company, promoted by listed company Madhucon Projects, isgoing to seek permission from SEBI to tap the market.

Oberoi Realty :- This company from realty sector is planning to enter in the marketnext month with its IPO worth Rs.1100 crore. The company had filed its draft prospectusduring January, 2010.

Prestige Group :- This company is contemplating to tap the market next month withits propose IPO worth Rs. 1200 crore. The company had filed its prospectus duringNovember, 2009.

Gyscoal Alloys :- This Ahmedabad based steel company is gearing for its proposeIPO as it intends to enter in the market with its IPO of 77 lakh shares worth Rs. 60 crore.The price band of this IPO may be worked out around Rs. 70/80

Primary Market (Continued from Centre Page)

2010-11 (E)Net Sales 195.0Depreciation 11.00Net Profit 14.00Cash Profit 25.00Equity 4.28Book Value 180EPS (Rs.) 32.70Cash EPS (Rs.) 58.40

Future Outlook

Buy of the week (Continued from page 1)

Sambandam Spinning Millsbalance 20% is exported. Sambandam has good past track record , except

2008-09 when entire industry was reeling under severe recession. Cash Eps forquarter stand at Rs 14.98. Such fabulous performance has been aided by higheryarn prices as well as adequate stocks of low-pricedraw cotton. PAT in Q1 is up 400%. Current marketcap of Sambandam is only Rs 56 crores. Cost ofsetting up Windmills alone will be much higher thanits current market cap. Stock is trading at Rs 130/ asagainst its Book Value of Rs 150 as on 31st March2010 and which will/should rise to Rs 180 by March2011 Scrip is trading at 3.98xFY11E Eps and2.23xFY11E Cash EPS. Such valuations are ex-tremely low by any yardstick , particularly when com-pany has one of the best track-records in cottonyarn industry and has 100% captive power genera-tion. Sambandam is also in a position to issue Bo-nus shares, looking at high book value. Promoter stake is 61.18%. Investorsmay buy this scrip immediately as results of Q2 are estimated to be much muchbetter than Q1 (Q2 Eps should be more than Rs 10) and scrip has potential toappreciate 50% in less than 6 months. If cotton yarn industry dont face reces-sion in immediate future and remains buoyant for next 2-3 years, then apprecia-tion in Sambandam can be huge.

17800

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21400

INDEX POINT

27.08.2010 TO 03.09.2010

06.09.2010 TO 09.09.2010

13.09.2010 TO 17.09.2010

20.09.2010 TO 24.09.2010

5300

5400

5500

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INDEX POINT

27.08.2010 TO 03.09.2010

06.09.2010 TO 09.09.2010

13.09.2010 TO 17.09.2010

20.09.2010 TO 24.09.2010

NIKHIL BHATT(+919979380808)

MARKETTREND

WWW.INVESTMENTPOINT. IN

NIFTY SENSEX

Printed by Dilip K. Shah, Published by Dilip K. Shah, Owner by Dilip K. Shah. Printed at Allied Offset Printer Pvt. Ltd. 14/2, Kalidas Mill Compound, Gomtipur,Ahmedabad-380021. Published from 311 to 313, Nalanda Enclave, Opp. Sudama Resorts, Pritam Nagar1st Dhal, Ellisbridge, Ahmedabad. Editor : Dilip K. Shah

12 27th Sep. to 3rd Oct. 2010

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INVESTMENT

(Cont.... on P 10)

Sensex Predictions 27th August to 1st October

Senior AstrologerDharmesh JoshiMob. : 9909941816

E-mail : [email protected]

(Cont.... on P 2)

Smart Tips Dimple Shah

(Cont.... on P 10)

Nifty F & O Range : 5909 to 6209 Point in Short TermDear Friends,NIFTY FO CLOSED @ 6030 AS

ON 24.09.2010..!! NIFTY FO has re-sistance at 6057– 6088 Level; abovewhich other resistance levels are at6109 – 6130 Level with highly Vola-tile Trend, In Downside support levelsare at 5990 – 5930 Level; below 5930Level, other support levels are at5909 – 5880 Levels. I am positive fornext week above 6177 Level but bewith the trend. Let the market decide

further moves. As we are saying frommany days Buying is suggested infalls only...and it’s still a better strat-egy in the given scenario...!!!Regarding long term positions, it ispreferable to remain cautious now...!!If NIFTY crosses 6177 Level, againthen the upper side target is quitehigh and it may touch 6209 Level inshort term...!!!

GOLDEN STOCKS FOR THEWEEK : 27.09.2010 TO 01.10.2010

1. FINAN TECHNO (1226) : It issuggested to buy @ Rs 1213 with SLof Rs 1203 for the target of Rs 1247 –

1267; below Rs 1203 it can fall up toRS 1197 – 1188 levels. If it crossesRs 1267 level than expect nonstoprally up to Rs 1290..!!

2. REL CAPITAL (816) : Operatorbased Game start in this stock, Buy@ Rs 808 With SL of Rs 797 for thetarget of Rs 833 – 848 level below Rs793 it can show further downfall upto Rs 777 …!!!

3. HINDALCO (190) : Buy deliv-ery of this stock near @ Rs 186 withSL of Rs 181 for the target of Rs 199 –209 level. It is very good for mediumterm position also…!!!

4. TISCO (629) : This stock islooking very good to buy @ Rs 618with SL of Rs 609 for the target of Rs644 – 651 levels below Rs 609 stockshall witness free fall…!!!

5.JINDAL STEEL (692) : Buy @Rs 687 levels considering minor sup-

port of Rs 677 and stop loss of Rs671 for an upper target of Rs 709 –719 levels. Below Rs 671 it can slipup to RS 663 – 657 levels…!!!

6. SATYAM COMPUTER (100) :Operator based buying has beenthere in this stock. Buy @ Rs 93 withSL of Rs 88 for the target of Rs 113 –119 levels it is very good for longterm position also…!!!

7. ESSAR OIL (133) : Tradingpoint of view BUY@ Rs 127 With SL

of Rs 123 for the target of Rs 141 –147 level below Rs 123 it can showfurther downfall up to Rs 117.. !!!

8. SAIL (208) : Buy delivery ofthis stock near @ Rs 199 with SL ofRs 193 for the target of Rs 219 – 223level. It’s very good for long termposition also…!!!

9. RELIANCE (1006) : For mediumterm buying is suggested @ Rs 997with SL of Rs 993 for the target of Rs1023 – 1037 level. Below Rs 993 itcan show further downfall…!!!

Liquidity driven rally brings 4th positive week

Dilip Davdae-mail : [email protected]

Expert’s Eye

Inani Marbles (10%),Zee Entertainment (200%),Suraj Stainless (15%) etc.

dividend announcementsDuring the Last week

Terrific ShotsTerrific ShotsTerrific ShotsTerrific ShotsTerrific Shots

Best BuyVisu Int., T. Spiritual,

Saya Hsg.

It was the 4th positive week thatmarked new high of last 32 months at20105.54 for Sensex and 6037.40 forNifty. Thus continuing inflow of forexfunds from FIIs that are now 1732 innumbers brought the rally despite profitbooking in mid week. FIIs have pumpedin 17.46 billion US $ so far in Indian

markets against the record of 17.65billion US $ of 2007 and thus we areon the verge of seeing new all timehigh inflow this year. And that will surelylead to more new high going forward.No doubt, rising food inflation at15.46% remains the major concern, weare seeing the old saying-“higher theinflation- bullish the market”. In last twoweeks, we have also seen 13 IPOsentering the market

Secondary MarketOn Monday BSE Sensex ended

the day at 19906.10 with a rise of311.35 points and NSE Nifty closed at5980.45 with a gain of 95.50 points.

RIL and HDFC lead the rally that missed20K for Sensex and 6K for Nifty by akissing distance.

On Tuesday, markets openedhigher and gained further, but at a lower

speed. BSE Sensex crossed 20K levelto close at 20001.55 with a gain of95.45 points and NSE Nifty too mir-rored the similar sentiment to closeabove 6K. Nifty ended the day at6009.05 with a rise of 28.60 points.Rampant buying by FIIs brought cheerfor our markets as Sensex and Niftycrossed sentimental barriers of 20K and6K respectively.

Although markets opened higheron Wednesday, it lost the steam goingforward to close in red on profit book-ing. BSE Sensex touched the high of20105.54 before ending the day witha loss of 59.83 points at 19941.72.NSE Nifty too scored 32 months newhigh of 6037.40 before closing at

5991.00 with a fall of 18.05 points.With cautious start on Thursday

profit booking at higher levels kept sen-timent under check. Poor employmentdata from US and sluggish economicdata from Europe played a spoil spot.Food inflation at 15.46% also dampensthe sentiment in local markets. However,FIIs remained net buyers and kept switch-

ing their holdings from large cap to frontrunner mid caps. BSE Sensex closed at19861.01 with a deficit of 80.71 pointsand NSE Nifty ended the day at 5959.55with a loss of 31.45 points.

Again on Friday markets witnessedsee-saw mode in early trades with cau-tious trades, but started gaining as theday progressed. FMCG and Telecomsector took the lead for rally and gotsupport from other

Avoid : Delta Corp., Maytas, Usha Martin,Axis IT&T & Shirpur Gold

Buy : I.B. Power at every decline

H.K. GUPTA(Mumbai) Stro

kesD I F F E R E N T

Hemant K. GuptaCDOFT, 212, 2nd Flr.,

Ravi Ind.Estate, Off. MahakaliRoad, Andheri (East), Mumbai.

Tele : 022-26873540(M) 9821620167

E-mail : [email protected]

1. New Mining Bill for setting aside 25% of pretax profits for tribals: Such aprovision is being made to penalise listed corporate sector and to protectbeaureacrats and politician who own hundreds of mines. Reason is that majorityof listed corporates may siphon off littlecash (that too for funding bribery etc) andshow real profits so that can grow, borrowmore, raise funds and enhancemarketcap. However, politicians are earn-ing billions every year from such minesbut show very low taxable profits and si-phon off majority of profits thru selling orein cash or inflating the expenses etc. Thus,mines owned by beaureacrats and politi-cians will not be or will be least least af-fected by now provisions.

Rather Govt should impose flat taxper hectare of mining area allotted and this money should to a separate kittyexclusively earmarked for hospitals,schools meant for tribals and such entityshould be headed by Narayan Murthy

2. This Govt must be the most profligate on the planet at present. Literally, itis proving like a bottomless pit which will never fill. Even after collecting over 1 laccrore from 3G and Wifi sale, Govt is not reducing its borrowings and that toodespite highly robust tax collections and reduced oil subsidy burden. Govt isbecoming so greedy that once again, planning to auction more 3G spectrum.Where all this money getting drained? Cities are still as filty as ever. Quality ofMunicipal/govt hospitals has not improved. Education in Municipal schools is stillbelow reasonable levels. (Cont.... on P 10)

Hexaware (Rs. 76.00) (Code:532129) :- It is a leading software solu-tion provider company based in Mumbai. The company has recorded very poorperformance during last four quarters creating negative impact on its share’sprice but it has achieved turnaround position during June quarter as its sales andnet profit have increased significantly creating some momentum on its shareprice. The company during last quarter has received order worth USD 1.1 millionfor five years from US based Fortune 500 Corporation. The company has alsorecorded the income of Rs. 251 crore during month of June. Investors can addthis stock in their portfolio for midterm perspective.

UCO Bank (Rs. 113.00) (Code: 532505) :- This mid cap bank, duringlast three quarters, has recorded very significant performance and its financialperformance has also achieved very robust growth for the last four quarters as itsexcellent performance is quietly reflected in its share price. The core operation ofthis bank has also on its top as its interest income has increased with 70 per centgrowth and its top line has zoomed with 87 per cent growth during this period. Itis best bet for midterm investment and investors can’t afford to miss this chance.

Denso India (Rs. 106.00) (Code: 520022) :- This leading companyfrom auto ancillary sector, having market cap of Rs. 305 crore, is engaged inproduction very vital auto parts like Alternator, motor starter, CDI and magnet forits clients like Maruti Suzuki and Hero Honda. Maruti Suzuki itself holds 10.3 percent equity in this company. Considering prevailing boom of auto sector it isexpected that its sales may grow up CAGR 17 per cent and its net profit mayincrease with 49 per cent growth during FY 2010-12. The stock is currently traded6.5 times more than its estimated income of FY 2012. The 52 week’s highestprice of this share is Rs. 177 and the lowest price is Rs. 62. Investors can investtheir money for mid to long term perspective.

MSP Steel (Rs. 72.00) (Code: 532650) :- This Eastern India’s midsizeintegrated steel company, from Kolkata based MSP Group, has yielded 60 percent return compared to BSE Index which has diversified business portfolio thatincludes sponge Iron, Steel, Power generation and Ferro Alloys. The companyhas posted the net profit of Rs. 8.62 crore on sales of Rs. 106.81 crore for theperiod of June quarter. Its coal mines is all set to commence its commercialproduction from October 2010. Investors can add this scrip in their portfolio atevery dip.

Compucom soft: The company has received order worth Rs. 10.4 crore from Rajashthan GovernmentSuper Spinning: Achieved turnaround position ; Dunlop (I): The price may zoom to its new top levelJ.K.Lakshmi Cement: the company has undertaken huge expansion planRefex Ref: The stock could maintain its uptrend following bottom out

Sanvaria Agro: Possibility to become all counters very hotLok housing: The scrip will come out of “T” group next monthSabero Organic: The price may go to three digit within three quarters

Super spinning Mills Ltd (Rs.16.70) (Code: 521180) :- The com-pany, having equity of Rs. 5.5 crore,has achieved turnaround position dur-ing June quarter as its has posted thenet profit of Rs. 7.20 crore against thelast year’s loss of Rs. 0.65 crore onsales of Rs. 114.71 crore indicating7.47 per cent growth for the period ofQ4 of the FY 2009-10. Then after againthe company has posted the net profitof Rs. 14.56 crore against last year’sloss of Rs. 5.48 crore on sales of Rs.110 crore indicating 20 per cent growthfor the period of June quarter of cur-rent FY. The price may touch to the toplevel of Rs. 25 during next couple ofweeks.

Dunlop India (Rs. 92.00)(Code: 509130) :- The company,belongs to Kolkata based P.K. Ruiagroup, has two tyre production unitsscattered over west Bengal andTamilnadu. The company is contem-plating to set up a plant worth Rs. 750crore in Tamilnadu. The company has

posted the net profit of Rs. 1.3 croreon sales of Rs. 179 crore for the FY2009-10 ended on March 31, 2010besides it has earned the net profit ofRs. 82 lakh on sales of Rs. 50 crore forthe Q1FY-11. The Falcon Tyres, groupcompany, is also expanding its produc-tion capacity. This company too has

posted the net profit of Rs. 20 crore onturnover of Rs. 550 crore for the FY2009-10 ended on March 31, 2010.The share pattern of the company con-sists 74.50 per cent equity is held bypromoters, 14 per cent is held by DIIand LIC and 8 per cent holding is heldby general public.

J.K. Lakshmi Cement (Rs.63.00) (Code: 532884) :- The com-pany from renowned Singhania groupis engaged in production of cement andhas very strong fundamentals. Thecompany is going to invest Rs. 1800crore during next three years in order

to expand its production capacity.Refex Ref (Rs. 27.00) (Code:

532884) :- The market has noticedthat the volume of this share is increas-ingly growing for the last three sessionindicating that the stock has alreadybeen bottom out and it could furthermaintain its upward trend during nextweek.

Sanvaria Agro (Rs. 60.00)(Code: 519260) :- The company circleis on buying spree for this share sincelast many sessions indicating some posi-tive development from the company.Investors can’t afford to miss this scrip.

Lok Housing (Rs.43.00)(Code : 500256) : The company,having market cap of Rs. 180 crore andpaid up equity of Rs. 40 crore, has veryhuge land bank of 650 acres scatteredover Pune, Ambarnath and Banglore.The main promoter of the company hasdied and currently his son is at the helmof affairs who is investors friendly.

• Intraday traders must square off their daily position only after referring tothe daily predictions. • All those who deal in the stock market and take positionon weekly or monthly basis, must take an overall view of monthly chart and dailypredictions. • Long term investors, refer to the yearly graph and deal patiently.• Too many cooks spoil the broth – a mixture of all the tips (technical, fundamen-tal & astrological) will only make things difficult & you may incur losses, saysGanesha. • No matter how good a dealer you are at the stock market, makesure you refer to your birth chart for the yogas in your main horoscope once &move ahead according to the planetary positions. • Don’t risk a huge amount ofmoney to earn a meagre profit.

Monday, 27th September, 2010 :- • All those born on the 1st, 10th,19th & 28th should wear ‘1 mukhi rudraksh’ • Those who are born on the 2nd,11th, 20th & 29th should wear ‘2 mukhi + gaurishankar rudraksh’. • No matter athow many points Nifty opens, it does not seem very reliable, observes Ganesha.Be cautious till 11:50. • From 11:50 to 15:30, Nifty may go up step-by-step &again come down step-by-step. But, overall it may show strength. • At 13:50,14:10 & 15:00, there will be a small correction.

Tuesday, 28th September, 2010 :- • All those with birth dates 3, 12, 21 & 30,should wear ‘5 mukhi rudraksh’. • It’s not favourable period till 9:30, do profit-booking. •From 9:30 to 10:40, there is no clear trend; Nifty will maintain the weightage though. •From 10:40 to 11:50, Nifty will be soft • From 11:50 to 13:00, there are chances of a shortcovering. • From 13:00 to 14:10, Nifty shows strength; but frequent entry & exit will provebeneficial. • From 14:10 to 14:30, there may be a big jump, however, don’t blameGanesha if it does not happen. • From 14:30 to 15:30, the highest value and volume-based work may increase at Nifty, and jobbing may prove beneficial.

Wednesday, 29th September, 2010 :- • All those born on 4th, 13th,22nd and 31st should wear ‘8 mukhi + 10 mukhi rudraksh’. • People whosebirthday falls on 5, 14 & 23 should wear ‘4 (Cont.... on P 2)

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