A Time Communications Publication 1

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T I M E S

ATIMECOMMUNICATIONSPUBLICATION
VOL.XXIIINo.32Monday,1622June2014Pages20Rs.15

Marketsstruggleathigherlevels
BySanjayR.Bhatia
Earlier last week, the markets continued to move higher amidst intermediate bouts of profit booking and selling
pressure.Thesellingpressure washighonFriday, 13June2014,ontheback oftheKurdishattackinIraq,whichsend
crudeoilpricesflaringandalsoasmanystocksweremovedtotheT2Tsegment.
The FIIs remained net buyers in the cash segment but were net sellers in the derivatives segment. Domestic
institutional investors (DIIs), however, continued to press sales and remained net sellers for the week. The breadth of
the market remained positive amidst
lower volumes, indicating lack of
participationathigherlevels.Theglobal
markets were weighed down by fresh
trouble in Iraq, which saw crude prices
rising to a 9month high. The US
economy painted a disappointing
picture on retail sales and jobless
claims. On the domestic front, the
Indian economy has started showing
green shoots. Industrial
productionafter falling for the last two
monthsgrewtoa13monthhighrateof
3.4% in April 2014, driven mainly by
electricity
generationandmanufacturing.
Moreover,theconsumerpriceindexfell
toa3monthlowof8.28%inMay2014
asagainstthehighof8.59%recordedin
Aprilaspricesofvegetablesandcereals
increasedataslowerpace.
Technically, the prevailing negative
technical conditions weighed on the
market sentiment leading to selling
pressure at higher levels. The
Stochastic, RSI and KST have slipped
below their respective averages on the
daily charts. Further, the MACD is
alreadyplacedbelowitsaverageonthe
HowtotradeeffectivelyinFutures
To be in the right position at the right time whether buying or selling
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Whichstocksarewitnessingshortcovering?
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A Time Communications Publication 2
daily charts. Besides, the RSI and Stochastic are placed in the overbought zone on the weekly charts. These negative
technicalconditionswouldleadtofurtherboutsofprofitbookingandsellingpressureespeciallyathigherlevels.
The prevailing positive technical conditions, however, still hold good and would lead to buying support at lower
levels.TheRSI,KST,MACDandStochasticallareplacedabove theirrespectiveaveragesontheweeklycharts.TheNifty
isplacedaboveits50daySMA,100daySMAand200daySMA.Further,theNiftys50dayand100daySMAareplaced
above Niftys 200day SMA, which is known as the Golden Cross breakout. These positive technical conditions would
leadtobuyingsupportatlowerlevels.
The+DIlineisplacedabovetheADXlineandtheDIonweeklycharts.The+DIlineisabovethe42levelonweekly
chartsindicatingthatbuyershave anupperhandbutthat themarkethasalso comeoffitsrecenthighsindicatingthat
buyersarebookingprofitsatregularintervals.
Now, it is important that buying support
emerges at lower levels. If the Nifty manages to
move and sustain above the 7600 level, then the
Nifty could test the 8000 mark. In the meanwhile,
the markets would continue to take cues from the
new governments policy decisions, RupeeDollar
exchangerate,globalmarketsandcrudeprices.
Technically, on the upside, the BSE Sensex faces
resistance at the 25420, 25700 and 26000 levels
but seeks support at the 24750, 24000, 23408 and
22323 levels. The support levels for the Nifty are
placedat7402,7229,7118,7067and6872whileit
faces resistance at 7593, 7675, 7700 and 7800
levels.
Investorsshouldbookprofitsregularly.


YehStreetmaangemore!
ByFakhriH.Sabuwala
Thenewparliamenthasbeenconvened,thePresidentialaddressisover,thedressrehearsalofthebureaucratsisdone.
TheFM'smeeting with State finance ministers and a lot more is on the governmental front. On the back of these
developments,theBSESensexsurpassedits16May2014high(thedayofLokSabharesults)andisonitswaytomake
anewhighbeforethefirstbudgetofthenewgovernment.BiggainsareseeninthebenchmarkssincethedayofNaMo's
anointment as the BJPs nominee for PM on 13 September 2013. The Sensexhas risen 26% while the broader
indexBSE500scaledup31.37%.
Nearly500ofthe2525activeBSEstocksjumpedover100%duringthis8monthperiod.92stocksreturnedbetween
90%and100%,100+stocksclimbedover200%while17sawtheirmarketcapitalisationswellover5times.
ThissharprallywasonthebackoftheRs.95,000croreworthofforeigninflowsduringthis8monthperiodandon
hopesofeconomicrevivalandquickimplementationbytheModiledgovernment.Peopleexpectitto speedupproject
clearances,removebottlenecksandkickstarttheinvestmentcycleandputtheeconomyonthepathofhighgrowth.
MatraKaushalEnterpriseskyrocketed975%,BFUtilitieszoomed 399%,KECInternationalzoomed346%,BEMLby
299% and CEAT by 293% were the big gainers from stable of the BSE 500 Index. TVS Motors, NCC, Sintex, Suzlon and
SadbhavEngineeringjumpedbetween200%and300%fromthesamegroup.
FromtheBSE100,itwasAdaniEnterprise,AshokLeyland,PFC,HPCL,UPL,CromptonGreaves,HDILandFederal
Bank,whichgainedbetween100%to250%inthesameperiod.Itisaparadigmshiftinthemarketasthewholemarket
isgettingrerated.Readingthesentiment,puntersseemtoyellYehstreetmaangeymore.
Farm sectormay be the new area of importance in the ensuing budget. Agricultural reforms including the
developmentofirrigationfacilitiesmaytaketheprideofplace.ThemaidenbudgetoftheBJPledNDAgovernmentmay
announce the formation of a national water authority and an irrigation fund for speedier implementation of long
pending irrigation projects in the country. It is on this premise, irrigation scrips witnessed a sharp rise and the star
performers were Jain Irrigation Systems and EPCIrrigation. If irrigation is going great guns, the business of PVC pipes
BAZAR.COM


A Time Communications Publication 3
(Finolex Industries) and water pumps (Shakti Pumps, Crompton Greaves, KSB Pumps, Roto Pumps) shall also do very
well.
For a change, the midweek saw Pharmaand IT regaining its lost glory. It seems the order for sectorwise rotation
intejiis on. Earlier it was Infrastructure, Metals, Capital Goods, Cement, Oil & Gas and FMCGsthat held their pride of
place.Byturns,themarketisrespondingtoeverymoveofthePMandFMandkeepingaclosewatchonwhomtheyare
meetingandwhatistranspiringbetweenthem.
Oneschoolofthought,however,believesthatthepaceofriseneedsabreatherandthattheSensexandtheNiftyhave
risen much higher than warranted and before time. Although the secular trend remains bullish, it needs time
adjustment,whichwillunfoldinthecomingweeks.ConservativeobservershadindicatedofSensex30KbeyondFY15.
ThiswasadvancedtoMarch2015,thenDecember2014andtoDiwali2014.Buttheimpatientoneshavenowrevisedit
to the Budget in July 2014. This talkof breakneck speed is dangerous for investors as they may fall prey to the games
played by operators that accompany any rally. GiveNaMoand his team the time to settle down. Its not even a month
sincethenewministerstookoath,yetthespindoctorsareweavingdreamsthatmayturnouttobetraps!

MinorUp/Downswingsseen
ByHitendraVasudeo
Last week, the BSE Sensex paused once again
after a strong rise of two weeks. The Sensex
opened at 25543.59, attained a high at 25735.86
and fell to a low of 25171.60 before it finally
closedtheweekat25228.16andtherebyshowed
anetfallof168pointsonaweektoweekbasis.
The last rising swing on the daily chart was
from 24163 to 25735. Expect the retracement of
the last rising swing on the daily chart and the
retracement levels are placed at 2514624925
24769. Expect the retracement to be tested.
Further weakness will continue if 24644 is
subsequentlyviolated,thenexpect24163.
A bearish candle was formed on Friday, 13
June 2014, which suggests that a near term
correctionislikelyofthelastswingandafurtherrallycancontinueonariseandcloseabove25735.
Thecorrectiononthedailychartwasvisible,whichwasmoreintermsoftime,withouterodingtherecentpricerise.
On the weekly chart, we have a support cluster at 2427024120. The weekly chart will be under the pressure of
correctiononafallandcloseabove24100.
On the monthly chart, if we look at the macro count then Wave 1 ended at 4643 in September 1994 and Wave 2
ended at 2904 in May 2003. Wave 3 ended in January 2008 whereas Wave 4 ended in August 2013 at 17448. Wave 5
projectioncanbeaslowas28800butcanexceedto35000.Amajorproblemonthemonthlychartcandevelopbelow
17448.Broadly,thecorrectionsareforbuyingaswemaysurpass28800induecourseoftime.
The daily chart shows signs of minor correction but the same is not yet seen on the weekly chart. Correction and
terminationofthecorrectionwillcreatehigherbottomsunlessaverticalfallbelow17400iswitnessed.
BSEMidCapIndex
Expectthe970010250rangetobetestedinduecourseoftime.
BSESmallCapIndex
Resistancezoneis10200to11400,whichmeansspikeintheSmallCapIndexistobookpartialprofits.
BSEBankex
BSEBankexcanstillrollonto19000.
Strategyfortheweek
Traderslongandholdingstockscankeepastoplossof24000.
TRADI NG ON TECHNI CALS


A Time Communications Publication 4


WEEKLY UP TREND STOCKS
Let the price move below Center Point or Level 2 and when it move back above Center Point or Level 2 then buy with
whatever low registered below Center Point or Level 2 as the stop loss. After buying if the price moves to Level 3 or above
then look to book profits as the opportunity arises. If the close is below Weekly Reversal Value then the trend will change
from Up Trend to Down Trend. Check on Friday after 3.pm to confirm weekly reversal of the Up Trend.

Scrips

Last
Close
Level
1
Level
2
Center
Point
Level
3
Level
4
Relative
Strength
Dail y
Reversal
Value
Up
Trend
Date

Stop
Loss
Buy
Price
Buy
Price
Book
Profit
Book
Profit
EIH 102.00 95.9 96.6 101.2 106.6 116.6 77.4 92.4 16-05-14
LAKSHMI MACHINE WO. 3685.00 3425.0 3488.0 3622.0 3819.0 4150.0 76.2 3459.8 09-05-14
ICRA 2352.15 2320.0 2325.4 2346.7 2373.4 2421.4 76.1 2264.2 23-05-14
EICHER MOTORS 7340.00 7108.0 7166.0 7282.0 7456.0 7746.0 73.6 7164.5 25-04-14
SOLAR INDUSTRIES 1858.05 1575.0 1643.5 1789.5 2004.0 2364.5 70.1 1605.6 04-04-14



EXIT LIST
Scrip
Last
Close
Sell
Price
Sell
Price
Sell
Price
Stop
Loss
Target
1
Target
2
PAGE INDUSTRIES 5966.70 6125.74 6195.10 6264.46 6489.00 5537.9 4950.1

BUY LIST
Scrip
Last
Close
Buy
Price
Buy
Price
Buy
Price
Stop
Loss
Target
1
Target
2
BHARAT ELECTRON. 1817.00 1803.46 1769.00 1734.54 1623.00 2095.5 2387.5
G.E.SHIPPING 379.70 373.00 369.60 366.20 355.20 401.8 430.6
GRAPHITE INDIA 113.45 109.93 104.93 99.92 83.70 152.4 194.8
HDFC BANK 836.00 832.70 825.50 818.30 795.00 893.7 954.7
MAHINDRA LIFESPAC. 553.25 530.87 510.75 490.63 425.50 701.4 871.9
PRESTIGE ESTATE 245.55 242.86 236.02 229.19 207.05 300.8 358.8
TIMKEN INDIA 250.10 242.78 239.00 235.22 223.00 274.8 306.8
ULTRATECH 2765.40 2656.53 2598.00 2539.47 2350.00 3152.5 3648.5


PUNTER'S PICKS
Note: Positional trade and exit at stop loss or target whichever is earlier. Not an intra-day trade. A delivery
based trade for a possible time frame of 1-7 trading days. Exit at first target or above.

Scrips
BSE
Code
Last
Close
Buy Price
Buy On
Rise
Stop Loss Target 1 Target 2
Risk
Reward
SRS REAL INFRA. 533305 42.40 40.40 42.70 40.10 44.3 46.9 0.83

WEEKLY DOWN TREND STOCKS
Let the price move above Center Point or Level 3 and when it move back below Center Point or Level 3 then sell with
whatever high registered above Center Point or Level 3 as the stop loss. After selling if the prices moves to Level 2 or
below then look to cover short positions as the opportunity arises. If the close is above Weekly Reversal Value then the
trend will change from Down Trend to Up Trend. Check on Friday after 3.pm to confirm weekly reversal of the Down
Trend.

Scrips

Last
Close
Level
1
Level
2
Center
Point
Level
3
Level
4
Relative
Strength
Dail y
Reversal
Value
Down
Trend
Date

Cover
Short
Cover
Short
Sell
Price
Sell
Price
Stop
loss

ARVIND REMEDIES 36.95 31.3 35.2 37.3 39.1 39.4 31.97 38.61 22-03-14
J YOTHY LABORAT. 180.55 158.5 174.9 185.7 191.3 196.4 42.30 189.56 30-05-14
IDEA CELLULER 135.10 116.5 130.4 139.5 144.2 148.6 42.46 138.21 30-05-14
BOMBAY RAYON FAS. 172.95 156.9 168.7 176.3 180.5 183.8 42.91 182.20 30-05-14
GODFREY PHILLIPS 2932.00 2686.7 2867.7 2984.3 3048.7 3101.0 44.78 3122.50 30-05-14


A Time Communications Publication 5

MarketmenareoptimisticabouttheNathBiogenstockasthecompanyhasgoodgrowthplansahead.ForFY13,it
postedanEPSofRs.15andthemarketexpectsthecurrentEPStotouchRs.25onhighervolumeofsales.
PoddarPigmentstockisunderaccumulationbyknowledgeableinvestors.
EverestIndustriesislikelytoreportagoodturnaroundinbothits SteelfabandAsbestossheetsdivisions.Stockis
likelytotouchtheRs.275mark.
Goodturnaroundexpectedinferroalloystocks.
HeavyinvestmentbuyingisreportedinR.S.Softwarecounterasthispaymentgatewaycompanyisallsettopostan
EPSofRs.50inFY15.TheshareisheadingtowardstheRs.300mark.
Persons in the know recommend the share ofBhatinda Chemicalas its liquor and IMFL division, which is a cash
cow,hascommencedoperations.ItcouldpostanEPSofRs.10inFY14andtheshareispoisedtodouble.
The share ofIFGL Refractoriescan be bought for solid gains and in the falling market as the company is all set to
garner an EPS of Rs.2425 in FY15. The capacity of its overseas plants is being doubled on the back of robust
demand.
UflexhaspostedanEPSofRs.28inFY14andisallsettoclockanEPSofRs.38+inFY15.Thesharecanbegrabbed
asitfell9%onFriday,13June2014,andisexpectedtotouchRs.175shortly.
Oneautoanalyststronglyrecommendstheshareof JKTyre,whichpostedanEPSofRs.64inFY14.Heprojectsan
EPSofRs.78inFY15andasharepriceofRs.400+.
Superhouseisbeingaccumulatedbypersonsintheknow.ItisanotherRelaxointhemaking.Thisleathercompany,
which posted an EPS of Rs.30 in FY15, is expected to garner an EPS of Rs.42 in FY15. The share is poised to touch
Rs.200mark.
An Ahmedabad based analyst recommends Elnet Technologies and Moldtek Techno as hot buys for the week.
Boththesestocksmayprovetobemultibaggersof2014.

MangalamCementLtd.
Code:502157 LastClose:201.85
ByAmitKumarGupta
MangalamCementLtd(MCL)isamanufacturerofcementbasedinNorthIndia.Itsellsitscementunderthebrandname
ofBirlaUttamCement43GradeandBirlaUttamCement,PortlandPozzolanaCement(PPC).Ithascementplantsanda
coalbasedpowerplantlocatedatMorakinKotadistrict(Rajasthan).Thecompanyowns15WindTurbineswithatotal
capacity of 13.65 MW generation per day. Promoted by ShriB. K. Birla, Mangalam Cement Ltd (MCL) isengaged in the
productionandsaleofbothPortlandcementandcementclinker.
Highlights:MCLsadditionalclinkercapacityof0.5MMTPAandcementcapacityof1.25MMTPAatMorak(Rajasthan)
wereundertrialruninQ4FY14andhavestartedcommercialproductionfromJune2014.Aftertheseexpansions,MCLs
clinker capacity stands at 2.3 MMTPA while the cement capacity stands at 3.25 MMTPA. We expect MCL to report a
robustvolumegrowthataCAGRof20%overFY1416Ebuoyedbythedemandsupplymismatchintheindustry.
Realizationsarelikelytoimproveowingtothedemandrecoverywiththegovernmentsemphasisoninfrastructure
developmentandplantodevelop100newcitiesandprovideproperhousingtoallcitizensby2022.
Recently,MCLhasupgradeditskilncapacity,whichwillhelpinreducingpowerconsumptionby8unitspertonneof
clinkerandcoalconsumptionby1%.Weexpectthecompanytopostsubstantialmarginexpansiononthebackofhigher
realizationandtherecentcostcuttinginitiativesundertaken.
Higherproductiononexpansionofitsclinkercapacityandthecomingonstreamofthenewgrindingunitwillensure
effective utilization of idle capacity of the power plant. MCL had to keep one of the power units idle due to the
unattractiveratesofferedbytheGovernmentofRajasthanandtheenergyexchangeforthepurchaseofitspower.
ForQ4FY14,MCLsoperatingrevenuegrew18.53%YoYtoRs.218.43croreledby12%YoYgrowthinvolumeof0.57
MMT coupled with 6% rise in price realisation at Rs.3770 per tonne. Higher price realization has augmented profit
margins. The Q4FY14 OPM stood at 13.16% as compared to 11.21% in Q4FY13. However, PAT fell by 11.34% YoY to
Rs.7.82croreonRs.13.3crorepaymentonaccountofdeferredtax.
TOWER TALK
BEST BET


A Time Communications Publication 6
Valuation:AttheCMPofRs.201.85,theMCLstocktradesat7.4xFY16EEPS,whichappearsattractive.Webelievethat
withhigherdemand,betterpricerealization,apositiveeconomicoutlookandrisingmarginswouldleadMCLtoperform
betterintheforeseeablefutureandrecommendaBuyontheMCLstockwithapricetargetofRs.300ataP/Emultiple
of11xFY16Eearningsi.e.anupsideof43%,overthenext12months.
Performance Projection: (Rs. in crore)
Particulars Q4FY14 Q4FY13 FY12 FY13 FY14 FY15E FY16E
Net Sales 218.43 184.28 630.77 706.04 697.31 864.23 1094.58
Other Income 2.54 0.70 6.63 7.10 4.63 4.95 5.45
Operating Profit 28.75 20.66 103.46 130.63 55.75 90.74 142.29
EPS (Rs.) 2.93 3.30 20.97 28.98 11.09 14.33 27.22
TechnicalOutlook:TheMangalamCementstocklooksstrongonthedailychartandhasbeenmakinghigherhighsand
higherlowsandisverystronginalltimeframes.Thestockisalsotradingaboveallimportantmovingaverageslike200
DMA&100DMAandhasformedanascendingtrianglepatterninthelongertimeframes.
StartaccumulatingatthislevelofRs.201andondipstoRs.170formediumtolongterminvestmentandpricetarget
ofRs.255inthenext6monthsandRs.300+in12months.

AliconCastalloyLtd.:Attractiveautopick
ByDevdasMogili
AliconCastalloyLtd(ACL),formerlyknownasEnkeiCastalloyLtd.isa24yearoldautoancillarycompanyincorporated
in 1990. It is the flagship company of the Alicon group a global consortium of casting companies with units in India,
AustriaandSlovakia.ItsmanufacturingfacilitiesinIndiaarelocatedatPuneinMaharashtraandJaipurinRajasthan.Mr.
ShailendrajitRaiisthemanagingdirectorofthecompany.
ThegroupoffersadvancedengineeringsolutionstosomeofthelargestautomobileOEMsindifferentmarkets.ACLis
one of the largest integrated aluminium casting manufacturing unit in India offering endtoend solutions across the
entirevaluechainanddeliveringthebestinclassaluminiumcastingsGravity,LowPressureandSandCasting.Itisalso
a pioneer user of the unique Pi system for measuring casting in India. This system enhances productivity with the
minimumutilizationofmachines,spaceandmanpower.
ACL is engaged in the business of manufacturing of automotive castings. It also manufactures cylinder heads for 2
wheelersand4wheelers.IthasobtainedtechnicalexpertisefromEnkeiJapan,whichhelpeditestablishoneofthemost
advancedmanufacturingsystemsforaluminumdiecastproductsinIndia.ACLsotherproductsincludecylinderheads
forpassengercars,cylinderheadsforfourstroke2/3wheelers,supportbrackets,intakemanifolds,EGRvalveandrack
housingandCACtanks.
Clientele:ACLscustomersareMarutiSuzukiLtd,HondaSielCarsLtd,TataMotors,BajajAutoLtd,HeroHondaMotor
Industries,HondaScooterandMotorcycleCompanyanditsglobalcustomersincludeJohnDeere,BehrGroup,GE,Knorr
Bremse,ZFGroupandGWKGroup.
Performance:Thecompanyreportedhighlyencouraging resultsforFY14.ItrecordedtotalincomeofRs.258.32crore
withnetprofitofRs.19.11crorepostinganEPSofRs.17.37forFY14.
Latest Results: The company has posted very impressive
results for Q4FY14. On total sales revenue of Rs.58.19
crore,itclockedanetprofitofRs.8.24croreregisteringan
EPSofRs.7.49asagainstRs.5.26inQ4FY13.
Financials:ACLhasanequitybaseofRs.5.50crorewitha
share book value of Rs.84.29. It has a debt:equity ratio of
0.98withRoCEof19.34%andRoNWof23.14%.
Share Profile: The companys share with a face value of
Rs.5andislistedandtradedontheNSEandtheBSEunder
the B group and touched a 52week high/low of
Rs.177.40/Rs.42.
At its current market price of Rs.143, the company has a market capitalization of Rs.157.36 crore against revenue of
Rs.258.32croreprovidingagoodmarketcap:salesratio.
STOCK ANALYSI S
FinancialHighlights:(Rsinlakh)
Particulars Q4FY14 Q4FY13 FY14 FY13
TotalIncome 5818.51 6529.66 25832.14 25760.25
TotalExpenses 12090.37 13989.35 50089.37 49588.99
OtherIncome 50.73 429.96 408.87 692.02
FinanceCosts 351.73 380.44 1112.81 1130.41
TaxExpense 215.42 75.85 607.31 502.63
NetProfit 824.15 579.10 1911.15 1687.75
Equity(FV:Rs.5) 550.00 550.00 550.00 550.00
ReExRevRes 10059.34 8857.70 10059.34 8857.70
EPS(Rs) 7.49 5.26 17.37 15.34


A Time Communications Publication 7
Dividend: The company has paid dividends as follows: FY14 50%, FY13 40%, FY12 27.50%, FY11 20%, FY10
20%.
Shareholding:Thepromotershold67.45%whilethebalance32.55%iswithnoncorporatepromoters,institutionsand
theinvestingpublic.
Prospects:Asthediecastindustryformsthebaseforvariousmanufacturing,infrastructureandengineeringprojectsa
boosttonationbuildingactivitiesautomaticallytranslatesintoafilliptogrowthofcastings.
ThereareaseriesofgrowthtriggerslinedupforFY15andbeyondtoboosttheshareofmanufacturingintheGDP.
Thenewmanufacturingpolicywhichistargetedat creatingofnewjobs,theAutomotiveMissionPlan2016,numerous
infrastructure development initiatives in the power and the other sectors in the 12
th
Five Year Plan (201217) and the
increasingmigrationofglobalOEMoperationstoIndiaaugurwellforthegrowthinthecastingsindustry.
The fortunes of the casting industry are closely tied to those of the downstream sectors and industries from where
the demand arises. As ACLs is a leader in the casting industry both in terms of size and quality of output, it stands to
gainfromanytailwindsthatsurface.
Today, India is one of the worlds fastest growing passenger car markets and the second largest producer of 2
wheelers. It is also the worlds largest motorcycle manufacturer and the fifth largest commercial vehicle producer but
with the second largest market for commercial vehicles and attractive destination for manufacturing special utility
vehicles(SUVs)duetolowerproductioncosts.
AccordingtoanICRAreport,volumesofutilityvehiclesincreased52%,2wheelerswereup2.9%while3wheelers
(passenger)segmentgrew8.5%onthebackoffreshpermits.
The demand for automobiles and autoparts depends on economic growth and the purchasing power and India is
perceived to be not only a large market for
automobiles and components but also a fast
growing manufacturing hub which augurs well
for the casting industry in general and Alicon
Castalloyinparticular.
Conclusion: Alicon Castalloy is a single source
supplier of many critical engine parts including
cylinder heads for some of Indias largest OEMs
of 2/4wheelers. It also caters to the nonauto
sector like Agriculture, Aeronautical Marine,
Locomotive, Infrastructure, Energy, Defence and
the Medical/Healthcare industries. Over the last
fouryears,itsturnoverhasmorethandoubledin
boththedomesticandtheoverseasmarkets.
At its current market price of Rs.143.05, the
ACL share discounts less than 10 times its FY14
EPSofRs.17.37againsttheindustryaverageP/E
multiple of around 8.2. In view of its impressive
performance, good product range, prestigious
clientele, good payouts, attractive market
cap:sales ratio and bright future prospects, the
ACL share is attractively priced at the current
level and may be added to ones portfolio for
stronggainsinthemediumtolongterm.

Globaltensionshitthesentiment
ByDevendraA.Singh
The BSE Sensex (30share index) settled at 25,228.17 declining 168.29 points while the CNX Nifty fell 41.30 points to
closeat7,542.10fortheweekendedFriday,13June2014.
MARKET REVI EW


A Time Communications Publication 8
ThemoodofmarketparticipantsspoiledlastweekascrudeoilpricesskyrocketedonFridayonthebackofthecrisis
in Iraq. Brent crude price was hovering at US $113/bbl and key indices tumbled in 2 out of the 5 trading sessions last
week.
TheFederationofIndianExportOrganisations(FIEO)PresidentRafeeqAhmedsaid,Indiasexportsareexpectedto
touchUS$350360billioninthecurrentfiscalyearfrom$312.35billioninFY1314,$300.4billioninFY1213and$307
billioninFY1112.Butthegovernmenthastotakeseveralstepstoboostexportsfurther.
Afterfiveyears,ourexportmayreach$750billion.However, thereisanurgentneedtoimproveinfrastructureand
resolveissuesrelatedtorevenue,headded.
TheMinistryofCommerceandIndustryisexpectedtoannouncethenew5yearforeigntradepolicy(200914)after
theUnionBudgetasitseekstoboostmanufacturingandexports.
Meanwhile,data releasedfromtheDepartmentofIndustrialPolicyandPromotion(DIPP)showsthatforeigndirect
investment(FDI)intheservicessectorfellabout54%yoyto$2.22billionlastfiscalyear.Theservicessectoraccounts
forover60%toIndiasgrossdomesticproduct(GDP).
FDIhasalsodeclinedinConstruction,HotelsandTourism.
ForeigninvestmentsareconsideredcrucialforIndia,whichneedsabout$1trillioninthe5yearPlanperiodending
March2017tooverhaulinfrastructuresuchasports,airportsandhighwaystoboostgrowth.
Overallforeigninflowsgrew8%to$24.29billioninFY14asagainst$22.42billioninFY13.
Toattractfurtherforeigninflows,thegovernmentplanstorelaxtheFDIpolicyinsectorssuchasDefence,Railways
andConstruction.TheDIPPhasalreadycirculatedadraftcabinetnotetoraisetheFDIcapinDefenceto100%.
WorldBankEconomicreportonChinastated,Chinaseconomywillgrowat7.6%thisfiscalyearanotchlowerthan
lastyears7.7%andthetrendislikelytocontinuenextyearaswellat7.5%in2015.
Chinas growth will moderate over the medium term as the economy continues to rebalance gradually, the report
said. It further stated that the slowdown in the first quarter reflected a combination of dissipating effects of earlier
measurestosupportgrowth,aweakexternalenvironmentandtightercreditespeciallyforrealestate.
The economic activity including industrial production has shown signs of a pickup in recent weeks. The recent
acceleration,whichislikelytocontinueintothenexttwoquarters,reflectsrobustconsumption,arecoveryofexternal
demand and new growth supporting measures including infrastructure investments and tax incentives for small and
mediumsizedenterprises,theWorldBankadded.
Chorching Goh, lead economist for China stated, the rebalancing will be uneven reflecting tensions between
structuraltrendsandneartermdemandmanagementmeasures.
Chinese President Xi Jinping said last month, China is still in asignificant period of strategic opportunity. We must
boostourconfidence,adapttothenewnormalconditionbasedonthecharacteristicsofChinaseconomicgrowthinthe
currentphaseandstaycoolminded.
On the Euro zone front, the Euro group retail sales broadly remained unchanged from May 2014 according to the
latestPMIdatafromMarkit.TheEurozoneRetailPMIregisteredat49.9inMay2014comparedtoAprils3yearhighof
51.2.
Phil Smith, Economist at Markit said that, renewed weakness in Italys retail sector acted to offset higher sales in
bothGermanyandtoalesserextentinFrance.Italywasalsotheonlynationwherethesurveyshoweddeteriorationin
business sentiment in the month. The weight of weak consumer spending in Italy and to some degree in France is
provinghardforGermanytocarryonwithanykindofmomentum.ThedatathusfarpointstoamarginalgaininEuro
groupconsumerspendinginQ2.
On the monsoon front, the monsoon rains, which make up around 70% of Indias annual rainfall, are crucial to the
nations agriculture sector and the broader economy. More than 60% of the countrys farmland is rain fed. The timing,
distributionand quantityof rainfall are all important for crops. The fourmonth southwest monsoon season that starts
fromJuneaccountsforalmost70%oftotalannualmoisturethatIndiansoilreceivesinayear.
This year could be a below normal monsoon as there is a 60% possibility of the emergence of the El Nino weather
phenomenon.ElNinolastaffectedIndiasmonsoonin2009whenthemonsoonrainfallwas23%belownormal.
Key indices moved higher on Monday, 9 June 2014, on consolidated buying by foreign funds. The Sensex gained
183.75 points (+0.72%) to close at 25,580.21 after hitting a new high of 25,644.77. The Nifty was up 71.20 points
(+0.94%)tocloseat7,654.60.


A Time Communications Publication 9
KeyindiceswereatadhigheronTuesday,10June2014,onlocalcues.TheSensexedgedup3.48points(+0.01%)to
closeat25,583.69.TheNiftywasup1.80points(+0.02%)tocloseat7,656.40.
KeyindicesfellonWednesday,11June2014,oncorrectivesellingbyforeignfunds.TheSensexlost109.80points(
0.43%)tocloseat25,473.89.TheNiftywasdown29.55points(0.39%)tocloseat7,626.85.
Key indices rebounded on Thursday, 12 June 2014, on positive global cues. The Sensex climbed 102.32 points
(+0.40%)tocloseat25,576.21.TheNiftywasup23.05points(+0.30%)tocloseat7,649.90.
MarketperformancesettledonaweakernoteonthelasttradingsessiononFriday,13June2014,ontheIraqturmoil.
The Sensex shed 348.04 points (1.36%) to close at 25,228.17. The Nifty was down 107.80 points (1.41%) to close at
7,542.10.
Thus,theSensextumbled168.29pointstocloseat25,228.17lastweek.
InvestorsnowawaittheUnionBudget201415tobepresentedinJuly2014.
Market participants will closely look at the countrys monsoon rain that will crucially decide the economic and
marketscenarioaheadinfuture.
The Indian companies will further reveal their Q4FY1314 corporate earnings. Investors will closely watch the
corporateearningsresults.
Onglobalfront,marketparticipantswillcloselyfocusonthecrudeoilbehaviourreactingtotheMiddleEastcrisis.If
crudeoilpricesfurtherboilandthecrisisdeepen,thentheglobalfinancialmarketswillwitnessbearishmovements.
The US Federal Open Market Committee (FOMC) is scheduled for the next monetary policy review on 17 & 18 June
2014.

GURU SPEAK - By G. S. Roongt a

Bullruncorrects
ByG.S.Roongta
Asforecastinthelastissue,thestockmarketmadeanewhighatBSESensex25725onThursday,12June2014.
TheSensex,whichhadsettledat25396.45inthepreviousweekonFriday,6June2014,aftergaining1180pointson
aweektoweekbasiscontinuedinthehigherclosingmodemakingnewtops.Thus,theweekunderreviewi.e.913June
2014witnessedanotherlifetimehighinkeepingwithmyforecastthatthemarketswillmakenewtopstilltheBudget.
However,themomentuminthemarketlookedweakgivinganimpressionthatthebullsweretired.
Theslidingmomentumdespitethetwowayvolatility,albeitin alimitedrange,wasaclearsignoffatigue.Individual
stocks making new highs compared to the previous week were also range bound. The Sensex rose one day but fell the
nextdayappearingenervated.Thisisquiteevidentfromthegiventable.
Date High Low Close Gain/Loss
09-06-14 25645 25497 25580 +184
10-06-14 25711 25347 25583 +3
11-06-14 25725 25400 25474 -109
12-06-14 25611 25409 25576 +102
13-06-14 25688 25171 25228 -348
ThustheclosingontheSensexwasloweronFriday,13June2014,comparedtoMonday,9June2014.Thusthevolatility
in the BSE Sensex and the CNX Nifty has come down presenting a grim outlook for a few days or weeks ahead. The
Sensexhighof25645onMonday,9June;25711onTuesday,10Juneand25725onWednesday,11Junewaslessthana
100point rise over the next three days. The closing, too, was lower by 100 points over the next four days signalling
weakness&fatigue.Similarly,thelowswerelowerby77pointsfrom911June2014,whichisacauseforconcernasit
indicatesthatsomemorecorrectionsarelikelyinthedaysaheadinsharpcontrasttothe1180pointriseintheprevious
week.
The rally in Midcap and Small cap stocks, however, continued unabated. The valuations of such stocks are still
suppressed as they appear underpriced. The market picks up 2030 fresh stocks every day based on the high
expectationsoftheModigovernmenttakingnewinitiativestorevivetheeconomyfast.
1) AmtekAutohitanewhighatRs.272againsta52weeklowofRs.58appreciating369%.
2) AIAEngineeringhitahighatRs.810againstits52weeklowofRs.283androse186%.
3) AstraPolytechnikhitRs.698againsta52weeklowofRs.195appreciating258%.


A Time Communications Publication 10
4) BEMLhitRs.786fromits52weeklowofRs.126thusyieldingmindbogglinggainsof523%.
5) EleconEngineeringhitahighofRs.69fromthelowofRs.18.60gainingover271%.
6) GatihitahighofRs.125againstits52weeklowofRs.23gaining443%.
7) HindSyntex(DarkHorse)hitahighofRs.14asagainstits52weeklowofRs.3.50gaining300%.
8) JBMAutohitahighofRs.230againstits52weeklowofRs.39gaining490%.
9) J.K. Lakshmi Cement hit a high of Rs.235 against its 52week low of Rs.50 gaining over 370% highest rise among
cementstocks.
10) KECInternationalhitahighofRs.130againstits52weeklowofRs.30gaining333%.
11) SuzlonEnergyhitahighofRs.34againstits52weeklowofRs.5.50gainingnearly516%.
These are but a few drops from the ocean of stocks brought to the knowledge of investors in general and readers of
MoneyTimesinparticular.AllthesestockswererecommendedinMoneyTimesbyoneortheotheranalystonitspanel.
The rise is thus spread in over 200 to 300 Mid & Small Cap stocks, if surveyed in detail. Since last six months, I have
repeatedlyemphasizedonthegreatvaluethatmidcap&smallcapstocksoffertoinvestorswhotakeaseriousviewof
ourastuteadviceandreaphandsomegains.
On 1 April 2014, Money Times launched a new product Panchratna, which garnered hundreds of subscribers
ranging from quarterly, halfyearly to annual subscriptions. All the five stocks featured in Panchratna have given
handsomeprofitsrangingbetween33%and91%injusttwoandahalfmonthsasperdetailsgivenbelow:
Performance Review of Panchratna
Scrip Name Recom.
Price (Rs.)
High
(Rs.)
Date of
High (Rs.)
CMP (Rs.)
13-06-14
%
Gain
CheslindTextiles 4.98 9.45 12-06-14 8.70 89.76
Katare Spinning Mills 19.50 26.00 07-05-14 19.60 33.33
Trident Ltd. 18.80 27.30 09-06-14 22.25 45.21
Elecon Engineering 36.75 69.00 02-06-14 62.75 87.76
Essar Ports 50.90 97.25 10-06-14 83.70 91.06
Thisriseisinjusttwoandahalfmonths.Imaginewhattheannualrisemightbe.Itsjustmindboggling.Thefirstthree
stocks: Cheslind Textiles, Katare Spinning Mills and Trident are from the Textile sector, which is suffering because of
governmentpolicies.Andtherewasneitherliquiditynorprice discoveryastherearenosellersofthesestocks.Despite
that, they rose 33% to 91%. Each of the three Textile stocks was proved their worth rising handsomely in just two
months,nothingshortofmindboggling.
Investorsshould,therefore,bookprofitin30%to40%ofthequantityandholdthebalanceforthelongterm.
ThenextissueofPanchratnawillbereleasedonTuesday,1July2014,whereineffortswillbemadetocoverstocks
forbetterreturnskeepinginmindtheUnionBudgetanditsimpactonthestockmarket.
Since FM, Arun Jaitely, is expected to announce some major relief next month, the market is expected to remain
bullish.The reforms going ahead are expected to be industry friendly and push for growth by removing bottlenecks in
availabilityofrawmaterialsatreasonablepricesortomakeimportscheap.Infrastructuraldevelopmentwillalsobring
downinputcosts.
Importantpointstonoteare:
1) Macro & micro economy of the country has already started improving with CAD and the Rupee is stronger at
Rs.59.30/USDasagainstRs.69inAugust/September2013therebygainingnearly15%.
2) Exports have started rising benefitting industry to cut down inventory and reduce the interest cost of holding
relativelylowerstocksfollowedbyimprovedcashflows.
3) FIIs inflows is rising to hit over Rs.55,000 crore by midJune 2014. This will keep the stock market and the Rupee
comfortable.
Indiaseconomyhasbottomedout andevenminorimprovementswillraiseproductivityashigherdemandisboundto
usherbettergrowth,lowerinflationandattracthigherinvestmentsgoingforward.
Themarketwillrenewthebullrunafterthisintermediatecorrection.
ByAmitKumarGupta
STOCK WATCH


A Time Communications Publication 11
DishmanPharmaceuticals&ChemicalsLtd.
(Code:532526)
(CMP:Rs.110,TGT:Rs.160+)
Dishman Pharmaceuticals and Chemicals Ltd. (DPCL) manufacture active pharmaceutical ingredients (APIs)
intermediates. The company operates in two segments: contract research and manufacturing services (CRAMS), bulk
drugs, intermediates, quats and speciality chemicals. It provides a range of products to the global market including a
range of reagents, speciality chemicals, APIs and their intermediates. It operates three business units: Dishman
Speciailty Chemicals, which manufactures Phase Transfer Catalysts; Dishman Vitamins and Chemicals, which
manufacturesVitaminD2,VitaminD3,VitaminDanalogues,cholesterolandlaolinrelatedproductsforpharmaceutical,
cosmeticandrelatedmarkets;DishmanDisinfectants,whichmanufacturesantisepticanddisinfectantformulations.The
productsmanufacturedbythecompanyincludebulkdrugs,phasetransfercatalystandfinechemicals.
Its Q4FY14 revenue grew 18% YoY to Rs.410 crore, which was above market estimates. Carbogen witnessed 37%
YoY growth compared with analysts estimate of 20%; marketable molecules (MM) declined 15% YoY, in line with
estimates.
DPCLstwonewfacilities,Unit13(VitaminD3)andUnit9(Oncologyunit)builtatacapexofaboutRs.200crore,will
startcontributingmateriallyinthecomingquarters,whichbodeswellforthenonCarbogenAmcisCRAMSsegment.
Carbogen Amcis revenues were Rs.163 crore (much higher than Rs.131 crore in Q3FY14), with strong EBITDA
marginof13.5%impactedbyalikelyshiftintheproductmixtowardshighermargincontractresearchservices.
ThemanagementindicatedthatCarbogenclockedUS$100millioninFY14(with~19%margins)andhasguidedfor
US$102millionrevenuewith18%OPMinFY15.Itisverypositiveonthemarginoutlookaidedbyincreasingcapacity
utilizationgiventheorders(CHF96millionorders)onhand.
DPCLhasindicatedthat Unit9(oncologyunit)capacityisentirelysoldoutandtherevenueimpactestimatedatUS
$9 million will be visible in FY15 as the projects scale up. Currently, Dishman has four active projects including one
internalproject.
DishmanNetherlandshasrestartedaftershutdownforrenovationinQ2.Revenueswereup25%YoYand21%QoQ
at Rs.64.3 crore while EBITDA improved 30% QoQ and 24% YoY led by margins of 9.7%. With Vitamin D a price
strengthening consistently, the management is optimistic on the outlook on the Vitamin D3 business and expects
marginstobouncebackto1315%byFY15.
ThecompanybelievesthattheIndiaCRAMSbusinesswillbegintoscaleupfromFY15withthelikelycommencement
oftheAstraZenecacontractofUS$57million.
Although DPCLs effort to divest its Chinese facility has not been successful, the management has decided to utilize
the facility for making some intermediates. For FY15, it expects cash breakeven as against cumulative loss of ~Rs290
croreinFY14.
Valuations:DPCLs performance in the past few quarters and commentary indicates that the company is on the
recovery path as a significant proportion of its unproductive assets have begun to contribute. While the companys
patchyexecutiontrackrecordhasbeenaconcern,wetakecomfortfromemergingsignsofarecoveryinCarbogenand
DishmansabilitytosecuremultiplelargeticketdealswithmajorslikeAbbott,Astellas,Celegene,AstraZeneca,DSMand
J&J in the recent past. Given its significant operating leverage, a pickup in revenue growth can deliver significant
earningupsides.WerecommendtoBuythestockwithapricetargetofRs.168(10xFY15E).
Technical Outlook:The Dishman Pharma stock is very strong on daily chart and has been making higher highs and
higherlows.Itisverystronginalltimeframesandistradingaboveallimportantmovingaverageslike200DMA&100
DMA.
StartaccumulatingatthislevelofRs.110andondipstoRs.85formediumtolongterminvestmentandpricetargetof
Rs.160+inthenext6months.
********
JaypeeInfratechLtd.
(Code:533207)
(CMP:Rs.31,TGT:Rs.45+)


A Time Communications Publication 12
JaypeeInfratechLtd.(JIL)isaninfrastructuredevelopmentcompanyengagedinimplementingtheYamunaExpressway
Project and related real estate development. The Yamuna Expressway is a 165kilometre accesscontrolled 6lane
concretepavementexpresswayalongtheYamunaRiverfromNoidatoAgrawiththepotentialtobewidenedtoaneight
lane expressway entirely in the State of Uttar Pradesh. The company has also been provided the right to develop 25
million sq. mtrs. of land for commercial, amusement, industrial, institutional and residential purposes across five
different locations along the Yamuna Expessway one in Noida, two locations in District Gautam Budh Nagar (part of
NCR)andonelocationineachofDistrictAligarhandDistrictAgra,UttarPradesh.
LowestquarterlyPAT:JILsQ4FY14PATwasitslowestinfouryearsledbyweakrevenuebookingdown20%YoYto
Rs.770 crore against the estimate of Rs.1030 crore and margin shrinkage of 11pp YoY (and 2.6pp QoQ) to 33.5%.
EBITDAdeclined40%YoY(and28%QoQ)toRs.260croreagainstestimatedRs.400crore.PATwasRs.13.2crore,much
belowRs.100croreinQ3FY14impactedbythehighertax.
Revenue mix:Expressway revenue was stable QoQ at Rs.38 crore, bulk land sales expand revenue was Rs.350 crore,
while Percentage of Completion Method (POCM) revenue was Rs.370 crore as against Rs.56 crore in Q3FY14.
Deterioratingpresaleshaveaffectedrevenueandoperatingleverage.
Operational weakness prevails:Presales were 1.2msf (Rs.180 crore), further down from 0.64msf (Rs.240 crore) in
Q3FY14.TheAgraparcelwasakeydriver,withmarginalcontributionfromSportsCity(Mirzapur).FY14presaleswere
Rs.1010croreagainstRs.3270croreinFY13.
Weak collections:Customer collections weakened to Rs.410 crore in Q4FY14 from Rs.510 crore in Q3FY14. FY14
collectionsweredown40%toRs.2180crore.
In FY14, it collected ~Rs.1000 crore as against Rs.1500 crore of bulkland sales concluded in Q1FY14. Overall net debt
declinedRs.450croreYoYtoRs.7600crore.
Valuation:Wereduce theEPSestimatesforFY15andFY16by1520%tofactorinlowermarginsandhighertaxrate.
WhileJILsmarketmixoffersgradualvalueaccretionpotentialoverthelongerterm,therecentmonetizationhasbeen
inconsistent due to higher dependence on investor demand in newer land parcels. With the uptick in sentiment, we
believeitwouldwitnesssteadyimprovementindemandaftertherecenttorpidity.
Oursumoftheparts(SOTP)basedpricetargetisRs.45/share(partiallyvaluingAgraandParcel2).Thestocktradesat
0.7x FY16E BV and 9.4x FY16E EPS and
maintainaBuyonit.
Technical Outlook:The Jaypee
Infratechstock is very strong on the daily
chart and has been making higher highs and
higherlows.Itisverystronginalltimeframes
andisalsotradingaboveallimportantmoving
averageslike200DMA&100DMA.
Start accumulating at this level of Rs.31 and
on dips to Rs.28 for a mediumtolongterm
investment and price target of Rs.45+ in the
next6months.

ByKukku
InvestmentCall
* Banco Products (Code: 500039) (Rs.94.75) is a supplier of high quality engine cooling components and engine
sealing gaskets to the automotive industry for over five decades. The company offers a complete line of radiators,
intercoolers,oilcoolersandalltypesofenginegasketsthataredesignedtomeetorevenexceedtheoriginalequipment
(OE)engineeringspecifications.
Incorporated on 16 March 1961, Banco produces gaskets and radiators that have applications in automobiles, oil
engines, compressors and locomotives. The company has four modern manufacturing plants based at Baroda
(Vadodara)andMumbaiwithstateoftheartfacilitiesforProduction,Design&DevelopmentandQualityAssurance.
ForQ4FY14,Bancoreported15%riseintotalincomefromoperationsatRs.281.68crore.Operatingmarginsimproved
by370bpsto12%.Operatingprofitroseby65%toRs.33.7croreonaYoYbasis.
FI FTY:FI FTY
Better than stocks!
3500 sq. ft. carpet prime space in Bandra West, Mumbai
For sale, a 29-year old investment company holding 3500 sq. ft.
carpet area across two floors in superstructure with lift and terrace
available for residential or commercial use. Brand new construction.
Situated off Turner Road near Linking Road & S.V. Road junction, it
is 2 minutes walk from the station and 5 minutes drive from Western
Express Highway or Bandra-Worli Sea Link.
Interested parties please call 9820708361. Brokers excuse.


A Time Communications Publication 13
PBIDT jumped 52% to Rs.33.7 crore. Thus, PBT increased by 59% to Rs.17.99 crore. Net Profit rose by 47% to Rs.9.35
croreduetohighertax.
ForFY14,itreported13%riseintotalincomefromoperationsatRs.1161.77croreasagainstRs.1024croreinFY13ona
consolidatedbasis.
Rawmaterialcostas%ofsalesnetofstockadjustmentsdeclined270bpsto51%becauseofwhichoperatingmargins
improvedby260bpsto14.2%.Operatingprofitrose38%toRs.164.8croreonaYoYbasis.
PBIDT climbed 36% to Rs.173.4 crore. Interest cost rose 17% to Rs.19.34 crore. Depreciation amount rose 12% to
Rs.32.37crore.Thus,PBTjumped47%toRs.121.69croreandnetprofit,too,shotup47%toRs.89.81crore.
Banco Products has announced that the company and its subsidiaries (Lake Minerals Mauritius and Nederlandse
RadiateurenFabriekB.V)havedecidedtoselltheirtotalholdingsinLakeCements,aprojecttomanufacturecementin
Tanzania,forUS$17.7million,whichamountsto52%premiumovertheoriginalinvestment.
Withthissaleofitsstakeinthecementunit,theBancostockmaygetreratedasdebtsgetrepaidwhereasNederlandse
RadiateurenFabriekhasstartedcontributingtoprofits.
ThecompanyhasadecenttrackrecordofstrongROCE&RONWalongwithgooddistributionofdividend.
Investorsmaykeepwatchonthisstockforlongterminvestment.
MarketGuidance
*EsselPropack(Code:500135)(Rs.96.55):AspertheconferencecallafteritsQ4FY14results,thecompanyexpects
thegrowthmomentumtoremainstrong.
The company hopes to increase the ROCE and ROE from 16% and 15% respectively to about 20% each over the next
coupleofyears.
Also,itexpectsstrongdoubledigitgrowthinsalesandoperatingmargintoimprovetoaround18%inFY15andlaterto
around20%,whichisthestandardmarginglobally.Investorsmaycontinuetoholdthisstockforhighertargets.
* Although NMDC (Code: 526371) (Rs.176) is producing around 22% of the country's iron ore, the management
targetstotouch50%ofthecountry'sironoreproductioninfuture,whichisaverypositivestatement.
For FY14, the overall topline rose 21% to Rs.3884.49 crore. Operating margins improved by 900 bps and operating
profits climbed 41% to Rs.2469.71 crore. As a result, PBT climbed 31% to Rs.2952.30 crore. The company had an
extraordinary (EO) income of Rs.45.48 crore. PBT after EO rose 34% to Rs.2997.78 crore. Net profit, too, rose 34% to
Rs.1962.14crore.
BookvalueoftheshareisRs.76anditpaidRs.8.5pershareasdividend.
Investors can continue to hold this cash rich PSU stock, which has not yet fully participated in the rally compared to
otherPSUstocks.
*GodrejProperties(Code:533150)(Rs.241)isanothergoodstock.AlthoughithasmovedupfromalowofRs.156to
thecurrentlevel,longterminvestorsarelikelytogetdecentlongtermgrowth.
*IDFC(Code:532659)(Rs.128):AlthoughtheremaybeshorttermpainsbutlongterminvestorscanSIPthisstockon
dips.
*FOSECOLtd(Code:500150)(Rs.651.45)isaRs.10paidupstockwithasharebookvalueofRs.139withdividendof
245%. With the upturn in the auto sector & general engineering sector, it should do well. It has a very strong balance
sheet.Investorscankeepawatchtoaddthisstockondipsasagoodcoreportfoliochoice.
*KCPLtd(Code:590066)(Rs.50.75),whichwasrecommendedinthiscolumnafewweeksback,willbenefitfromthe
recentincreaseincementprices.Itwillalsobenefitfromthestrongrevivalinengineeringandinfrastructureprojectsas
ithasagiantengineeringunitwithacaptivefoundry.Investorscansafelyholdthisstockforthenextfewyears.
*Note:Manyprojectshadbeenheldupforthelastthreeyears.Withtherevivalofthesestalledprojects,therewillbea
huge pickup in demand and industry is very likely to revive soon and the feel good factor will return to the
industrialists,entrepreneursandconsumerstoo.
Investors, therefore, need to stay invested in quality stocks instead of trading or switching stocks every now and then.
Thegrowthintheeconomywillbenefiteverysegment.
From our recommended stocks, many have given multifold growth over the last few years and their 52week high is
ruling at VST Tillers: Rs.1875, Deepak Nitrite: Rs.975, TVS Shrichakra: Rs.641, Balkrishna Industries: Rs.713,


A Time Communications Publication 14
Monsanto: Rs.2246, Somany Ceramics: Rs.294, Ashiana Housing: Rs.135, Relaxo: Rs.415, Supreme Industries:
Rs.578,SuprajitEngineering:Rs.105,PTCIndiaFinance:Rs.35.95.

By Vihari
J indal Poly Films: For sizeable gains
Incorporated in 1974, Jindal Poly Films Ltd (JPFL) (Code: 500227) (Rs.246.85) is a part of Rs.6000 crore B.C. Jindal
groupa58yearoldindustrialgroupofferingawiderangeofproducts.Thegrouphaspromotedanumberofcompanies
involved in diverse activities like manufacturing Polyester film, Polypropylene film, Steel pipes and Photographic
products.
JPFListhelargestmanufacturerofBOPETandBOPPfilmsinIndia.In2005,thecompanymadeanIPOof83,33,325
equitysharesofRs.10eachatapremiumofRs.350pershareamountingtoRs.292crorebywayof100%bookbuilding.
Its manufacturing capacities include PET:1,27,000 TPA; BOPP Film: 2,14,000 TPA; Metallizer:63,360 TPA; Polyester
chips:1,76,400TPAandCoatingfilms:3,600TPA.JPFLhas12including5overseassubsidiariesandfiveassociateJVs.
JPFLenteredthepowersectorinNovember2010withaninvestmentofRs.660croreintheequityofgroupcompany
JindalIndiaPowertech(JIPL),whichistheholdingcompanyofJindalIndiaThermalPowerLtd(JITPL)aspecialpurpose
vehicle(SPV)forthegroup'spoweractivity.ThisentireinvestmentwasatparvalueofRs.10pershare.JindalPolyfilms
currentlyholds48.7%inJIPL.
JIPTL is currently working on an 1800 MW (3x600) thermal power project in Odisha at an investment of Rs.9000
crore financed by a debt:equity ratio of 80:20. Angul I is a pithead thermal power project located at village Derang in
districtAngulinOdisha.
The three units of 600 MW each will be developed in phases. It has already obtained all the required approvals
includingland,water,coal,environmentalclearancesandhasachievedfinancialclosure.One600MWunitcommenced
power generation on coal on 31 March 2014. The second unit of600 MW is in an advanced stage of completion and is
likelytocommissionedbyendJuly2014.
ItsRaigarhprojectatvillageLohakhanindistrictRaigarhofChhattisgarhhasaplannedgenerationcapacityof1320
MW consisting of two units of 660 MW each. The company has entered into a Memorandum of Understanding (MoU)
and subsequently an Implementation Agreement with the Government of Chhattisgarh for this project and has applied
foracquisitionof1,045acresofland.
On1October2013,JPFLacquiredtheglobalBOPPfilmbusinessofExxonMobilChemicalCompany(USA)throughan
overseassubsidiaryforaboutUS$235million,whichissubjecttocustomarypriceadjustments.Thetransactioncovers
acquisitionoffiveBOPPproductionlocationsinUSAandEurope.ThemanufacturingsitesareinGeorgiaandOklahoma
in USA and in Italy, Netherlands and Belgium in Europe and include a technology center and sales office in Rochester,
New York and an office in Luxembourg. Approximately 1450 people work in these locations and this acquisition will
make JPFL one of the leading manufacturers of flexible packaging films globally with a combined capacity of about
4,45,000TPAofBOPPfilms.
Earlier in 201112, JPFL acquired Rexor SA of France through its subsidiary, Jindal France SAS. Founded in 1954,
Rexor SA has emerged as a major European player in flexible & luxury packaging films for special applications. This
European leader of tear strips and film wrap has a capacity of 4000 TPA with revenue of about 20 million. ISO:9002
certified since 1996, Rexor SA has improved upon the quality ofits products and services by way of highperformance
environmentallyfriendly manufacturing equipment and mastery over the complex polyester/BOPP film coating
technologiesandexpertiseinmetallisation,demetallisationandcuttingofsuchfilms.
The Indian market for BOPP Films is underdeveloped due to popularity of low quality, cheap alternative Tubular
Quenched Polypropylene Film (TQPP), which is being replaced by BOPP. Growing preference for premium and
sophisticatedpackaging,however,isdrivingthegrowthofBOPPinIndia.
Besidesflexiblepackaging,metallisedBOPETfilmsareusedformetallicyarn.MetallisedBOPPiswidelyusedforgift
wrapping. In the last few years, metallised polyester film has found application in sequins for the textile industry for
sarees and dress material for womens wear. However, the largest application of metalized BOPET and BOPP films
continuestobeintheflexiblepackagingsegment.
ForQ4FY14,JPFLsstandalonenetprofitzoomed168%toRs.51.8croreon20%highersalesofRs.675croreandthe
standaloneEPSwasRs.12.3.
EXPERT EYE


A Time Communications Publication 15
For FY14, consolidated net profit skyrocketed over 1200% to Rs.78.1 crore on 132% higher sales of Rs.5132 crore
after the acquisition of the film biz of ExxonMobil. The FY14 consolidated EPS works out to Rs.18.6 and a dividend of
10%hasbeendeclared.
JPFLs equity capital is Rs.42 crore and with reserves of Rs.1633 crore, the book value of its share works out to
Rs.399. The value of its gross block is a whopping Rs.3764 crore with addition of capex Rs.1600 crore in FY14. Its
unquoted equity investments in subsidiaries and associates amount to Rs.637 crore. Despite heavy borrowings for
acquisitions,theDERis0.82:1(0.43:1).Thevalueofthecurrent/otherinvestments,cashonhandetcareworthRs.389
croreintheconsolidatedbook.
ThetotalmarketsizeofthepackagingindustryinIndiaisabout$66.5billionofwhichflexiblepackagingconstitutes
22% or $1.32 billion (Rs.7,780 crore). This is expected to grow at a 15% p.a. on account of the rising demand for thin
films. JPFL has strong record of consistent dividends and bonus shares and had issued 1:1 bonus shares in 1996 and
2010.
Considering its integrated manufacturing facilities, major acquisitions, broadbased product portfolio, synergies in
operations, cost optimization, manufacturing and distribution presence in key regional markets, strong customer
relationships, focus on high growth segments, rising proportion of speciality product revenues, strong global delivery
capabilities with a presence in the fastest growing markets backed by strong global and domestic demand give strong
visibilitytoJPFLsrevenue&profitabilitygrowthgoingforward.
Basedonthecurrentgoing,JPFLisexpectedtonotchaconsolidatedEPSofRs.4550inFY15.Atthecurrentmarket
priceofRs.246.85,thesharetradesataP/Emultipleof5.55onFY15estimatedearnings.AconservativeP/Eofjust10
willtakeitssharepricetoRs.450500inthemediumtolongterm.
*******
Shivalik Bimetal: Low priced bargain
Shivalik Bimetal Controls Ltd. (SBCL) (Code: 513097) (Rs.14.74) (FV: Rs.2) has come out with excellent results in
Q4FY14.
Incorporated in 1984, SBCL is specialized in the joining of metals through Diffusion Bonding/Cladding, Electron
Beam Welding, Solder Reflow and Resistance Welding. The products include Thermostatic Bimetal, Clad Metal, Spring
Rolled Stainless Steels and Electron Beam Welded materials with Multigauge and Multimaterials strips and
Thermostatic Edgewelded strip for a broad spectrum of industries. It also offers precision manufactured components
specifictoanapplication.SBCLhasISO:14001&18001certificationsandexportsconstitute40%ofsales.
SBCL has a plant at Chambaghat in Solan district of Himachal Pradesh to manufacture thermostatic bimetal strips.
This was the first plant in Asia outside Japan to undertake the manufacture of such a sophisticated item. It had a
technical collaboration with Polymetallurgical Corporation of USA for a period of five years, which has now ended. It
acquired technical knowhow for production of Edge Welded Trimetals and in 19992000 updated the
manufacturing/engineeringtechnicalknowhowforproductionofBimetalStrips.
SBCLisoneoftheveryfewcompaniesintheworldthathastheabilitytoproduceHotAtomicDiffusionBondingand
ElectronBeamWeldingofdifferentmaterialsandcomponentsthereofunderoneroof.Theproductsfindapplicationsin
Industrial,Automotive,Aviation,Electronics,Defence,MedicalandDomesticAppliances.
Over the years, SBCL has been exploring
various expansion and diversification plans
and the possibility of joining hands with
companies in the related field and with
global presence. Accordingly, it ventured
intojointventuresandassociatesasunder:
In 2005,it formed a 50:50 JointVenture,
Checon Shivalik Contact Solutions Pvt. Ltd
(CSCS), with Checon Corporation of
Massachusetts of USA to manufacture
Electrical Silver Contacts, which are
produced by the bonding of silver alloys
with base metals like brass and copper.
SBCL invested Rs.1.2 crore towards its
equity capital and its worldclass
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A Time Communications Publication 16
manufacturingfacilityisbasedinSolaninHimachalPradesh.
ThisJVcombinestheexpertiseofShivalikBimetalControlswiththatofCheconCorporationtoproducehighquality
SilverandSilverAlloybasedelectricalcontactmaterialsand assemblies(usingworldclass equipmentandprofessional
manpowerbackedbydecadesofmanufacturingexperience).
In 2008, a JV Company named Innovative Clad Solutions Pvt. Ltd. (ICS) was incorporated with the shares held by
SBCLandAperam,whichisthemajorityshareholder.
Both the companies have combined their expertise, experience, marketing network and technical knowledge for
manufacturing Industrial Clad in the Special Economic Zone located at Pithampur near Indore in Madhya Pradesh. ICS
has established a worldclass Industrial Clad manufacturing facility and SBCL has invested Rs.15.1 crore towards its
shareoftheequitycapital.
For Q4FY14, net profit zoomed 111% to Rs.1.9 crore on 12% higher sales of Rs.22 crore Q4FY14 and the quarterly
EPSwasRe.1.ForFY14,netprofitzoomed369%toRs.4croreon3%highersalesofRs.79.7croreandtheEPSstoodat
Rs.2.1onitsRs.2paidupshare.
SBCLsequitycapitalisRs.3.8croreandwithreservesofRs.52.4crore,thebookvalueofitsshareworksoutRs.29.6.
TheDERis0.6:1;CashonhandisRs.3.7crorewhereasshorttermadvancesareRs.6.7crore.Thecompanyhasacquired
land for expansion, which will begin after clearance of the approvals. Capital workinprogress is Rs.17.4 crore. The
promoters hold 61.9% in the equity, foreign holding is 0.5% and with PCBs holding 1.7% leaves 35.9% with the
investingpublic.
SBCL continues to foray into new areas utilizing the latest technology and resources for adding new products and
expanding various product ranges. Its focus on achieving stable growth, strong execution, cash flow maximization,
higher productivity, keeping costs under control by implementing cost reduction programmes and its worldclass
quality controls continued to strengthen in FY14. SBCL is, therefore, hopeful of sustaining growth in sales and
profitabilityinthecurrentyear.
Despite the volatile economic environment, the global market offers substantial opportunities, which SBCL is fully
geared to navigate through meeting the challenges of the changing technology demand and customer expectations.
Improved consumer confidence and structural policy decisions in the developed markets provide the required
momentumtokickstarttheeconomyonthepathofrecovery.
In March 2005, SBCL subdivided its equity share of Rs.10 each into five equity shares of Rs.2 each and had also
announceda1:1bonusissue.
Basedonthecurrentgoing,SBCLislikelytoregisteranEPSofRs.3inFY15.AttheCMPofRs.14.74,thesharetrades
ataP/Emultipleof4.91.AconservativeP/Eratioofjust7.5willtakeitssharepricetoRs.22.5,whichwillfetchadecent
gainofover40%.The52weekhigh/lowofthesharehasbeenRs.16/5.

TECHNO FUNDA
ByNayanPatel
EcoplastLtd.
BSECode:526703
LastClose:Rs.41.80
Ecoplast Ltd. is engaged in manufacturing, processing and
marketing coextruded plastic films used in packaging,
industrial and consumer applications worldwide. It offers
multilayer coextruded polyethylene and copolymer films to
the packaging industry, and for other speciality applications. It
provides lamination films for various applications including
Agro Films, Cosmetics & Toiletries, Food & Beverages,
Pharmaceuticals, Speciality Applications, Medical/Surgical
Products, Cement Packing, Lube Oils, Easy Peel Seal Film,
MaskingFilmsandSurfaceProtectionFilms,CableWraps,Metalizing,PetFoodsandAutomobileProducts.
It also offers surface protection films for substrates such as stainless steel, coated metals, aluminum composite
panels, clean room, PVC/plastic, decorative laminates, carpets, marble/tiles, aluminium sections and PVC sections to
Review
Lastweek,werecommendedUltramarine&Pigments
at Rs.64.3. It zoomed to Rs.71.45 level recorded over
11% appreciation in just one week. Hope you enjoyed
theprofits.
In the issue dated 31 March 2014, we recommended
Gulshan Polyols at Rs.86. Within 2.5 months, it
zoomed to Rs.206 level and recorded over 162%
appreciation.


A Time Communications Publication 17
preventabrasionandscratchingduringmanufacturinganddamageduringdeliverycycles.Ecoplastwasincorporatedin
1981andisheadquarteredinMumbai.
IthasanequitybaseofRs.3crorethatissupportedbyreservesofaroundRs.15.20crore,whichis5timestheequity
andhasasharebookvalueofRs.65.85.Theprice:bookvalueratioisjust0.61,whichishighlyattractive.Thepromoters
hold59.01%equitystakewhiletheinvestingpublicholdsthebalance40.99%.
For Q4FY14, net profit zoomed 481.81% to Rs.0.64 crore from
Rs.0.11croreinQ4FY13.ForFY14,netprofitclimbed40.83%toRs.1.69
crore from Rs.1.20 crore in FY13 while total turnover rose to Rs.88.71
crore in FY14 from Rs.80.39 crore in FY13. It thus reported an EPS of
Rs.5.64forFY14.
Thecompanyhaspaidregulardividendsandpaid12%forFY13and
hasdeclared12%finaldividendforFY14.
Thecompanymaydeclare Rs.105 crore turnoverwithRs.2.05crore
profit for FY15. At its current market price, the Ecoplast share discounts around 6 times its FY15(E) EPS of Rs.6.83,
whichismuchcheaperthanitspeers.Thestockappearsundervaluedandislikelytoattractvaluebuyingatthislevel.
InvestorscanbuythisstockwithastoplossofRs.35onaclosingbasis.Ontheupperside,itwillzoomtoRs.55level
inthemediumtermandRs.80+overthenext9to12months.

Last5yearsperformance:(Rs.incrore)
Year NetSales NetProfit EPS(Rs.)
200910 48.61 1.31 4.36
201011 66.06 3.06 10.19
201112 60.85 1.55 5.18
201213 80.39 1.20 4.01
201314 88.71 1.69 5.64
201415(E) 105 2.05 6.83
Editorial & Business Office:
Goa Mansion (Gr. Floor), 58 Dr. S.B. Path (Goa St.), Near GPO, Fort, Mumbai 400 001. Phone: 022-2265 4805, Telefax: 022-2261 6970.
Editor & Publisher: R.N. GUPTA
CHENNAI: T.A.S. Venkatasubba Rao (Phone: 044-24917241, Mobile: 9444024664)
JAIPUR: Satram Das (Phone: 0141-2636341)
BANGALORE: V. Raghurama Reddy (Mobile: 9591763126 / 9379559166)
DELHI: P. K. Vasudevan (Mobile: 9810513247)
All rights reserved. No portion of this publication may be copied or reproduced without the written permission of the publisher. Any
infringement of this condition will be liable to prosecution.
Printed & Published by R.N. Gupta for the proprietors Time Communications (India) Ltd. and printed by him at The Urdu Press 79-A, J airaj Bhai
Lane, Mumbai 400 008. Registration No.: 63312/91, REGD. NO. MH/MR/South - 72/ 2006-08
Disclaimer: Investment recommendations made in Money Times are for information purposes only and derived from sources that are deemed to
be reliable but their accuracy and completeness are not guaranteed. Money Times or the analyst/writer does 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
solely responsible for their actions. The author, his company or his acquaintances may/may not have positions in the above mentioned scrip.


A Time Communications Publication 18

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