The Equity Research Desk provides fundamental analysis of capital market-related entities to aid wise investment decisions. The analysis also includes IPO news and updates. An Initial Public Offering allows investors to explore the opportunities in various sectors. Nirmal Bang’s IPO watch helps market participants to stay abreast of all the latest developments in this segment.

CMS Infosystem Ltd

30-Sep-22

CMS Infosystem Ltd

Monthly Report - October 2022 Series

30-Sep-22

The key contents of the report are as follows: Market Outlook Fundamental Stocks ? CMS Infosystem ? Muthoot Capital Services Technical Outlook Technical Stocks ? APOLLOTYRE ? COLPAL Derivatives Outlook Derivatives Strategies ? NIFTY ? SUNPHARMA

Fundamental Stock Picks:-Karur Vysya Bank

29-Aug-22

Fundamental Stock Picks:-Karur Vysya Bank

Fundamental Stock Picks:- Automotive Axles

29-Aug-22

Fundamental Stock Picks:- Automotive Axles

Monthly Report - September 2022 Series

29-Aug-22

The key contents of the report are as follows: Market Outlook Fundamental Stocks ? Automotive Axles ? Karur Vysya Bank Technical Outlook Technical Stocks ? NTPC ? TATACOMM Derivatives Outlook Derivatives Strategies ? NIFTY ? HDFCBANK

Ujjivan Financial Services Ltd - Stock Idea

05-Aug-22

Valuation & View With visible ROA/ROE expansion to above 1.9% / 16% levels over FY23E and 24E on the back of strong AUM growth and lower credit costs, we believe Ujjivan’s valuations will migrate towards that of banks and NBFCs demonstrating similar product profile, asset quality, growth and return ratios. We value Ujjivan SFB at 1.8x FY23E BV, at its historical average valuations and Ujjivan Financial Services at a 30% holdco discount by conservatively assuming the reverse merger with SFB takes additional two years post FY23 and thus derive a target of Rs. 274 per share.

Fundamental Stock Picks :- Ujjivan Financial services

01-Aug-22

USFB (Ujjivan SFB) transitioned from a NBFC (Ujjivan Financial Services) in Feb’17, with 69% of AUM constituting MFI loans, 15% from Affordable Housing, 9% from MSME, 4% from NBFCs and 3% from other retail products (SME, Vehicle, Personal). USFB intends to increase secured portfolio from 23% to 50% in long term.

Fundamental Stock Picks :- Laurus labs

01-Aug-22

The company is into a large capex cycle that will increase its gross block with investments in API, Finished Dosage and Custom Synthesis. The company acquired Richcore in 2020, which has given it an entry into high-barrier biotechnology segment. Going forward, management is confident to achieve $1bn revenue in FY23 which will be driven by higher growth in Formulations business and increased contribution from Synthesis business with margins to be around 30%. On the cost side, company witnessed pricing pressure of 15% in the ARV portfolio which contributes around 55% to the total revenue. However, the management expects prices to stabilize going ahead and no further erosion will happen.

Monthly Report - August '22 Series

01-Aug-22

The objective of the report is to provide you insights into Equity markets, both from the Fundamental and Technical perspectives along with the stock picks for short to medium term. The key contents of the report are as follows: Market Outlook Fundamental Stocks ? Laurus Labs Ltd. ? Ujjivan Financial Services Technical Outlook Technical Stocks ? COALINDIA ? REC LTD Derivatives Outlook Derivatives Strategies ? NIFTY ? AMBUJACEM

Market Outlook - July 2022

15-Jul-22

Please find attached Market Outlook – July 22 for your perusal. Q1 earning likely to be subdued again There is a risk of earning down grade post Q1 result Domestic flow continue to support market and absorbing FII outflow – creating base for strong run up in future Valuation post recent correction has become reasonable US recession generally has limited period impact on Indian market Indian market in past has moved up along with FED rate increase Commodity price corrected but still higher than pre COVID level Last 9 month we were continue on the market but now more of equal weight. Remain cautious on International focus and commodity companies Market likely to remain range bound in near term Like domestic focus sectors

Monthly Report - July '22 Series

02-Jul-22

The key contents of the report are as follows: Market Outlook Fundamental Stocks ? Rolex Rings ? Time Technoplast Technical Outlook Technical Stocks ? ITC ? LARSEN TOUBRO Derivatives Outlook Derivatives Strategies ? NIFTY ? HINDALCO

Market Outlook May'22

09-May-22

Market Outlook Jan’22 India is outperforming most of the nations But corporate results are below par in current quarter EPS growth of 19% in FY23 is at risk and likely to be downgraded Central Banks are now more concern about Inflation RBI seems to be behind the curve Commodity price still holding up Domestic Liquidity continue to support market Resolution of Russia Ukraine can be a big positive Valuation still above Pre-Covid level and average We continue to remain cautious on the market and specially on small cap stocks and commodity stocks

Monthly Report - May '22 Series

30-Apr-22

The key contents of the report are as follows: Market Outlook Fundamental Stocks ? Kaveri Seeds ? Pitti Engineering Technical Outlook Technical Stocks ? DEEPAKNTR ? TATAMOTORS Derivatives Outlook Derivatives Strategies ? NIFTY ? MOTHERSUMI

Monthly Report - April '22 Series

01-Apr-22

The key contents of the report are as follows: Market Outlook Fundamental Stocks ? Bharti Airtel Ltd ? MAS Financial Services Technical Outlook Technical Stocks ? SBIN ? GODREJPROP Derivatives Outlook Derivatives Strategies ? NIFTY ? BANKBARODA

Monthly Update - Metals

31-Mar-22

HIGHER EXPORT DEMAND TO DRIVE DOMESTIC STEEL PRICES Shares of Indian steel companies have consolidated for the past few months and have underperformed the Nifty index. However, the last two months have seen a turnaround wherein steel companies have outperformed the market. Indian mills had increased its steel prices for Mar’22 sales, given a rapid surge in raw material prices mainly the coking coal which is now priced at above $560/tonne. Further hikes can be expected in Apr’22 as the current price hike is not enough to offset the input costs surge. These price hikes will offset the rising input costs to some extent and provide some respite to margins going forward. Margins for steel companies in Q4FY22 are likely to remain flattish or marginally down as compared to last quarter. Full benefit of price hike by Indian mills and impact of higher coking coal price is likely to be seen in Q1FY23. With supply constrains prevailing in Europe due to the on-going war, Indian Mills are likely to export driven on the back of higher realizations and increased quota limits. We believe the rising input costs is temporary, however it may take a while for these prices to correct and normalise. We remain Neutral on this sector.

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