Sovrenn Times 18 Jun 2024

Author: Sovrenn Financial Technologies Pvt. Ltd.
18th Jun 2024
Aditya Joshi, Co-founder and CEO

Akriti Swaroop, Co-founder and COO
SOVRENN TIMES
DISCLAIMER: This document is created for educational and informational purposes only and should NOT
be construed as a Buy/Sell recommendation, investment advice or a research report. Although the
document accurately reflects the personal views of the authors, there may be manual/ human errors in the
document. The authors may also have equity shares in the companies mentioned in this report. Investor is
advised to consult his/her investment advisor and undertake further due diligence before making any
investment decision in the companies mentioned. Authors are not liable for any financial gains or losses due
to investments made as per the information written in this document.
18th Jun 2024
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SOVRENN FRAMEWORK
Please look at the following parameters to assess any company for investment:
(1) Company type: Evergreen or Seasonal sector is preferable over Cyclical. This is because it is difficult
to predict upswing in Cyclical stocks.
(2) Profit uptrend: The revenue, operating profit and net profit should ideally be following an increasing
trajectory and company must not be loss making.
(3) PE: TTM PE or Trailing 12m Price to Earnings ratio should ideally be on the lower side of the sector
PE range, unless the growth prospects are compelling to justify a higher PE.
(4) Futuristic Sector: A futuristic sector (eg: Solar, Wind EV, Railways, Defence, 5G, Electrification, New
Age IT, etc.) enjoys sector tailwinds and usually has higher growth potential.
(5) HNI / Institutional / Promoter Buying: If a known HNI enters the Company by picking equity stake in
it, it can add to one’s conviction building. Similarly, promoters buying their company’s shares is
generally a positive signal of them demonstrating confidence in their business.
(6) Special Situation: If a company is raising funds through preferential issuance of shares to a select
group of investors, or through Rights issuance where all the current shareholders have the right to
buy additional shares in the company, it signals incoming cash into the company. This cash is
generally used for future growth and hence signals increased possibility of higher future profits.
(7) Future Information: If we have information about future growth drivers of a company, it can help build
conviction before making investment decisions. Examples of such events include: (a) capacity
expansion which indicates future increase in sales, (b) new product launches, (c) large orders, (d)
partnerships and agreements, (e) acquisitions, etc.
This page is created for information purpose. It is not a BUY/SELL recommendation. 2

Please do your own due diligence before making any investment decisions.
18th Jun 2024
Sovrenn Times Summary
1. ROTO PUMPS LIMITED
Filing: (ORDER) Roto Pumps has received various purchase orders worth INR 14.4 Cr for the Supply of
Progressive Cavity Pumps (Pumps) to Biogas Plants from GPS Renewables, needs to be delivered in
FY25.
MCap: INR 1,567 Cr PE: 40x
Number of LinkedIn Employees: 278 Members.
GSTR3B: Last Filed Apr ‘24.
Clients: Grasim Industries.
2. VISHNU PRAKASH R PUNGLIA LIMITED
Filing: (ORDER) Vishnu Prakash R Punglia has received a Letter of Acceptance from the Office of DY
CE-C-BKN-ENGINEERING, North Western Railway, Bikaner. The project, worth INR 91 Cr, involves
earthwork, blanketing, minor bridges, LHS, FOB, platforms, shelters, S&T structures, cable ducting, and
other ancillary works between Sadulpur and Churu for the Churu-Sadulpur Doubling Project.
MCap: INR 2,390 Cr PE: 19.6x
Number of LinkedIn Employees: 156 Members.
GSTR3B: Last Filed May ‘24.
Clients: NW Railway, Jodhpur, Rajasthan.
3. MASTER COMPONENTS LIMITED
Filing: (ORDER) Master Components has received a continuous purchase order worth INR 5.2 Cr per
annum from an Indian automotive company for the supply of plastic molded parts.
MCap: INR 130 Cr PE: 48.4x
Number of LinkedIn Employees: 1 Member.
Clients: Siemens, Schneider Electric, etc.
4. CONCORD CONTROL SYSTEMS LIMITED
Filing: (PROMOTER BUYING) Promoters and Directors of Concord Control Systems bought 14k shares
at INR 799/share, aggregating to INR 1.1 Cr.
MCap: INR 601 Cr PE: 46.1x
Number of LinkedIn Employees: 47 Member.
Clients: RVNL, L&T, BHEL Delhi Metro Rail Corporation, etc.

18th Jun 2024
1. ROTO PUMPS NSE: ROTO (1st time covered: 25th May 2023)
Recent filing: (ORDER) Roto Pumps has received various purchase orders worth INR 14.4 Cr for the Supply
of Progressive Cavity Pumps (Pumps) to Biogas Plants from GPS Renewables, needs to be delivered in
FY25.
SUMMARY: 4y Operating Profit uptrend | PE 40x (Sector PE range 30-60) | Excellent Mar-24 results | Capital
Goods
• MCap of INR 1,567 Crore (share price = INR 499 / share) (as on 18th Jun ‘24)
• TTM PE 40x (as on 18th Jun ‘24) Retail float = 25.1% (Mar-24)
FOOD FOR THOUGHT: Aegis Investment Fund reduced its stake from 1.2% in Dec ’23 to close to 0% in
Mar ’24
Company Description: Roto Pumps Limited is a pioneer in manufacturing Positive Displacement Pumps.
The company continuously endeavors to increase the product portfolio catering to a wider spectrum of
industrial pumps for the industries and cover as many applications as much as possible.
Share price and Volume (last 1 year):
Price Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24
ROTO 376 335 358 350 370 396 421 432 381 352 417 423
(In INR Cr) Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24
Sales 40 56 57 72 54 81 57 82
Op Profit 10 12 13 19 13 21 11 21
Net Profit 6 7 9 11 8 13 6 13
OPM 25% 20% 23% 26% 23% 25% 20% 26%
NPM 15% 13% 16% 15% 15% 16% 11% 16%
Promoter % 68.9% 68.9% 68.9% 67.3% 67.3% 67.3% 67.3% 67.3%
(In INR Cr) Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Sales 114 135 132 127 176 226 274
Op Profit 22 30 22 28 45 54 66
Net Profit 8 16 12 18 30 33 39
Website: https://rotopumps.com/

18th Jun 2024
Company Type Evergreen
LT OP uptrend Yes
ST OP uptrend Yes
PE 40.0 (Capital Goods: 30-60)
Lower end of sector range
Futuristic Sector No
HNI / Institutional
/ Promoter No
Buying
Special Situation No
Jun ’24: Company has commenced commercial production of
Downhole Pumps at its new state of the art manufacturing facility at
Greater Noida to cater both Domestic and International Market.
Feb ‘24: Company’s subsidiary Roto Energy Systems Limited has

declared commencement of commercial production of Submersible
Helical Rotor Pump Set, Submersible Centrifugal Pump Set, Solar
Controller with Remote Monitoring, Surface Helical Rotor Pumps on
Future Visibility Yes February 5, 2024.
Jul ‘23: Company has received purchase order from Grasim Industries
for INR 3.6 Cr for supply of screw pumps along with supervisor support,
to be completed by end of FY24.
Jun ‘23: Company has been granted certificate of registration of design

for its Adjustment Stator for Progressive Captivity Pump. Copyright of
design will subsist for 10 years.
LT OP = Long-term operating profit; ST OP = Short-term operating profit

18th Jun 2024
2. VISHNU PRAKASH R PUNGLIA LIMITED BSE: 543974
(1st time covered: 6th Sep 2023)
Recent filing: (ORDER) Vishnu Prakash R Punglia has received a Letter of Acceptance from the Office of
DY CE-C-BKN-ENGINEERING, North Western Railway, Bikaner. The project, worth INR 91 Cr, involves
earthwork, blanketing, minor bridges, LHS, FOB, platforms, shelters, S&T structures, cable ducting, and other
ancillary works between Sadulpur and Churu for the Churu-Sadulpur Doubling Project.
SUMMARY: 6y Operating Profit uptrend | PE 19.6x (Sector PE range 20-50) | Excellent Mar-24 results | EPC
FUTUTRE OUTLOOK: Company has an Order book of INR 4,717 Cr to be executed over the next 24-36
months.
• TTM PE of 19.6x (as on 18th Jun ‘24) Retail float = 15.8% (Mar-24)
FOOD FOR THOUGHT: Sixteenth Street Asian Gems fund reduced its stake from 1% in Dec ’23 to close to
0% in Mar ’24.
Company Description: Established in 1986, Vishnu Prakash is a fast-growing Infrastructure Development

Company. Its principal business operations are Infrastructure Development Works on EPC mode including
their operation and maintenance activities in sectors including: Water, Sewerage, Railway, Road,
Tunneling Works, etc.
VPRPL - - - 173 193 203 216 214 175 150 163 177
Sales 186 246 281 456 278 296 242 657
Op Profit 21 32 40 64 33 38 34 105
Net Profit 11 17 23 40 16 21 17 67
OPM 11% 13% 14% 14% 12% 13% 14% 16%
NPM 6% 7% 8% 9% 6% 7% 7% 10%
Promoter % - - - - - 67.8% - 67.8%
Sales 352 367 372 484 786 1,168 1474
Op Profit 31 35 38 45 87 157 210
Net Profit 11 12 13 19 45 91 122
18th Jun 2024
Website: https://www.vprp.co.in/
LT OP uptrend Yes
ST OP uptrend Yes
PE 19.6 (EPC: 20-50)
Below sector range
HNI / Institutional /
Yes Dec ’23: Quant Mutual Fund is holding 4.1% stake.
Promoter Buying
Mar ‘24: Company has received letter of acceptance worth INR 104
Cr from the Office of Assistant General Manager, HSIIDC Kharkhoda
for the Construction of 57 MLD WTP and all contingent works thereto
in all respect along with 10 years of Operation and Maintenance at
IMT Kharkhoda, District Sonipat (on EPC Mode).
Feb ’24: Company received the Letter of Acceptance from the Office
of Mumbai Railway Vikas Corporation Limited (MRVCL), a PSU under
the Government of India's Ministry of Railways. The Letter of
Acceptance pertains to the prestigious project titled "Construction of
new Suburban Railway Station along with other allied works at
Chikhloli in connection with the proposed 3rd & 4th line between
Future Visibility Yes Kalyan-Badlapur stations of Mumbai Division Central Railway.” The
tender evaluated at INR 74 Cr.
Jan ’24: Company has received Letter of Award worth INR 116.5 Cr
from DRM Office, NW Railway, Jodhpur, Rajasthan for FOB 12 M
wide at 10+ stations over IR tracks to provide end to end connectivity
under Amrit Bharat station Scheme over Jodhpur Division.
Dec ’23: Company has received Letter of Award of total worth INR
900 Cr from Uttarakhand Urban Sector Development Agency,
Government of Uttarakhand for Development of Water Supply System
with 18 years O&M, in Haldwani, and Kotdwar, Uttarakhand.

18th Jun 2024
3. MASTER COMPONENTS LIMITED NSE - SME: MASTER
(SME: Lot Size = 1,000 shares) (1st time covered: Today)
Recent filing: (ORDER) Master Components has received a continuous purchase order worth INR 5.2 Cr
per annum from an Indian automotive company for the supply of plastic molded parts.
SUMMARY: 3y Operating Profit uptrend | 2h Operating Profit uptrend | PE 48.4x (Sector PE range 30-60) |
Industrial Products
• MCap of INR 130 Crore (share price = INR 324 / share) (as on 10th Jun ‘24)
• TTM PE 48.4x (as on 10th Jun ‘24) Retail float = 7.1% (Mar-24)
FOOD FOR THOUGHT: Highly competitive sector.
Company Description: Master Components Limited is a manufacturing company specializing in the

production of plastic engineering components and subassemblies. Their products cater to the industrial
capital goods sector and undergo rigorous quality testing to meet industry standards. Located in Nashik, their
strategic proximity to the Mumbai-Pune Highway provides logistical advantages.
Master - - - 140 141 140 143 141 144 137 145 200
(In INR Cr) Sep-22 Mar-23 Sep-23 Mar-24

Sales 10.04 10.66 11.49 13.8
Op Profit 1.65 1.51 1.91 2.37
Net Profit 0.85 0.86 1.00 1.67
OPM 16% 14% 17% 17%
NPM 8% 8% 9% 12%
Promoter % - - 72.5% 72.5%
Sales 15.02 13.22 18.22 20.70 25.29
Op Profit 3.00 2.21 2.25 3.16 4.28
Net Profit 1.32 0.76 0.94 1.71 2.68
Website: https://master-group.in/components
18th Jun 2024

LT OP uptrend Yes
ST OP uptrend Yes
PE 48.4
(Industrial Products: 30-60)
Higher end of sector range
HNI / Institutional
/ Promoter Yes Mar ’24: Aryaman Capital Markets is holding 1.2% stake.
Buying
Jun ’24: Company has received an order from a Domestic Indian
company for supply of moulded white plates amounting between range
of INR 17L to 20L, needs to be delivered within 1 month.
May ’24: Company has executed a License agreement with an Indian

private Limited Company to use the premise situated at M.I.D.C.,
Ambad, Nashik for the purpose of expansion of business and conduct
various manufacturing activities at the premise at rent of INR 2.2 L per
month.
May ’24: Company has received a purchase order worth INR 4.5 Cr
from a Saudi Arabian company for supply of molded thermoset parts.
May ’24: Company has awarded purchase order worth INR 15.5 L for
Future Visibility Yes installation and implementation of the license software of ERP system
and supporting hardware devices to *domestic supplier.
May ’24: Company has awarded a purchase order to Nashik based

entity for a packaging machine amounting INR 28 L.
May ’24: Company has awarded a purchase order to one of the Japan
Based company for accessories for preowned machinery in regard with
the upcoming projects amounting INR 29 L.
May ’24: Company has awarded a purchase order worth INR 8.3 L to
Indian Subsidiary of the Japanese company for robots in regard with
the upcoming projects
May ’24: Company has awarded a purchase order to one of the Japan
Based company for robots in regard with the upcoming projects
amounting to INR 42L.

18th Jun 2024
4. CONCORD CONTROL SYSTEMS LIMITED BSE: 543619
(SME: Lot Size = 250 shares) (1st time covered: 23rd May 2023)
Recent filing: (PROMOTER BUYING) Promoters and Directors of Concord Control Systems bought 14k
shares at INR 799/share, aggregating to INR 1.1 Cr.
SUMMARY: 4y Operating Profit uptrend | 5q Operating Profit uptrend PE 46.1x (Sector PE range 30-60) |
Excellent Mar-24 results | Promoter Buying | Ace Investor | Fund Raise | Industrial Products | Railways
• MCap of INR 601 Crore (share price = INR 1,004 / share) (as on 18th Jun ‘24)
• TTM PE of 46.1x (as on 18th Jun ‘24) Retail float = 15.3% (Mar-24)
FOOD FOR THOUGHT: India – Ahead Venture fund reduced its stake from 1.2% in Oct ’23 to close to 0%
in Mar ’24.
Company Description: Established in 2011, Concord Control Systems Limited is a Lucknow based
Research, Design, and Standard Organization (RDSO) approved source for manufacturing various Electric
and Electronic ranges of products for the Indian Railways.
Concor 300 277 459 618 632 646 877 900 692 619 698 702
(In INR Cr) Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24
Sales - - 14.1 17.6 26.3 23.1 30 35
Op Profit - - 1.6 2.3 2.9 4.8 8 9
Net Profit - - 1.0 1.6 2.0 3.3 6 7
OPM - - 11% 13% 11% 21% 26% 26%
NPM - - 7% 9% 8% 14% 20% 20%
Promoter % - - - - - 73.5% 70.2% 70.2%
(In INR Cr) Mar-19 Mar-20 Mar-21 Mar-22 Mar-24 Mar-24

Sales - 15.9 17.5 31.7 49.4 66
Op Profit - 1.7 2.2 3.4 7.7 17
Net Profit - 1.0 1.4 2.6 5.3 13
Website: https://www.concordgroup.in/

18th Jun 2024
LT OP uptrend Yes
ST OP uptrend Yes
PE 46.1
(Industrial Products: 30-60)
Middle of sector range
Yes
Futuristic Sector
(Railways)
HNI / Institutional
As stated above
/ Promoter Yes +
Buying Mar ’24: Mukul Mahavir Agrawal is holding 4.0% stake
Sep ’23: BoD considered and approved the issuance of 2.7L equity
shares at INR 450/share, aggregating to INR 12.2 Cr to 2 allottees on
Special Situation Yes a preferential basis. Param Capital (Mukul Mahavir Agarwal) will be
issued 2.4L shares and Megha Jain will be issued 30k shares. 2.7L
equity shares will constitute 4.5% of post issue share capital.
May ’24: BoD considered and approved the investment of INR 5.5
Cr in subsidiary company – Advanced Rail Controls Private Limited
by subscribing in the Right Issue of Equity Shares made by the
Company.
May ’24: Company has acquired a 66.7% stake in Advanced Rail

Controls Private Limited (ARC) for around INR 7 Cr. ARC, an RDSO-
approved vendor, manufactures and supplies coach-related and
electrification products for Indian Railways and other contractors.
ARC has an order book of approximately Rs. 140 crores to be
executed over 24 months. Leveraging synergies, both companies
are confident in timely delivery.
Future Visibility Yes
Apr ’24: BoD considered and approved the investment of INR 12 Cr
in Associate company – Progota India Private Limited by subscribing
in the Right Issue of Equity Shares made by the Company.
Nov ’23: Company has decided to make Investment to acquire 50%

Equity Shares of Concord Lab to Market Innovations Private Limited
on its incorporation to manufacture and deploy trackside monitoring
devices that prioritize the enhancement of safety for Rolling Stock,
wagons, and signalling systems by utilizing diagnostic and
instrumentation technologies in conjunction with augmented railway
technology.

18th Jun 2024
5. SOM DISTILLERIES & BREWERIES LIMITED NSE: SDBL
(1st time covered: 9th Feb 2023)
Recent filing: (MALPRACTICE) More than 50 children were found working in a liquor factory named Som
Distillery in Madhya Pradesh's Raisen district. The National Commission for Protection of Child Rights
(NCPCR) registered an FIR against the factory owners following the discovery, news agency ANI reported
on Saturday. Sovrenn is discontinuing coverage of the Company.
SUMMARY: 3y Operating Profit uptrend | PE 26.1x (Sector PE range 30-70) | Excellent Mar-24 results |
Promoter buying | Fund raise | Capacity expansion | Geographical expansion | Ace Investor | Consumption
• TTM PE 26.1x (as on 18th Jun ‘24) Retail float = 27.5% (Mar-24)
FOOD FOR THOUGHT: IT Dept. raided multiple premises in election-bound MP and Chhattisgarh. It has
also raided the house of Som Group owner Jagdish Arora (Nov ’23) | QIP cancelled in Oct ‘23
Company Description: Som Group has its portfolio of brands across the spectrum of Spirits, Beer, Alcopop.
SOM’s flagship brand Hunter is a forerunner in the strong beer category.
SDBL 105 134 126 141 125 116 114 111 110 105 127 128
Sales 254 147 151 253 385 248 266 382
Op Profit 34 17 19 28 49 27 32 42
Net Profit 26 8 11 16 34 15 18 20
OPM 13% 12% 13% 11% 13% 11% 12% 11%
NPM 10% 5% 7% 6% 9% 6% 7% 5%
Promoter % 30.1% 30.4% 32.7% 33.1% 34.5% 34.5% 34.7% 29.3%
Sales 351 393 460 288 363 807 1,281
Op Profit 59 49 44 -10 17 102 149
Net Profit 25 20 15 -38 -10 61 86
Website: https://www.somindia.com/
18th Jun 2024
Others
BONDADA ENGINEERING LIMITED
(ORDER) Company has received a work order worth INR 2.1 Cr for Supply of 6 Mtr Height GI pole Wt 60kg
(Hot Dipped Galvanised) without Base from Bharti Airtel.
(SUBSIDIARY INCORPORATION) Company has incorporated a Subsidiary namely, Bondada Managed
Services Private Limited with 95% stake for Operation and Maintenance Services for all kind of Cell towers
and Fiber Optic Systems and Cables.
• MCap of INR 5,527 Cr (share price = INR 2,559/share); TTM PE 124x (as on 18th Jun ‘24)
Bond - - 156 177 275 404 397 676 915 852 1,338 1710
ELECTRONICS MART INDIA LIMITED

(NEW STORE) Company has commenced the commercial operations of two new Multi Brand Store under
the brand name ‘BAJAJ ELECTRONICS’ in Tanuku, Andhra Pradesh and in Nizamabad, Telangana.
• MCap of INR 9,223 Cr (share price = INR 239/share); TTM PE 50.1x (as on 18th Jun ‘24)
EMIL 84 113 142 138 190 225 204 218 207 192 210 201
PANORAMA STUDIOS INTERNATIONAL LIMITED

(NEW MOVIE) Company has entered into Line production deal agreement for INR 114 Cr with Super
cassettes Industries Pvt. Ltd and Maruti International for the film Dhamaal 4.
Panor 264 220 243 244 268 267 352 592 917 847 1028 885
CELLECOR LIMITED
(GEOGRAPHICAL EXPANSION) Company has incorporated a new Wholly Owned Subsidiary in Hong Kong
to expand its overseas operations. The main objects of the Target Company is sourcing, trading, processing,
assembling, exporting and otherwise dealing in mobile and mobile accessories, electronic goods, appliances
and other component.
• MCap of INR 543 Cr (share price = INR 259/share); TTM PE 33.8x (as on 18th Jun ‘24)
Cellec - - - 101 242 219 318 288 282 201 272 249
VIVANA POWER TECH LIMITED

(FUND RAISE) Board Meeting to be held on 20-Jun-2024 to consider Fund raising.
• MCap of INR 486 Cr (share price = INR 815/share); TTM PE 75x (as on 18th Jun ‘24)
Vivian 141 173 167 145 142 160 178 324 300 280 477 653
INSOLATION ENERGY LIMITED

(FUND RAISE) BoD has considered for the issuance of equity shares for an aggregate amount not exceeding
INR 400 Cr via Qualified Institutions Placement.
Insolat 128 202 396 390 550 604 755 1,225 1,412 1,637 1,577 2,195

18th Jun 2024
ANANT RAJ LIMITED
(AGREEMENT) Anant Raj Cloud, a wholly-owned subsidiary, has signed agreements with Orange Business
Services India Technology Pvt. Ltd., part of Orange S.A. The agreements cover designing, building, and
operating ARC's cloud platform, establishing servers at the ARC Data Center, and supporting, promoting,
and selling ARC's colocation data center and cloud platform services to current and future customers under
mutually agreed terms.
Anant 202 220 220 243 268 295 318 350 350 311 363 386
RATEGAIN TRAVEL TECHNOLOGIES LIMITED

(COLLABORATION) The NYU School of Professional Studies Jonathan M. Tisch Center of Hospitality (NYU
SPS Tisch Center) and its Hospitality Innovation Hub (HI Hub) Experiential Learning Lab, along with HEDNA
and RateGain, released the first edition of The State of Distribution for 2024. The first of its kind report was
created with an aim to help leaders with strategic decision-making, prioritizing technology investments,
organizational restructuring, and training and education.
Rateg 418 462 602 593 624 660 727 797 812 716 697 698
PHANTOM DIGTAL EFFECTS LIMITED

(SUBSIDIARY INCORPORATION) The Ministry of Corporate Affairs has approved the incorporation of a
wholly-owned subsidiary named Spectre Post Private Limited. This new entity will operate in the media and
entertainment industry, focusing on VFX. The purpose of establishing this subsidiary is to expand the
company's current business operations, enhancing agility and targeting new clients in the VFX industry.
• MCap of INR 530 Cr (share price = INR 390/share); TTM PE 22x (as on 18th Jun ‘24)
Phant 456 465 509 453 460 407 520 485 494 455 498 391
DRONEACHARYA AERIAL INNOVATIONS LIMITED

(ORDER) Company has received an order worth INR 2.6 L from Maani Care System, an entity associated
with Reliance Industries Limited (RIL) reflecting the growing adoption of drones in large enterprises. Under
this service order, our company commits to delivering a comprehensive DGCA Certified Drone Pilot Training
Course to individuals recommended by the Air Surveillance team of Reliance Industries Limited.
• MCap of INR 372 Cr (share price = INR 155/share); TTM PE 61.2x (as on 18th Jun ‘24)
Drone 172 145 158 178 188 184 192 190 166 129 158 141

18th Jun 2024
IPO
SME / Subs
Company Status Open Close Listing GMP
Mainboard (x)
The Money Fair SME Upcoming 25-Jun-24 27-Jun-24 02-Jul-24 0% NA
Sylval Plyboard SME Upcoming 24-Jun-24 26-Jun-24 01-Jul-24 0% NA
Shivalic Power Control SME Upcoming 24-Jun-24 26-Jun-24 01-Jul-24 170% NA
Medicamen Organics SME Upcoming 21-Jun-24 25-Jun-24 28-Jun-24 176% NA
Stanley Lifestyles Mainboard Upcoming 21-Jun-24 25-Jun-24 28-Jun-24 34% NA
Winny Immigration SME Upcoming 20-Jun-24 24-Jun-24 27-Jun-24 35% NA
EnNutrica SME Upcoming 20-Jun-24 24-Jun-24 27-Jun-24 119% NA
Aasaan Loans Mainboard Upcoming 19-Jun-24 21-Jun-24 26-Jun-24 30% NA
Falcon Technoprojects India SME Upcoming 19-Jun-24 21-Jun-24 26-Jun-24 9% NA
Durlax Top Surface SME Upcoming 19-Jun-24 21-Jun-24 26-Jun-24 37% NA
DEE Development Engineers Mainboard Upcoming 19-Jun-24 21-Jun-24 26-Jun-24 41% NA
GEM Enviro SME Upcoming 19-Jun-24 21-Jun-24 26-Jun-24 83% NA
GPES Solar SME Open 14-Jun-24 19-Jun-24 24-Jun-24 179% 268
United Cotfab SME Open 13-Jun-24 19-Jun-24 24-Jun-24 26% 24
Company Sector Revenue growth (YoY) Profit growth (YoY) Issue PE

The Money Fair NBFC -21% -15% NA
Sylval Plyboard Building Material 8% 69% 20x
Shivalic Power Control Capital Goods 3% 41% 26x
Medicamen Organics Pharma -1% 170% 22x
Winny Immigration Travel Services -8% -73% 77x
Stanley Lifestyles Consumer Discretionary 1% 1% 5x
EnNutrica FMCG 12% 49% 18x
Aasaan Loans NBFC 2% 3% NA
Falcon Technoprojects India Diversified Commercial Service -25% 0% 47x
Durlax Top Surface Building Material 36% 2.4x 22x
DEE Development Engineers Industrial Products 21% 47% 80x
GEM Enviro Waste Management -18% 12% 16x
GPES Solar EPC 0% 71% 19x
United Cotfab Textile 180x 62x 14x
Note: GMP keeps updating till listing on exchange. Subscription (x) keeps updating till Issue is Open.
Revenue and Profit growth is calculated after annualizing last period growth.

18th Jun 2024
Sovrenn SME Index: -0.36%
Sovrenn SME Index was down 0.36% today. Please note that the constituents of the Index are
private. Also, the Index is only an indication of the movement of the broader SME market and not
available for replication or commercialization in any form. Sovrenn has the right to make changes to
Index constituents or change weightages of the constituents as per its own discretion.
Here are the Twitter Handles of the 3 winners of yesterday's quiz:
@captain_sank
@NKRMettu
@piyushlap
Please send the following details to rewards@sovrenn.com to claim your prize. Congratulations to the
winners!
1. Name
2. Mobile Number
3. UPI ID

18th Jun 2024
Sovrenn Macro
Fitch Raises India’s Growth Forecast for FY25 to 7.2%
Current Fiscal Year Revision
Fitch Ratings has raised India's growth forecast for the fiscal year 2024-25 to 7.2%, up from the 7% projected
in March. This upward revision reflects a recovery in consumer spending and increased investment. The
updated forecast was detailed in Fitch's Global Economic Outlook report released on June 18.
Economic Drivers
According to Fitch, the Indian economy is expected to expand robustly due to several key factors:
• Consumer Spending: There is a noticeable recovery in consumer spending, bolstered by high consumer
confidence.
• Investment: Although investment growth is predicted to slow compared to recent quarters, it will continue
to contribute significantly to the economy.
• Rural Demand and Inflation: The Reserve Bank of India (RBI) has similarly projected a 7.2% growth,
supported by improving rural demand and moderating inflation.
Growth Indicators
Data from purchasing managers' surveys suggest continued economic growth at the beginning of the
financial year. An anticipated normal monsoon season is expected to support agricultural productivity and
stabilize inflation, although a recent heatwave poses potential risks.
Long-Term Projections
For the fiscal years 2025-26 and 2026-27, Fitch projects growth rates of 6.5% and 6.2%, respectively. The
forecast indicates that growth will increasingly be driven by consumer spending and sustained investment.
Fitch expects economic growth to slow down in later years, approaching their medium-term trend estimate.
Past Performance and Inflation Outlook
In the previous fiscal year (2023-24), the Indian economy grew by 8.2%, with a 7.8% expansion in the March
quarter alone. Fitch anticipates inflation to decline to 4.5% by the end of 2024, with an average of 4.3%
expected in 2025 and 2026. Additionally, the RBI is expected to cut policy interest rates by 25 basis points
this year, bringing them to 6.25%.
Conclusion
Fitch's revised growth forecast aligns with positive economic indicators and supportive fiscal policies.
Continued investment, robust consumer confidence, and favorable monsoon conditions are poised to drive
India's economic expansion, despite potential challenges such as climatic disruptions.

18th Jun 2024
Annexure
Sector specific PE classification:

18th Jun 2024
Retail float calculation:
Shareholding percent for resident individuals holding nominal share capital up to INR 2L.
Special Situation:
Special Situation refers to any form of capital raise by the Company – Preferential issuance or allotment
of equity shares, Preferential issuance or allotment of equity warrants, Rights issuance, recently
conducted IPO / FPO or issuance of any debt security like NCDs, commercial papers, etc.
Future Visibility:
Future Visibility refers to a piece of information / event that positively impacts future revenues. Examples:
a large order win by the company, partnership / acquisition, new factory setup, expansion in existing
factory, new stores, launch of a new brand, etc.
Futuristic Sector:
Futuristic Sector refers to those sectors where high growth is expected. Examples: Green Energy (solar,
wind, etc.), Electric Vehicle, Railways (through railways modernization), Defence (through increasing self-
reliance), New-Age IT (Cloud, AI, ML, big data), 5G, Electrification, etc.
Answer to Friday’s Sovrenn Investment Learning Exercise:

(i) INR 5,000 Cr
(ii) NIBE Limited


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Author: Sovrenn Financial Technologies Pvt. Ltd.

18th Jun 2024

Aditya Joshi, Co-founder and CEO

This page is created for information purpose. It is not a BUY/SELL recommendation. 2

1. ROTO PUMPS LIMITED

2. VISHNU PRAKASH R PUNGLIA LIMITED

3. MASTER COMPONENTS LIMITED

4. CONCORD CONTROL SYSTEMS LIMITED

This page is created for information purpose. It is not a BUY/SELL recommendation. 3

Share price and Volume (last 1 year):

This page is created for information purpose. It is not a BUY/SELL recommendation. 4

Feb ‘24: Company’s subsidiary Roto Energy Systems Limited has

Jun ‘23: Company has been granted certificate of registration of design

LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 5

Company Description: Established in 1986, Vishnu Prakash is a fast-growing Infrastructure Development

Share price and Volume (last 1 year):

LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 7

FOOD FOR THOUGHT: Highly competitive sector.

Company Description: Master Components Limited is a manufacturing company specializing in the

Share price and Volume (last 1 year):

(In INR Cr) Sep-22 Mar-23 Sep-23 Mar-24

Company Type Evergreen

May ’24: Company has executed a License agreement with an Indian

May ’24: Company has awarded a purchase order to Nashik based

This page is created for information purpose. It is not a BUY/SELL recommendation. 9

Share price and Volume (last 1 year):

(In INR Cr) Mar-19 Mar-20 Mar-21 Mar-22 Mar-24 Mar-24

This page is created for information purpose. It is not a BUY/SELL recommendation. 10

May ’24: Company has acquired a 66.7% stake in Advanced Rail

Nov ’23: Company has decided to make Investment to acquire 50%

LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 11

Share price and Volume (last 1 year):

ELECTRONICS MART INDIA LIMITED

PANORAMA STUDIOS INTERNATIONAL LIMITED

VIVANA POWER TECH LIMITED

INSOLATION ENERGY LIMITED

This page is created for information purpose. It is not a BUY/SELL recommendation. 13

RATEGAIN TRAVEL TECHNOLOGIES LIMITED

PHANTOM DIGTAL EFFECTS LIMITED

DRONEACHARYA AERIAL INNOVATIONS LIMITED

This page is created for information purpose. It is not a BUY/SELL recommendation. 14

Company Sector Revenue growth (YoY) Profit growth (YoY) Issue PE

This page is created for information purpose. It is not a BUY/SELL recommendation. 15

Here are the Twitter Handles of the 3 winners of yesterday's quiz:

This page is created for information purpose. It is not a BUY/SELL recommendation. 16

Current Fiscal Year Revision

Past Performance and Inflation Outlook

This page is created for information purpose. It is not a BUY/SELL recommendation. 17

This page is created for information purpose. It is not a BUY/SELL recommendation. 18

Answer to Friday’s Sovrenn Investment Learning Exercise:

This page is created for information purpose. It is not a BUY/SELL recommendation. 19

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