अमेरिकी फेडरल रिजर्व की सख्त नीतियों के कारण डॉलर के मजबूत होने से सोने और चांदी के भाव तीन महीने के निचले स्तर के करीब आ गए है। डॉलर 20 साल के उच्चतम स्तर पर पहुंच गया है।  निवेशक मंदी को लेकर चिंतित हैं इसलिए मुद्रा को बढ़ावा देने वाली नीतियों को अपना रहे है जिससे कीमती धातुओं के साथ शेयर बाज़ारो में भी गिरावट देखी गई है। फेड चेयर जेरोम पॉवेल ने स्थिर कीमतों को अर्थव्यवस्था का "आधार" बताया है, साथ ही गुरुवार को हुई स्पीच में कहा कि मुद्रास्फीति को शांत करने के लिए केंद्रीय बैंक की लड़ाई में "कुछ दर्द शामिल रहेगा" क्योंकि उच्च ब्याज दरे सभी को प्रभावित कर सकती है। उनके मुताबिक मुद्रास्फीति का लगातार बढ़ना, ब्याज दर में वृद्धि से ज्यादा घातक होगा। आर्थिक आकड़ो में, गुरुवार को जारी अमेरिकी मुद्रास्फीति अनुमान से बढ़कर 8.3 प्रतिशत रही जबकि चीन में भी मुद्रास्फीति और  पीपीआई के आकड़ो में बढ़ोतरी रही है। भारत में मुद्रास्फीति साल-दर-साल अप्रैल में बढ़कर 7.79 प्रतिशत हो गई है जो पिछले माह 6.95 प्रतिशत पर थी। कीमतों में लगातार बढ़ोतरी प्रमुख केंद्रीय बैंको पर ब्याज दर वृद्धि का दबाव बढ़ा रहा है। हालांकि, गुरुवार को जारी अमेरिकी प्रोड्यूसर प्राइस इंडेक्स (पीपीआई) ने अप्रैल में महीने-दर-महीने 0.5 प्रतिशत की वृद्धि दिखाई, जो मार्च में 1.6 प्रतिशत की वृद्धि की तुलना में धीमी है, लेकिन ऊर्जा उत्पादों की बढ़ती लागत का दबाव थोड़ा कम रहने से पीपीआई आकड़ो में कमी दर्ज की गई है। बढ़ती हुई मुद्रास्फीति का मुख्य कारण महामारी और युद्ध है। फेड चेयर जेरोम पॉवेल ने जून और जुलाई में 0.50 प्रतिशत की ब्याज दर वृद्धि के संकेत दिए है। जिससे सोने और चांदी की कीमतों में लगातार दबाव बना हुआ है। घरेलु वायदा सोने के भाव पिछले सप्ताह 2.5 प्रतिशत और चांदी के भाव 6 प्रतिशत टूट गए है। जिससे सोना 50000 रुपये प्रति दस ग्राम और चांदी 58800 रूपये प्रति किलो के निचले स्तरों पर कारोबार कर रही है। तकनीकी विश्लेषण: सोने और चांदी के भाव में इस सप्ताह  फेड चेयर जेरोम पॉवेल के बयान होने से, भाव दबाव में रह सकते है। सोने में 49500 रुपये पर सपोर्ट है और 51000 पर प्रतिरोध है। चांदी में 56000 रुपये पर सपोर्ट और 60500 रुपये पर प्रतिरोध है।

Malamaal Call of 12 May says With Rs.15,750  return per lot, yesterday's Ambujacement call rocked. Malamaal Call of 11 May says With 3.35%  return per lot, yesterday's GujaratGas call rocked. Malamaal Call of 10 May says   With Rs.1320(122%)  return per lot, yesterday's Finnifty call rocked. Malamaal Call of 9 May says With Rs.7000  return per lot, yesterday's Indus tower call rocked. Malamaal Call of 6 May says With Rs.11,700 return per lot, yesterday's hero call rocked. Malamaal Call of 5 May says With Rs.21,500 return per lot, yesterday's Zinc call rocked. Malamaal Call of 3 May says With Rs.6,400 return per lot, yesterday's Kotak call rocked. With Rs.7,000 return per lot, yesterday's Indus towers call rocked. Malamaal Call of 2 May says With a 4.12% return, yesterday's GHCL call rocked. Malamaal Call of 29 April says With Rs.6600 return per lot, yesterday's HDFC Life call rocked. Malamaal Call of 28 April says With Rs.8800 return per lot, yesterday's Powergrid call rocked. Malamaal Call of 27 April says With 4.2% return per lot, yesterday's Jai corp call rocked. Malamaal Call of 26 April says With Rs.4400 return per lot, yesterday's Bata call rocked. Malamaal Call of 25 April says With Rs.3300 return per 10 lots, yesterday's GBPINR call rocked. Malamaal Call of 22 April says With a 3.2% return, yesterday's Cupid call rocked. Malamaal Call of 21 April says With Rs.10000 return per lot, yesterday's Natural Gas call rocked. Malamaal Call of 20 April says With a 4.09% return, yesterday's SPIC call rocked. Malamaal Call of 19 April says With 4.05% return, yesterday's HSIL call rocked. Malamaal Call of 18 April says With 6.3% return, yesterday's JKPaper call rocked. Malamaal Call of 12 April says With 4.29% return, yesterday's Mazdock call rocked. Malamaal Call of 11 April says With 6.25% return, yesterday's Prism Cement call rocked. Malamaal Call of 8 April says With Rs.2000 (32%) return per lot, yesterday's Nifty50 call rocked. Malamaal Call of 7 April says   With Rs.3000 (100%) return per lot, yesterday's Nifty50 call rocked. Malamaal Call of 6 April says With 4.95% return per lot, yesterday's Tata Power call rocked. Malamaal Call of 5 April says With Rs.12,800 return per lot, yesterday's Mindtree call rocked. Malamaal Call of 4 April says With Rs.11,000 return per lot, yesterday's HDFCAMC call rocked Malamaal Call of 1 April says With Rs.13,562.5 return per lot, yesterday's IRCTC call rocked Malamaal Call of 31 March says With Rs.4,200(21%) return per lot, yesterday's Mahanagar gas call rocked Malamaal Call of 30 March says With Rs.8,250(18.64%) return per lot, yesterday's  LTI  call rocked Malamaal Call of 28 March says With Rs.10,055 (62.5%)  return per lot, yesterday's IHCL call rocked Malamaal Call of 28 March says With a 7.29%  return, yesterday's  SupremePetrochem call rocked Malamaal Call of 25 March says With a 5.9%  return per lot, yesterday's  GCL call rocked Malamaal Call of 24 March says With Rs.10,875  return per lot, yesterday's  Aurobindo call rocked Malamaal Call of 23 March says With Rs.5,250 (30.43%)  return, yesterday's  Zee call rocked   Malamaal Call of 22 March says     With 6 % return, yesterday's Ganesh Housing call rocked Malamaal Call of 21 March says With Rs.6000 return per lot, yesterday's Cummins call rocked Malamaal Call of 17 March says With Rs.9,375 ( 29.41%) return per lot, yesterday's SRF call rocked Malamaal Call of 16 March says With a 5.87% return, yesterday's RHI Magnesita call rocked Malamaal Call of 15 March says With a 5.96% return, yesterday's IndiaBulls call rocked Malamaal Call of 14 March says   With Rs.10,500(70%) return per lot, yesterday's AU Small Finance Bank call rocked Malamaal Call of 11 March says With 4.43% return per lot, yesterday's TCPL call rocked Malamaal Call of 10 March says With 4.2% return per lot, yesterday's BSE call rocked   Malamaal Call of 9 March says With Rs11,400(35.29%) return per lot, yesterday's BEL call rocked Malamaal Call of 8 March says   With 6.66% return, yesterday's GAEL call rocked Malamaal Call of 7 March says With Rs. 22,250 return per lot, yesterday's MCX METLDEX call rocked Malamaal Call of 4 March says With Rs10,375 return per lot, yesterday's COPPER call rocked Malamaal Call of 3 March says With 4.91% return, yesterday's GMDC call rocked Malamaal Call of 2 March says With 3.52% return, yesterday's HDFCLife call rocked Malamaal Call of 28 Feb says   Malamaal Call of 28 Feb says   With 3.91% return, yesterday's shankara call rocked Malamaal Call of 25 Feb says With Rs. 8,800 (47%) return, yesterday's Escorts call rocked Malamaal Call of 24 Feb says With Rs.7,700 (18.18%) return, yesterday's Orientbell call rocked Malamaal Call of 23 Feb says With an 8.54% return, yesterday's Orientbell call rocked Malamaal Call of 22 Feb says With 3.5% return, yesterday's JagsonPal call rocked Malamaal Call of 21 Feb says With 3% return, yesterday's Chalet hotels call rocked Malamaal Call of 18 Feb says With 5.48% return, yesterday's Speciality call rocked With 4.94% return, yesterday's Reliance call rocked With Rs.11,245 return/lot, yesterday's GNFC call rocked Malamaal Call of 15 Feb says With Rs.7200(50%) return/lot, yesterday's Bandhan Bank call rocked Malamaal Call of 14 Feb says With Rs.11,500 return/lot ,yesterday's Apollo Hospital call rocked Malamaal Call of 10 Feb says With a 8.28% return, yesterday's NDTV call rocked Malamaal Call of 9 Feb says With a 4.96% return, yesterday's TV18 call rocked   Malamaal Call of 8 Feb says With a 2.96% return, yesterday's BankofBaroda call rocked Malamaal Call of 7 Feb says With a 3.16% return, yesterday's VIP call rocked Malamaal Call of 4 Feb says With Rs.10,312.5 return/lot, yesterday's Natural Gas call rocked Malamaal Call of 3 Feb says With a 5.48% return, yesterday's amber  call rocked Malamaal Call of 2 Feb says With a 4.25% return, yesterday's CCL Products call rocked Malamaal Call of 1 Feb says With a 3.9% return, yesterday's Aavas call rocked Malamaal Call of 31 Jan says With a 3.29% return, yesterday's Mindtree call rocked. Malamaal Call of 28 Jan says With a 3.64% return, yesterday's orientbell call rocked.   Malamaal Call of 27 Jan says With a 14.13% return, yesterday's GAEL call rocked. Malamaal Call of 25 Jan says With an Rs.31,590 return/lot, yesterday's Bank of Baroda call rocked. Malamaal Call of 24 Jan says With an Rs.5000 71.42% return, yesterday's NiftyBank call rocked.   Malamaal Call of 21 Jan says: With an Rs.10400 return/lot, yesterday's GNFC call rocked. Malamaal Call of 20 Jan says: With a 4.84% return, yesterday's CHOLAFIN call rocked. Malamaal Call of 19 Jan says: With a ₹13,175 return per lot, yesterday's LUPIN call rocked. Malamaal Call of 18 Jan says: With a ₹6,000(46.15%) return per lot, yesterday's MARUTI call rocked. Malamaal Call of 17 Jan says: With a ₹10,125 return per lot, yesterday's TATAPOWER call rocked. Malamaal Call of 14 Jan says: With a ₹39,520 return per lot, yesterday's BEL call rocked. Malamaal Call of 13 Jan says: With a 2.41% return, yesterday's DEEPAKFERT call rocked. Malamaal Call of 12 Jan says: With a 5.5% return, yesterday's GATI call rocked. Malamaal Call of 11 Jan says: With a 6.93% return, yesterday's AFFLE call rocked. Malamaal Call of 10 Jan says: With a 6.3% return, yesterday's GREAVESCOT call rocked. Malamaal Call of 7 Jan says: With a 6.77% return, yesterday's UCWL call rocked. Malamaal Call of 6 Jan says: With 8.36% return, yesterday's TALBROAUTO call rocked. Malamaal Call of 5 Jan says: With ₹11,250 return per lot, yesterday's PIDILITE call rocked. Malamaal Call of 4 Jan says: With ₹6,666 (25%) return per lot, yesterday's POWERGRID call rocked. Malamaal Call of 3 Jan says: With 11.11% return, yesterday's MINDACORP call rocked. Malamaal Call of 31 Dec says: With 6.5% return, yesterday's DLINK call rocked. Malamaal Call of 30 Dec says: With ₹2,950 return per 10 lot, yesterday's GBPINR call rocked. Malamaal Call of 29 Dec says: With 6.25% return, yesterday's DATAPATTNS call rocked. Malamaal Call of 28 Dec says: With 14% return, yesterday's NIIT call rocked. Malamaal Call of 27 Dec says: With ₹6,875 (66.67%) return per lot, yesterday's ICICIBANK call rocked. Malamaal Call of 24 Dec says: With ₹2,375 (23.75%) returns per lot, yesterday's BANKNIFTY call rocked. Malamaal Call of 23 Dec says: With an 8.22% return, yesterday's GATI call rocked. Malamaal Call of 22 Dec says: With ₹4,500 (47.36%) returns per lot, yesterday's INDIGO call rocked. Malamaal Call of 21 Dec says: With ₹5,600(44.44%) returns per lot, yesterday's COLPAL call rocked. Malamaal Call of 20 Dec says: With ₹5,000 returns per lot, yesterday's BANKNIFTY call rocked. Malamaal Call of 17 Dec says: With ₹11,750 return per lot, yesterday's ZINC call rocked. Malamaal Call of 16 Dec says:   With ₹5,175 (29.03%) return per lot, yesterday's LT call rocked. Malamaal Call of 15 Dec says: With 3.54% return, yesterday's VTL call rocked. Malamaal Call of 14 Dec says: With 4.53% return, yesterday's BSE call rocked. Malamaal Call of 13 Dec says: With ₹9,000 (37.5%) return per lot, yesterday's TECHM call rocked. Malamaal Call of 10 Dec says: With ₹2,700 return per 10 lot, yesterday's GBPINR call rocked. Malamaal Call of 9 Dec says: With a 4.64% return, yesterday's UNICHEMLAB call rocked. Malamaal Call of 8 Dec says: With a 3.88% return, yesterday's HFCL call rocked. Malamaal Call of 7 Dec says: With ₹9,900(34.61%) return per lot, yesterday's BATAINDIA call rocked. Malamaal Call of 6 Dec says: With ₹5,000(50%) return per lot, yesterday's BANKNIFTY call rocked. Malamaal Call of 3 Dec says: With ₹16,750 returns per lot, yesterday's NMDC call rocked. Malamaal Call of 2 Dec says: With ₹8,700 returns per lot, yesterday's HDFC call rocked. Malamaal Call of 1 Dec says: With 6.13% returns, yesterday's MIRZAINT call rocked. Malamaal Call of 30 Nov says: With 11.47% returns, yesterday's TALBROAUTO call rocked. Malamaal Call of 29 Nov says:   With 4.28% returns, yesterday's BEML call rocked. Malamaal Call of 26 Nov says: With ₹1,700 returns per 10 lot, yesterday's USDINR call rocked. Malamaal Call of 25 Nov says: With ₹8,125 (35.13%) returns per lot, yesterday's APPOLOHOSP call rocked. Malamaal Call of 24 Nov says: With 6.59% returns, yesterday's MTARTECH call rocked. Malamaal Call of 23 Nov says: With ₹23,575 (141.37%) returns per lot, yesterday's GLENMARK call rocked. Malamaal Call of 22 Nov says: With ₹2,500 (66.66%) returns per lot, yesterday's BANKNIFTY call rocked. Malamaal Call of 18 Nov says: With 3.39% returns, yesterday's BBL call rocked. Malamaal Call of 17 Nov says: With ₹15,000 returns per lot, yesterday's METROPOLIS call rocked. Malamaal Call of 16 Nov says: With ₹10,650 (63.38%) returns per lot, yesterday's MARUTI call rocked. With ₹28,500 returns per lot, yesterday's TATAMOTOR call rocked. Malamaal Call of 15 Nov says: With 1.93% returns, yesterday's BIOCON call rocked. Malamaal Call of 12 Nov says: With 5.44% returns, yesterday's ZOMATO call rocked. Malamaal Call of 11 Nov says: With ₹7,500 returns per lot, yesterday's PIDILITIND call rocked. Malamaal Call of 10 Nov says: With ₹2,550 returns per 10 lots, yesterday's USDINR call rocked. Malamaal Call of 9 Nov says: With 4.19% returns, yesterday's APTECHT call rocked. Malamaal Call of 8 Nov says: With ₹19,125 returns per lot, yesterday's TITAN call rocked. Malamaal Call of 3 Nov says: With (9.26%) returns, yesterday's BARBEQUE call rocked. Malamaal Call of 2 Nov says: With ₹8,000 (30.76%) returns per lot, yesterday's SRTRANSFIN call rocked. Malamaal Call of 1 Nov says: With ₹20,650 (27.69%) returns per lot, yesterday's GRASIM call rocked. Malamaal Call of 29 Oct says: With 6.62% returns, yesterday's ABB call rocked. Malamaal Call of 28 Oct says: With ₹1,675 (203%) returns per lot, yesterday's BANKNIFTY call rocked. Malamaal Call of 27 Oct says: With 3.07% returns, yesterday's APTECHT call rocked. Malamaal Call of 26 Oct says: With ₹29,212.50 returns per lot, yesterday's TATAMOTORS call rocked. Malamaal Call of 25 Oct says: With ₹9,750 (66.66%) returns per lot, yesterday's IHCL call rocked. Malamaal Call of 22 Oct says: With ₹7,560(42.85%) returns per lot, yesterday's COALINDIA call rocked. Malamaal Call of 21 Oct says: With ₹20,250 returns per lot, yesterday's NAVINFLOURIN call rocked. Malamaal Call of 20 Oct says: With 7.61% returns, yesterday's TCI call rocked. Malamaal Call of 19 Oct says: With ₹13,162.50 (43.82%) returns per lot, yesterday's JSWSTEEL call rocked. Malamaal Call of 18 Oct says: With₹5,215 (1.05%) returns per lot, yesterday's NATURAL GAS call rocked. Malamaal Call of 14 Oct says: With₹8,431.25 (33.97%) returns per lot, yesterday's GRASIM call rocked. Malamaal Call of 13 Oct says: With 8.41% returns, yesterday's TATA call rocked. Malamaal Call of 12 Oct says: With 10.83% returns, yesterday's IDBI call rocked. Malamaal Call of 11 Oct says: With ₹25,875 (54.76%) returns per lot, yesterday's GMRINfra call rocked. Malamaal Call of 8 Oct says: With ₹9,125 (17.09%) returns per lot, yesterday's SRF call rocked. Malamaal Call of 7 Oct says: With ₹7000 (33.33%) returns per lot, yesterday's M&M call rocked. Malamaal Call of 6 Oct says: With ₹2350(88.67%) returns per lot, yesterday's Nifty50 call rocked. Malamaal Call of 5 Oct says: With 9% returns, yesterday's PDMJEPAPER call rocked. Malamaal Call of 4 Oct says:   With ₹21,875 returns per lot, yesterday's SRF call rocked. Malamaal Call of 1 Oct says: With 12.55% returns, yesterday's VINYLINDIA call rocked. Malamaal Call of 30 Sep says: With ₹1,700 returns per lot, yesterday's Nifty50 call rocked. Malamaal Call of 29 Sep says: With 2.7% return, yesterday's Coal India call rocked. Malamaal Call of 28 Sep says: With ₹4,050 returns per lot, yesterday's BankNifty call rocked. Malamaal Call of 27 Sep says: With ₹22,000 returns per lot, yesterday's MINDTREE call rocked. Malamaal Call of 24 Sep says: With ₹12,825 return per lot, yesterday's JSWSTEEL call rocked. Malamaal Call of 23 Sep says: With ₹48,750 return per lot, yesterday's Mcdowell call rocked. Malamaal Call of 22 Sep says: With ₹5,375 (116.21%) return per lot, yesterday's BankNifty call rocked.   Malamaal Call of 21 Sep says: With ₹19,000 (46.34%) return per lot, yesterday's Adanient call rocked.   Malamaal Call of 20 Sep says: With ₹11,550 (43.75%) return per lot, yesterday's best performer call rocked.   Malamaal Call of 17 Sep says: With ₹4,900 (97%) return per lot, yesterday's best performer call rocked.     Malamaal Call of 16 Sep says: With ₹2,100 (127%) return per lot, yesterday's best performer BankNifty call rocked.  

Venus Pipes & Tubes Limited (“Venus Pipes”) was incorporated on February 17, 2005. Venus Pipes is a pipes and tubes manufacturer with the sole focus on manufacturing welded and seamless pipes in a single metal category, i.e., stainless steel. The company manufactures stainless steel tubular products in 2 broad categories: (i) seamless tubes/pipes; and (ii) welded tubes/pipes. Under their brand name “Venus”, they supply their Products for applications in diverse sectors including Chemicals, Engineering; Fertilizers; Pharmaceuticals, Power, Food Processing; Paper; and Oil and Gas. Venus Pipes has one manufacturing plant which has separate seamless and welded divisions with the latest product-specific equipment and machinery. As of February 28, 2022, their Manufacturing Facility has a total installed capacity of 10,800 MTPA. They are proposing to expand their existing manufacturing capacity for welded pipes/tubes and seamless pipe/tubes. As of February 28, 2022, they have exported their products to 20 countries including Brazil, the UK, Israel and countries in the European Union, etc.   Outlook & Valuation: The company has grown well in the last three financial years due to improvements in the commodity cycles and high steel prices. The company’s current capacity utilization is above 90% and the company expects to more than double its capacity using the IPO proceeds. Further, they also plan to set up a piercing line for manufacturing hollow pipes with the capacity of 800 MT per month, as their backward integration strategy. With the piercing plant, they will be able to produce hollow pipes from the SS round bar. Their products are largely used in industries like pharmaceuticals, food processing, etc. The GoI has announced Production Linked Incentive (“PLI”) schemes for boosting the domestic manufacturing in certain sectors, which shall have a consequent positive impact on their order book. And schemes like Make in India, and Atmanirbhar Bharat that focus on indigenous manufacturing augur well for the company. China export rebate cessation and BIS norms provide industry tailwinds. The company has priced the issue at a P/E of 21.03 based on annualized numbers for FY 22 which is slightly above its industry median P/E. Further, the commoditized & cyclical nature of the business and small issue size makes this issue suitable for aggressive investors only with a long term view.   KEY MANAGERIAL PERSONNEL Jayantiram Motiram Choudhary is the Chairman, Non-Executive Director and one of the Promoters of the company. He has been associated with the company since its incorporation. He has over 10 years of experience in the steel industry and over 4 years of experience as a director of Accuracy Shipping Ltd. Arun Axaykumar Kothari is the Promoter, Managing Director and CFO of the company. He has been associated with the company since September 14, 2021. He looks after and manages the entire accounting and financial operations of the company and is responsible for setting processes, systems and procedures in place to control and streamline the financial and commercial transactions of the Company. Pavan Kumar Jain is the Company Secretary and compliance officer. He has also been associated with the company since August 18, 2020. He has around 3 years of experience in finance, accounting and secretarial work. Kumar Shishir C Sinha is the president (marketing) of the company. He has been associated with the company since March 01, 2021. He has over 30 years of experience in stainless steel pipes and tubes. Kunal Bubna is the president (finance and accounts) of the company. He has been associated with the company since July 01, 2021. He has over 14 years of experience in accounting and secretarial work. Bharat Kumar Prajapati is the production head of the company. He has been associated with the company since September 02, 2020. He has over 20 years of experience in the pipe industry. Om Prakash Mishra is the vice-president (operations) of the company. He has been associated with the company since December 13, 2021. He has over 23 years of experience in the manufacturing industry. COMPETITIVE STRENGTHS International Accreditations and product approvals Specialized production of Stainless Steel Pipes and Tubes Multi-fold demand of the Products Customer Diversification A key beneficiary of CAPEX in chemical and engineering sector Venus supplies high-quality pipes for industrial use (B2B) and does not cater to the lower-end market of domestic furniture, retail, etc. KEY STRATEGIES Increasing existing capacity Backward integration and cost optimization to improve margins Tap new geographies to increase export Continue to improve operating efficiencies through technology enhancements KEY CONCERNS The issue size is too small. Valuation is on the higher side. Cyclical and commoditized industry Highly competitive industry.   COMPARISON WITH LISTED INDUSTRY PEERS (AS OF 31STMARCH 2021) Name of the Company EPS (Basic) NAV P/E Total Income (Cr) RoNW (%) Venus Pipes & Tubes Ltd 18.04 30.48 28.01 312.0 59.18% Jindal Saw Ltd 10.02 218.39 9.69 10,872.0 4.69% Ratnamani Metal & Tubes Ltd 59.07 425.35 41.51 2,341.5 13.9%   FINANCIALS (RESTATED CONSOLIDATED) Particulars (Rs. In Millions) FY 2021 FY 2020 FY 2019 Equity Share Capital 8.73 8.73 8.73 Other Equity 31.20 7.54 3.44 Net Worth 39.93 16.28 12.17 Revenue from Operations 309.33 177.81 118.75 EBITDA 34.78 11.64 8.29 Profit Before Tax 30.95 6.49 4.95 Net Profit for the year 23.63 4.13 3.75   DISCLAIMER: The information contained herein is strictly confidential and is meant solely for the information of the recipient and shall not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written permission of Swastika InvestmartLtd. (“SIL”). The contents of this document are for information purposes only. This document is not investment advice and must not alone be taken as the basis for an investment decision. Before taking any decision to invest, the recipient of this document must read carefully the Red Herring Prospectus (“RHP”) issued to know the details of IPO and various risks and uncertainties associated with the investment in the IPO of the Company. All recipients of this document must before acting on the given information/details, make their own investigation and apply independent judgment based on their specific investment objectives and financial position. They can also seek appropriate professional advice from their own legal and tax consultants, advisors, etc. to understand the risks and investment considerations arising from such investment. The investor should possess appropriate resources to analyze such investment and the suitability of such investment to such investor’s particular circumstances before making any decisions on the investment. The Investor shall be solely responsible for any action taken based on this document. SIL shall not be liable for any direct or indirect losses arising from the use of the information contained in this document and accept no responsibility for statements made otherwise issued or any other source of information received by the investor and the investor would be doing so at his/her/its own risk. The information contained in this document should not be construed as a forecast or promise or guarantee or assurance of any kind. The investors are not being offered any assurance or guaranteed or fixed returns on their investments. The users of this document must bear in mind that past performance if any, are not indicative of future results. The actual returns on investment may be materially different from the past. Investments in Securities market products and instruments included in the IPO of the Company are highly risky and they are generally not an appropriate avenue for someone with limited resources/ limited investment and low-risk tolerance. Such investments are subject to market risks including, without limitation, price, volatility and liquidity and capital risks. Therefore, the users of this document must carefully consider all the information given in the RHP including the risk factors before making any investment in the Equity Shares of the Company. Swastika Investmart Ltd or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with the preparation of the research report. Accordingly, neither Swastika Investmart Ltd nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. Swastika Investment Ltd may have issued other reports that are inconsistent with and reach different conclusions from the information presented in this report. The research entity has not been engaged in a market-making activity for the subject company. The research analyst has not served as an officer, director or employee of the subject company. We have not received any compensation/benefits from the Subject Company or third party in connection with the Research Report. CORPORATE & ADMINISTRATIVE OFFICE - 48, Jaora Compound, M.Y.H. Road, Indore - 452 001 | Phone 0731 - 6644000 Compliance Officer: Ms. SheetalDuraphe Email: compliance@swastika.co.inPhone: (0731) 6644 241 Swastika Investmart Limited, SEBI Reg. No. : NSE/BSE/MSEI: INZ000192732 Merchant Banking: INM000012102 Investment Adviser: INA000009843 MCX/NCDEX: INZ000072532 CDSL/NSDL: IN-DP-115-2015 RBI Reg. No.: B-03-00174 IRDA Reg. No.: 713.