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New Delhi, India

Akshita is an equity research analyst working with a US Research firm and an aspiring CFA charter. With a keen interest in financial modeling and valuation, she prepares exemplary-detailed research reports.

Contributor since: 2022

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Equity Research: Whirlpool Of India Limited

Whirlpool of India Ltd is an totally India-based producer of domestic home equipment. The Company is in general engaged in manufacturing and buying and selling of Refrigerators, Washing Machines, Air Conditioners, Microwave Ovens and small home equipment and caters to both domestic and worldwide markets. It provides services in the vicinity of product improvement, and procurement services to Whirlpool Corporation, The United States and other group businesses. The Company additionally offers Water Purifiers, Built-In Appliances and Induction cooktop. The Company gives add-ons for Refrigerators, Washing Machines, Air Conditioners, Microwave Ovens and Water Purifiers. It gives Surge Protector and Affresh Accessories. Its plants are positioned at Faridabad, Haryana; Rajangaon, Pune, and Thirubhuvanai Village, Puducherry.

Equity Research: Sheela Foam Limited

Sheela Foam Ltd, formerly Sheela Foam Private Ltd, manufactures mattresses underneath the Sleepwell logo. The Company manufactures other foam-based home comfort products focusing primarily on Indian retail consumers, in addition to technical grades of polyurethane (PU) foam for end use in various industries. Its home comfort line consists of products, inclusive of furniture cushioning, cushions and sofa-cum-beds, as well as PU Foam cores utilized for manufacturing finished home comfort merchandise, and comfort add-ons, which include bed sheets and toddler care sheets. Its mattress line, supplied below its Sleepwell range, consists of pure foam mattresses, in addition to hybrids of spring and coir with foam that can be customization as in keeping with the necessities of purchasers. Its furniture-cushioning line, offered underneath Sleepwell and Feather Foam manufacturers, includes PU Foam that constitutes upholstery material of various densities. Through its subsidiary, it manufactures PU Foam in Australia.

Tata Power Company Limited

The Tata Power Company Limited is an India-based incorporated power business enterprise. The Company is engaged in electric powered electricity generation, transmission and distribution, electronic products, and provider agencies. The Company\'s segments are Transmission,Generation, Renewables and Distribution, and Others. The Generation section contains of generation of energy from hydroelectric assets and thermal sources (coal, gas, and oil) from plant owned and operated underneath rent arrangements and related ancillary offerings. The Renewables section incorporates generation of power from renewable energy resources i.e. wind and solar and related ancillary services. The Transmission and Distribution segment contains of transmission and distribution network, sale of power to retail customers through distribution community and related ancillary services. The Others section comprises of task control contracts/infrastructure control offerings,property improvement and lease rent of oil tanks.


Incorporated in 1999, IRCTC is a Mini Ratna (Category 1, Central Public Sector Enterprises ) and the only company authorized by the Indian government to provide online railway tickets, catering services, and packaged drinking water at railway stations and trains in India.

Initial Coverage: IndusInd Bank

IndusInd Bank Ltd is in banking and para-banking services. The Bank is targeted on accepting deposits, which includes financial savings debts, current accounts and fixed deposits, and banking solutions. The Bank is engaged in granting loans to various segments, together with industries and corporations, and retail loans; financing a range of vehicles or system to people, and priority region lending. The Bank\'s segments consist of Treasury, Corporate / Wholesale Banking, Retail Banking and Other Banking Business. The Treasury segment consists of investment portfolios, profit or loss on sale of investments, income or loss on forex transactions, equities, income from derivatives and cash marketplace operations. The Corporate/Wholesale Banking section includes lending to and deposits from company customers. The Retail Banking section includes lending to and deposits from retail customers.

EQUITY RESEARCH: Vardhman Special Steel (VARSPE)

Vardhman Special Steels Ltd is engaged in providing steel bars and rods. The Company gives merchandise, which include round bar and corner, peeled and centerless ground bar, drawn and centerless floor bar. The Company additionally offers Case Hardening Steel, Chrome Steel, Chrome Manganese Steel, Carbon Steel, Carbon Manganese Steel, Chrome-Moly Steel, Nickel Chrome / Nickel Chrome Moly Steel, through Micro Alloyed Steel, Vanadium Steel, Nitriding Steel, Hardening Steel, Boron Steel, Ball Bearing Steel, Free/Semi Free Cutting Steel, Spring Steel and High Titanium Steel. The Company offers merchandise in various diameters. The Company\'s plant is positioned at Ludhiana, India. The potential of the melt shop is 125,000 metric tons/annum. The Company manufactures products by the use of technology, consisting of Steel Melting, Bright Bar, Rolling Mill and Heat Treatment.

EQUITY RESEARCH: Ahluwalia Contracts (India) Limited (ACIL)

Ahluwalia Contracts (India) Ltd is a primarily India-based integrated construction company. The Company\'s task portfolio comprises projects across residential and commercial complexes, lodges, institutional homes, hospitals and corporate offices, IT parks and business complexes, metro stations and depots, power plants and automated car parking zones, amongst others. The Company\'s initiatives consist of resort tasks, along with Hotel Renaissance and ITC Gardenia Five Star Hotel; medical institution projects, together with BPS Mahila Vishwavidyalaya, Tata Medical Centre and Fortis Super Specialities Hospital; commercial/workplace tasks, along with District Court Complex, Caparo International Centre and The Republic of Singapore High Commission; residential initiatives, consisting of Lotus Boulevard Group Housing, Pearl Housing and 795 Mass Housing, and educational institutions, which includes Indian Institute of Corporate Affairs, Indraprastha Institute of Information Technology and IIT Campus Mandi.

EQUITY RESEARCH: Rico Auto Industries Ltd.

Rico Auto Industries Ltd is engaged inside the manufacturing of clutch and crank case. The Company is engaged inside the manufacturing and sale of vehicle additives for two wheelers and 4 wheelers. It manufactures and substances high precision and machined components and assemblies, each aluminium and ferrous, to original device manufacturers. Its merchandise include Oil Pump Assembly, Lube Oil Filters Heads, Exhaust Manifolds, Turbine Housings, Center Housings, Back Plates, Oil Pan, Intake Manifold Covers, Front Cover, Valve Cover, Side Cover, Balance Shafts Assembly, Gear Housing, Steering Knuckles, Main Bearing Caps, Flywheels, Engine Brackets and Differential Case Housings. Its services include designing, improvement and engineering services, research and development, Testing and Validation, Special Purpose Machines with computer numeric control (CNC) Controls, Tooling and Prototyping, Casting (Aluminium and Ferrous), Machining and Assembly, and Packaging and Logistics.


Astral Limited, previously Astral Poly Technik Limited, is an India-based pipe organisation. The Company is engaged in manufacturing plumbing and drainage structures. The Company and its subsidiaries are engaged within the enterprise of producing and trading of pipes, fittings and adhesive solutions. Its product variety consists of plumbing pipe & fittings, insulation tube, industrial pipes & fittings, sewerage drainage pipes & fittings, fire sprinklers pipes & fittings, ancillary products, agriculture pipes & fittings, cable safety, urban infrastructure and surface drainage gadget. The Company gives numerous products below its product variety, inclusive of Astral chlorinated polyvinyl chloride (CPVC) PRO, Astral Pex-a PRO, Astral Aquarius unplasticized polyvinyl chloride (uPVC), Astral INSUPro, Astral Chem PRO, Astral Aquarius Plus, Astral Fire Pro, Astral clamps and hangers, Astral Borewell, Astral Casewell, Geo Rex, Astral Aqua Rex, Astral WireGuard, Astral MultiRex and Telerex.


Dixon Technologies (India) Ltd, previously Dixon Technologies (India) Pvt Ltd, is an India-based design-focused products and solutions business enterprise. The Company is engaged in manufacturing products in the client durables, lighting fixtures and mobile telephones markets in India. Its product portfolio includes customer electronics; domestic appliances; lighting merchandise; and cellular phones. It additionally presents solutions in reverse logistics, which includes repair and refurbishment services of set top boxes, cellular phones and LED television panels. Consumer electronics include LED tv. Home appliance includes washing machine. Lighting products consists of LED bulbs and tube lighting fixtures, down lighters and compact fluorescent lamp (CFL) bulbs. It operates in six manufacturing centers placed in the states of Uttar Pradesh and Uttarakhand, India.


Z F Steering Gear (India) Ltd is engaged in the enterprise of manufacturing and assembling of steering structures for vehicles, buses and tractors. The Company is mainly engaged in the production of automobile factor (steerage tools) and renewable energy (solar and wind energy). The Company\'s segments consist of Auto Component and Renewable Energy. The Company\'s product variety includes steering systems, vane pumps, pump pulleys, oil reservoirs, steering & pump mounting brackets, steering columns, intermediate shafts, universal joints, bevel gears containers and power steering oil dexron II. The Company\'s five mega-watt (MW) solar power challenge is positioned at Gujarat Solar Park. The Company operates approximately seven wind turbine machines, that are located in districts of Satara and Ahmednagar, which have an aggregated capacity of about 6.7 megawatts. The Company has plant at Vadu Budruk, close to Pune for manufacturing and assembling of steerage systems and add-ons.


Birlasoft Ltd is an India-based corporation, that is engaged in supplying IT services, consulting, and business solutions. The Company provides various services, which incorporates digital and organisation technology and offerings. Its digital offerings include data analytics, connected merchandise, intelligence automation, linked products, cloud, and blockchain. Its business enterprise technologies and offerings encompass customer relationship management, manufacturing, execution structures, product lifecycle management, supply chain management, IT transformation, applications control, testing, infrastructure and cloud technology. Its solutions encompass intelliAsset, TruView agreement lifecycle management (CLM), TruLens, Supplier Risk Rader, submission automation, and AKOYA. It serves diverse industries, which consist of automotive, banking, production, capital markets, coverage, media and entertainment, power and resources, life science and healthcare and utilities.

EQUITY RESEARCH: HDFC Asset Management Company Limited

HDFC Asset Management Company Limited is a publically owned funding supervisor. The organization launches and manages fixed income, equity and balanced mutual funds for its customers. It manages fixed income, equity, balanced, and real estate portfolios. The corporation invests in public equity and fixed income markets. The company employs essential analysis to make its investments. HDFC Asset Management Company was founded on December 10, 1999 and is based totally in Mumbai, Maharashtra. HDFC Asset Management Company Ltd operates as a subsidiary of Housing Development Finance Corporation Ltd.

EQUITY RESEARCH: Rudra Global Infra Products Ltd

Rudra Global Infra Products Ltd is a renowned company operating in the infrastructure sector. With a strong presence in the market, the company specializes in providing a wide range of innovative products and solutions for the construction and infrastructure industry. Rudra Global Infra Products Ltd offers a diverse portfolio of high-quality products, including building materials, structural components, industrial machinery, and specialized equipment. The company is committed to delivering excellence and maintaining the highest standards of quality in all its offerings. Through continuous research and development, Rudra Global Infra Products Ltd strives to introduce cutting-edge technologies and sustainable practices into its products, contributing to the development of environmentally friendly infrastructure solutions. Rudra Global Infra Products Ltd has established a strong network of clients and partners both domestically and internationally. With a customer-centric approach and a team of experienced professionals, the company aims to provide exceptional service and build long-lasting relationships in the industry.


Accelya Solutions India Ltd, previously known as Accelya Kale Solutions Ltd, is a software solutions provider to the global airline and travel industry. It is in computer programming, consultancy and associated activities. Its geographical segments are Asia Pacific, which includes India, New Zealand, Japan and Australia; Middle East and Africa, including, Mauritius, Zimbabwe, Kenya and Tanzania; Americas, along with U.S and Canada, and Europe, consisting of Holland, France and Portugal. It provides software merchandise, controlled methods, technology and web hosting offerings. Its solutions consist of airline monetary solutions, airline commercial solutions and industry solutions. Its airline financial solutions consist of revenue accounting, cost management, miscellaneous billing, audit and revenue recovery, refund control and ground handling billing. Its enterprise solutions consist of simplified interline settlement (SIS) and neutral fare proration engine.


IIFL Securities Ltd provides capital market offerings in the primary and secondary markets in India. It operates via Capital Market Activity, Insurance Broking, Facility & Ancillary, and Other segments. The employer gives retail broker products and services comprising equity, commodities and currency broker, and equity research; advisory offerings, inclusive of monetary planning, depository participant, mutual funds and bonds, PMS, AIFs, and retirement and estate making plans; dealer offerings; investment banking services inclusive of IPO, certified institutional placement, right issues, preferential placement, follow-on public offer, mergers and acquisitions, share buybacks, tender offers, and delistings; and advisory offerings for non-public equity placements, and mergers and acquisitions. It additionally distributes third-party economic products, including mutual funds, insurance, PMS, AIFs, fixed deposits, loans, and pension products. It serves retail and mass affluent traders, domestic and foreign institutional buyers, sovereign wealth funds, banks, and private equity funds and corporate. The company was formerly known as India Infoline Ltd and changed its name to IIFL Securities Ltd in February 2018. IIFL Securities Ltd was established in 1995 and is primarily based in Mumbai, India.

EQUITY RESEARCH: Hindware Home Innovation Ltd

Somany Home Innovations Ltd. (SHIL) is a newly created Corporate Entity which become demerged from HSIL Ltd, vastly regarded with the aid of its Brand Hindware, a leading name inside the Indian marketplace. SHIL is centred on servicing end-consumers in the market and is concerned in branding, advertising, income, distribution, buying and selling, service etc. of Consumer Appliances under the Brand name ‘Hindware’, ‘Moonbow’ and Furniture Retail Business beneath the Brand call ‘Evok’.Wide product variety covers regions like Kitchen appliances, Water warmers, Air Coolers, Water Purifiers, Ceiling Fans to Home furnishing etc.It has a longtime community of 9,650+ retail and 750+ distribution points.

EQUITY RESEARCH: Zen Technologies Ltd.

Zen Technologies Ltd is engaged in the layout, development and manufacture of training simulators. The Company offer its products to police and paramilitary forces, defense force, security forces, govt. departments, including transport, mining, infrastructure and civilian markets. The Company\'s merchandise are divided into three classes: Land-based Military Simulators, Driving Simulators, and Mining & Special Equipment Simulators. Its products comprises Zen Advanced Weapon Simulator (Zen AWeSim), Zen Small Arms Training Simulator-SL (Zen SATS), Zen Hand Grenade Simulator (Zen HE36S), Zen Driving Training Simulator (Zen DTS), Zen BMP-II Driving Simulator (Zen BMP-II DS), Zen Anti-Tank Guided Missile Simulator (Zen ATGM Sim), Zen Artillery Forward Observer Simulator (Zen ArtyFOS), Zen Driving Simulator (Zen DS) & Zen Automated Driving Simulator (ZEN ADS), Zen Tactical Engagement Simulator (Zen TacSim), and Zen 81mm Mortar Integrated Simulator (Zen 81mm MIS), among others.


La Opala RG Ltd is an primarily India based pure-play tableware agency. The Company operates as a manufacturer and marketer of life style products inside the tableware segment. The Company is engaged within the manufacture and advertising of opal glass tableware and approximately 24% lead crystalware products. The Company\'s glassware portfolio includes plates, bowls, dinner sets, cup-saucer sets, espresso mugs, espresso cups, tea sets, soup units, pudding and dessert sets, and crystal ware merchandise contain barware, vases, bowls, stemware and heat-resistant borosilicate cookware. The Company\'s manufacturers comprises La Opala, Diva and Solitare. Diva (tableware) and Solitare (crystal ware) deal with client needs. The Company exports products to 40 nations. It has centres positioned at Sitarganj, Uttarakhand, which manufactures opalware and Madhupur, Jharkhand, which manufactures crystal ware and opal ware. Its production operations are located in India.

EQUITY RESEARCH: Mangalore Refinery and Petrochemicals Ltd

Mangalore Refinery and Petrochemicals Ltd manufactures and sells refined petroleum products in India. The corporation produces and sells bitumen, furnace oil, high speed diesel, xylol, naphtha pet coke, sulphur, and motor gasoline, as well as polypropylene and other products. The company was established in 1988 and is primarily based in Mangalore, India. Mangalore Refinery and Petrochemicals Ltd is a subsidiary of Oil and Natural Gas Corporation Ltd.

EQUITY RESEARCH: Pix Transmission Ltd.

Pix Transmissions Ltd manufactures and sells belts and associated mechanical power transmissions merchandise in India. The enterprise gives ribbed/poly-V, timing/synchronous, banded, car, industrial, special construction, agriculture, garden and lawn, and V-belts; and PowerWare products, which include pulleys, couplings, bespokes, and tensioners and idler pulleys, in addition to add-ons, which includes service kits, pulley and profile gauges, laser guided pulley alignment tools, belt length measurers, tension meters, poly-v belt wear gauges, timing belt gauges, and X\'slit belt cutting gear. Its merchandise used in business, ceramic, cement, oil and gasoline, electricity plant, wooden, automotive, cold garage, entertainment and sport, packaging, rice/flour mills, building and construction, agriculture, meals processing, system gear, paper pulp, metal, lawn and garden, domestic equipment, mineral ore mining, pharmaceutical, and textile industries. It also exports its products. Pix Transmissions Ltd become integrated in 1981 and is based totally in Mumbai, India.


Mayur Uniquoters Ltd is a holding business enterprise. The Company is engaged in the production of artificial leather/foam leather, and different substitutes of leather. It manufactures covered fabric cloth. The Company\'s merchandise are used in segments, including shoes, furnishings, automobile original equipment manufacturer (OEM), automobile replacement marketplace, and automobile exports. It sells its merchandise to OEMs and other manufacturers, and wholesalers in India, and also exports to diverse nations, inclusive of the US and the United Kingdom. It produces specialized polyvinyl chloride (PVC) vinyl for the footwear industry. It offers products for numerous parts of footwear, including shoe uppers, shoe lining and insoles. It offers products, which are used in upholstery for sofas, chairs, cushion-covers and bean bags. Its production devices are placed at village Jaipura and Dhodsar, Jaipur. Knitted cloth synthetic at Dhodsar plant is consumed by and large as captive intake.


PNC Infratech Ltd is an infrastructure production, improvement, and control business enterprise. The Company is broadly speaking engaged within the regions of infrastructure projects, together with highways, bridges, flyovers, power transmission lines, airport runways, and other infrastructure activities. Its segments include BOT (Toll and Annuity) and EPC Contracts. It offers cease-to-cease infrastructure implementation solutions that consist of engineering, procurement, and construction (EPC) services. It implements initiatives on various Public-Private-Partnership (PPP) formats, which include Design-BuildFinance-Operate-Transfer (DBFOT), OperateMaintain-Transfer (OMT), and Hybrid models. It is concerned with the construction and development of Highways, Bridges and flyovers, and Industrial region improvement. It specializes in road constructing projects in Punjab, Haryana, Tamil Nadu, Madhya Pradesh, Maharashtra, Karnataka, Rajasthan, Uttar Pradesh, Uttarakhand, West Bengal and North Eastern India.

EQUITY RESEARCH: ITD Cementation Limited (ITDC)

With a presence in 15 states and 2 UTs, ITD Cementation India Limited is in the business of providing design, engineering, procurement, and construction (EPC) services for infrastructure projects in India. In order to deliver landmark projects, the Company makes use of the knowledge of its parent company, Italian Thai Development Public Company Limited (ITD, Bangkok). The company is also present internationally in Sri Lanka and Myanmar. With experience working with most of India\'s major ports, the business is the market leader in the marine and maritime sector. It also has a significant sectoral presence in urban infrastructure, MRTS, airports, hydro, dams, tunnels, irrigation, industrial structures, and buildings. With orders totaling Rs. 18,517 crores from Tamil Nadu, Uttar Pradesh, Karnataka, Gujarat, West Bengal, Maharashtra, Delhi, and other states, ITD Cementation has a very robust order book.


HBL Power Systems Ltd is engaged inside the commercial enterprise of manufacturing batteries. The Company\'s segments comprises Batteries and Electronics. The Batteries and Electronics segment includes various forms of merchandise for defense, aviation, telecom and commercial application. Its merchandise consists of batteries, which include Lead Acid Batteries, Nickel-Cadmium Batteries and Specialized Defense Batteries; Power Electronics, which incorporates Thyristor Battery Charger, Switch Mode Rectifiers, Battery Monitoring System and Earth Leakage Monitor; Concrete Products, including Spun Concrete Poles, Spun Concrete Poles, Spun Concrete Poles and Hollow Core Slabs; Renewable energy, which incorporates Off-grid Solar Systems and HBL Green Products Division, and Engineering Solutions, which incorporates Training Simulators and Railways, consisting of Data Loggers, Audio Frequency Track Circuit, Electronic Interlocking System, Train Collision Avoidance System, Train Management System, SPAD Alert System and Rail System Unit.


Thomas Cook (India) Ltd is an incorporated travel services agency. The Company is engaged in different groups which includes travel and associated offerings, authorized forex dealers, imaging solutions, and imparting complete-service leisure resorts catering to vacation ownership, one-time amusement holidays and conferences, incentives, meetings, and exhibitions. It operates thru two segments: Financial services and Travel and related services. The financial segment includes wholesale and retail buy and sale of foreign currencies and paid files. Travel and related services section consists of tour operations, travel management, visa services and travel coverage and related services. It operates commercial enterprise to clients and business to business brands, consisting of SOTC, TCI, SITA, Asian Trails, Allied T Pro, Luxe Asia, and Kuoni Hong Kong. It offers worldwide tour programs and India and round tour programs. It also presents passport and concierge services.


Zydus Wellness Ltd is an integrated consumer corporation. The Company is engaged within the improvement, manufacturing, advertising and marketing and distribution of health and well-being merchandise. The Company\'s products include table margarine. Its product portfolio includes brands, along with Sugar Free, Everyuth and Nutralite. Its Sugar Free logo portfolio consists of Sugar Free Gold, which is used as sugar alternative in arrangements, consisting of tea, coffee and fruit juices, and Sugar Free Natura, that is utilized in arrangements, together with cakes, chocolates, blended fruit custard and ice cream. It offers various speciality skincare products below the brand name of Everyuth Naturals, which consists face wash, facial mask (peel off, packs), scrubs, sun blocks, winter care (body lotion and cream), purifier and toner, soaps and men skin care (face washes, sun block, moisturizer and scrub). The Company beneath Nutralite brand gives a table spread, which has poly unsaturated fatty acids and mono unsaturated fatty acids.


CSB Bank Ltd presents numerous banking products and services for small and medium organizations, retail, and NRI clients in India. It operates through 4 segments: Treasury, Corporate/Wholesale Banking, Retail Banking, and Other Banking Operations. The agency accepts various deposits merchandise that comprises savings Ac, NR Ac, fixed deposits, recurring deposits, corporate salary, and current Ac, as well as products for NRI customers; personal and enterprise loans, including loans in opposition to gold jewelry, two wheeler and motor car loans, housing loans, mortgage in opposition to assets and overdrafts on mortgage/hypothecation/pledge, small commercial enterprise loans, and agricultural loans; and microfinance. It additionally gives demat services; and banking offerings to monetary establishments, together with non-banking monetary agencies, banks, insurance businesses, mutual funds, agents, and many others.; cash control and exchange finance services; digital banking services; statutory reserves and asset liability control, liquidity management, funding and securities buying and selling, and money market and foreign exchange services; sovereign debt gadgets funding services; commercial papers, mutual funds, certificates of deposits, bonds, and debentures; remittance services; life and non-life insurances; and payment services, in addition to debit cards. In addition, it provides agri-banking services; and corporate lending services. As of March 31, 2021, the agency operated 518 branches, which have 3 service branches, three- asset recovery branches, and 318 ATMs. The company was previously known as The Catholic Syrian Bank Ltd and changed its name to CSB Bank Ltd in June 2019. CSB Bank Ltd changed was established in 1920 in Thrissur, India.


Bharat Electronics Limited is an India-based employer, which manufactures and resources electronic equipment and systems to the defense area as well as for non-defense markets. Its defense products are Land-based Radars, Naval Systems,Defense Communication Products, Electronic Warfare Systems, Avionics, Electro Optics, Tank and Armored Fighting Vehicle Electronic Systems, C4I Systems, Weapon Systems, Shelters and Masts, Simulators and Batteries, among others. Its non defense products include Homeland Security, Civilian Radars,Telecom and Broadcast Systems,Cyber Security, and e-Governance Systems, among others. It manufactures electronic products and systems for the navy, army, and the air force. It gives electronic manufacturing services in regions of printed circuit board meeting and testing; precision machining and fabrication; opto electronics additives and assemblies; microwave integrated circuit assemblies; additives modules, and offsets, among others.

INITIAL COVERAGE: RateGain Travel Technologies Ltd.

With over 2900 customers and 700 partners working with them in more than 100 countries, RateGain Travel Technologies Ltd. is a leading global provider of SaaS solutions for the travel and hospitality sectors. They assist businesses in accelerating revenue production through customer acquisition, retention, and wallet share expansion. The business provides travel and hospitality solutions to a variety of industry sectors, including hotels, airlines, car rental agencies, online travel agencies (OTAs), vacation rental agencies, package suppliers, and travel management firms, among others.


Datamatics Global Services Limited. a provider of data-driven business improvement solutions, performance solutions, and customer experience services. Digital Operations, Digital Experiences, and Digital Technology are the three key divisions in which the organization operates. The clients of the business are in the BFSI, Manufacturing, Hospitality, and Publishing sectors and international organizations. The business also specializes in business intelligence, robotic process automation, sophisticated analytics, and automatic rate collection. Through subsidiaries, Datamatics, which has its headquarters in Mumbai, is present throughout North America, Europe, Australia, and Asia.

INITIAL COVERAGE: Zen Technologies Ltd.

For the training of defence and security forces around the world, Zen Technologies Ltd. (ZTL) designs, develops and manufactures cutting-edge combat training solutions. ZTL is the exclusive manufacturer of training base simulators in India. The company creates driving simulators, live range equipment, anti-drone systems, and land-based military training simulators. To support both individual and group training capacities, ZTL creates more than 40 different Live Fire, Live Instrumented, Virtual, and Constructive training systems. The company has dedicated R&D (recognized by the Ministry of Science and Technology, Government of India) and production facilities in Hyderabad, and it has sold more than 1,000 training systems around the world and filed over 112 patent applications. Hyderabad, India serves as the headquarters of ZTL, which also has operations there and in the USA. ZTL has established itself as a market leader in creating training systems for enhancing and assessing combat readiness, having shipped more than 1,000 training systems across the globe.

Initial Coverage: Fusion Micro Finance

Fusion Micro Finance Ltd is a non-banking financial company (NBFC) based in India that provides microfinance services to low-income individuals and small businesses. The company was founded in 1994 and currently operates in 18 states across India, serving more than 1 million clients through a network of over 400 branches. Fusion Micro Finance Ltd offers various financial products and services, including microloans, group loans, individual loans, and micro-enterprise loans, with a focus on promoting financial inclusion and entrepreneurship in underserved communities. The company\'s mission is to enable sustainable livelihoods for its clients by providing access to credit, financial literacy, and other support services. Fusion Micro Finance Ltd is committed to responsible and ethical business practices and has received various awards and recognition for its social impact and financial performance.

Initial Coverage: Indigo Paints

The company has a strong presence in tier III and tier IV markets, where brand penetration is relatively easy, and dealers have more power to influence customers’ buying decisions and these markets allowed the company to expand its brand and presence in the Indian market.

Initial Coverage: PIDILITE

Pidilite is a leading manufacturer of adhesives and sealants, construction chemicals, crafts products, DIY products, and polymer emulsions in India. Pidilite has divided its business into two segments – C&B product segment (C&B; includes adhesives, sealants, art and craft material and others, construction, and paint chemicals) and the industrial product segment (IP; which includes industrial adhesives, synthetic resins, organic pigments, pigment preparations, and surfactants). C&B accounts for ~80% of Pidilite’s standalone revenue, while the balance is contributed by the IP segment. The company’s brand name, Fevicol, has become synonymous with adhesives to millions in India and is ranked among the most trusted brands in the country. Some of the other major brands are M-Seal, Fevikwik, Fevistik, Roff, Dr. Fixit Fevicryl, Motomax, Hobby Ideas, and Araldite.

Initial Coverage: INFO EDGE LIMMITED

Info Edge (India) incorporated in 1995 is primarily in the business of operating multiple internet-based services through its various web portals and mobile applications and long-term value investing. It currently operates in four service verticals - recruitment solutions, real estate services, matrimonial services, and in education services.


Incorporated in 1987, Prince Pipes and Fittings Limited (PPFL) is one of India’s leading polymer pipes and fitting manufacturers. It manufactures different types of polymer pipes such as Chlorinated Polyvinyl Chloride (CPVC), Unplasticized Polyvinyl Chloride (UPVC), High-density Polyethylene (HDPE) & Polypropylene Random (PPR) and fittings for CPVC, PPR, and UPVC pipes.


With over 50 brands spread across 15 different categories, the company offers a wide range of products, including fabric solutions, home & hygiene, life necessities, skincare, cosmetics, hair care, oral care, deodorants, tea, coffee, ice cream & frozen desserts, meals, and health food drinks (HFD).


With more than 70 years of expertise in the diagnostics industry, Dr. Lal Pathlabs is India\'s premier and most reliable diagnostics organization. It has a comprehensive array of diagnostic and related healthcare tests and services available to patients and healthcare professionals for use in patient diagnosis, core testing, and the prevention, monitoring, and treatment of illness and other health issues.


Balkrishna Industries (BKT) is the leading producer of off-highway tyres. BKT is present in specialized markets such as turf care applications, agricultural, construction, industrial, earthmoving, port, and cross-ply & radial construction.

Equity Research: GAIL

GAIL, which was founded in August 1984, has commercial interests in petrochemicals, LPG and liquid hydrocarbon production, city gas distribution, and natural gas marketing and transmission (CGD). Over the next three years, Gail Gas sales are anticipated to grow by about 10% annually. In the following three years, it would incur a CAPEX of 4,000 crores. The business plans to install more than 100 CNG stations and 2,50,000 PNG connections over the next two years.

Equity Research: Care Ratings Ltd

A full-service rating organization that provides a variety of rating and grading services across industries is Credit Analysis & Research Ltd. (CARE). In less than 30 years, CARE, which was founded in April 1993 and was supported by several banks and financial organizations, has grown to become the second-largest credit rating agency in India in terms of rating income. Additionally, CARE Ratings has emerged as the industry leader in several rating areas, including those for banks, sub-sovereigns, and IPO grading. Bank loan ratings, bond ratings, and SME ratings make up the majority of the company\'s revenue.


One of the biggest companies in the MFI sector, SCNL has a broad regional reach. Through subsidiaries, the corporation entered the MSME and home finance segments, which might stimulate development despite weaker asset quality. Additionally, by diversifying geographically, it is lowering its risk. A reliable source of additional income is growing for Indusind Bank\'s BC (Banking Correspondent) business.


The third-largest forging company in India, MM Forgings Ltd. (MFL), controls a sizeable portion of both the domestic and international markets for forging products for the CV segment. By the end of the company\'s 23rd fiscal year, capacity is anticipated to increase to 130,000 tonnes. It is increasing its emphasis on EV products and broadening its selection of machined goods, which is producing higher profits.

Equity Research: Gujarat Alkalies & Chemicals

Gujarat Alkalies & Chemicals Ltd. (GACL) is the second-largest participant in the local caustic chlorine business with integrated operations. A diverse range of industries, including textile, pulp and paper, aluminum, detergents, soaps, rayon, plastics, pharmaceuticals, water treatment, and agricultural chemicals, use the company\'s wide range of products, which include caustic soda, liquid, and gaseous chlorine, hydrogen peroxide, phosphoric acid, and aluminum chloride.

Equity Research: TTK Prestige Limited

TTK Prestige Limited (TTK) a company which includes Prestige, Judge, and Prestige Xclusive as its brands largely operates in the Kitchen Appliances section and have a wide range of products including pressure cookers, cookware, gas stoves and domestic kitchen electrical appliances.

Equity Research: SJVN

The main activities of Satluj Jal Vidyut Nigam Limited also referred to as SJVN Limited, are the production and sale of electricity. The business is a Mini Ratna and a joint venture between the governments of Himachal Pradesh and India (GOHP). The Government of India (GoI) owns a 59.92% equity ownership in SJVN, while the Government of Himachal Pradesh (GoHP) owns a 26.85% stake.


The Indian Hotels Company Limited (IHCL), a South Asia’s largest hospitality-focussed enterprise with Indian origins is part of this group. IHCL has a portfolio of total 235 hotels, where 175 of these hotels are operational over 100 locations at 12 different countries across 4 continents and has 28,107 keys (including hotels under various stages of development). Also, on 31st March 2022 IHCL has 26 subsidiaries, 7 associates and 6 joint venture companies.

Equity Research: Kirloskar Oil Engines

Kirloskar Oil Engines Ltd. (KOEL), a leading diesel genset player with dominant market share of 24%. KOEL has developed strong manufacturing base with eight manufacturing facilities and presence across thirty countries.

Equity Research: Sagar Cement

Sagar Cements Limited (SCL), established in 1985, is a south India based cement manufacturer with a capacity of 8.25MT (South-5.75MT, Central-1MT, East- 1.5MT). SCL has a total captive power capacity of 66.85MW.SCL’s capacity has grown at 10% CAGR and reached 8.25MT, and targets~10MT by FY25. Revenue/PAT grew at a CAGR of 11%/28% during the last 5Yrs.

Equity Research: Faze Three

Faze Three Limited (FTL), promoted by Mr. Ajay Anand in 1985, is engaged in manufacturing and export of superior quality high-end Home Textile products supplied to top retailers across the globe. It has a diversified product line, main products include Bathmats, Chair pads, Blankets, Rugs, Throws, Floor covering, Bedspreads, etc. Currently, the floor covering segment is the dominant product category. The Company is known for its sheer pursuit of innovation, ideas, and designs which reflects in its products, and has enjoyed being a preferred vendor to most of its customers.


Coal India Limited (CIL) – incorporated in 1975 post the government took over private coal mines, had production of 79MT at the time of inception. Today, CIL is the largest coal producer in the world. Its raw coal production in FY22 stood at 623MT, up 4.4% YoY. On Oct’10, the GOI divested a 10% stake in CIL for Rs 15,200 Cr through an IPO and got listed on the stock exchanges. After the IPO, the GOI has reduced its stake through an offer for sale, by way of placement of shares in the Central Public Sector Exchange Traded Fund, and buyback of shares through an offer for sale. As of Mar’22, the government stake stands at 66%.

Equity Research: Tega Industries Ltd

Tega Industries is a leading manufacturer and distributor of specialized, critical, and recurring consumable products for the global mineral beneficiation, mining, and bulk solids handling industry. Globally, Tega industries are the second largest producers of polymer-based mill liners, based on revenues for the year 2020.

Equity Research: Hindustan Foods

Hindustan Foods Limited is an India-based company, which is engaged in contract manufacturing of various FMCG products including food, home care, personal care, beverages etc. They also do manufacturing of leather shoes and accessories.

Equity Research: Insecticides (India) Ltd

Insecticides (India) Ltd. (IIL) is one of India’s leading manufacturers of Agrochemicals. It provides farmers with a range of products for their crop protection requirements. It also owns the prestigious “Tractor Brand” which has gained great popularity in the farming community. It has state-of-art manufacturing facilities located at Chopanki (Rajasthan), Samba & Udhampur (Jammu & Kashmir) and Dahej (Gujarat). It also has technical synthesis plants at Chopanki and Dahej which provides the company with competitive advantage by backward integration. The company also prides of having great R&D capabilities and technical expertise to provide farmers with effective and innovative products. IIL foundation, an initiative by IIL, is involved in imparting knowledge to farmers regarding modern agricultural practices to improve their crop output.

Equity Research: Lumax Industries

Lumax Industries has been consistently evolving in its product innovation with its in-house design and development capabilities. Company enjoys about 50% market share in domestic automobile lighting business. It caters to a variety of customer needs through endto-end automotive lighting solutions for four-wheelers, two-wheelers applications, commercial vehicles, and tractors/Farm Equipment Segment (FES).

Equity Research: KEC International

KEC International – a $1.8 Bn Engineering, Procurement, & Construction (EPC) major, is the flagship company of the RPG Group. It undertakes EPC projects across the country’s key infrastructure sectors such as Power Transmission & Distribution, Railways, Civil, Urban Infrastructure, Solar, Smart Infrastructure, Oil & Gas Pipelines, and Cables, among others.

Equity Research Report: VST Tillers Tractors

Established in 1967, VTTL is one of the leading power tiller and compact tractor manufacturer in India. It was established by the VST Group of companies, a well-known century old business house in South India, as a JV with Mitsubishi Heavy Industries, Japan and Mysore State Industrial Investment Corporation. VTTL manufactures farm equipment, namely power tillers, tractors, power weeders, diesel engines and other precision agricultural and automotive components. It also trades in certain other farm equipment (mainly rice transplanters), which are\r\nsourced from China.


Newgen Software Technologies is a global software Company and is engaged in the business of software product development including designing and delivering end-to-end software solutions covering the entire spectrum of software services from workflow automation to Document management to imaging. Newgen has 530 active clients and is scaling up key clients fast, Despite Pandemic, revenue per top-20 clients grew at 13% CAGR over FY18-21.

Equity Research Report: Shree Renuka Sugar

Shree Renuka Sugars is a global agribusiness and bio-energy corporation. The Company is one of the largest sugar producers in the world, the leading manufacturer of sugar in India, and one of the largest sugar refineries in the world.

Equity Research Report: Sakar Healthcare

Sakar Healthcare Ltd is engaged in manufacturing of pharmaceutical formulations in the form of liquid injectables, tablets/ capsules, oral liquid syrups, dry powder injectables and syrups. Presently, its domestic sales accounts for 31% of revenues and exports accounts for the rest of 69% of revenues. It is one of the fastest growing pharma company in India.