Tuesday, January 9, 2018

Nahar Industrial Enterprises Ltd @ 111.60

1. Nahar Industrial Enterprises Ltd is a 10 rupee face value diversified (textile and sugar) company.
Security ID: NAHARINDUS  Group / Index: B / S&P BSE SmallCap  Face value: 10.00  Security Code: 519136 ISIN: INE289A01011 Industry: Textiles and Sugar.

Brief Details of Company:- Nahar Industrial Enterprises Limited (NIEL) was incorporated on 27th September 1983. NIEL is a vertically-integrated textile manufacturer, with operations ranging from spinning, weaving & processing and also having sugar unit with 2500 TCD per day. NIEL is the evolution of amalgamation of different group companies with it. NIEL's strategic objective is to capitalize on the growth opportunities that it believes are available in the domestic and global textile industry. At the same time, the company recognizes the competitive nature of the industry, especially with pressure from Asia, and that to maintain growth it must continue to improve the production process and reduce costs.
 Management
The Board of Directors of the Company comprises experienced industrialists businessmen, financial experts, and professionals. The Board has the support of Technocrats, qualified Engineers, Chartered Accountants, Business Management experts and other experienced personnel, employed by the company to look after production, marketing, and finance, etc.
Source:-http://www.owmnahar.com/nahar_ie/about.php (company website)
2. Year high of Nahar Industrial Enterprises Ltd is 149.70 year low was 88.00 and stock traded at 111.60, Year high/ low ratio is below 2.
If you read my research terms or my book then you may know that generally, I like a stock which year high/low ratio is below 2.
But if stock recently gives a positive resulet then this ratio is acceptable until 2.5.  
If you are new reader of my blog and not familiar with my research terms, then please see my research terms at this link
3. Promoters of Nahar Industrial Enterprises Ltd hold 68.59%. Promoters holding is good, and promoters are not pledged any stock. If you check Insider trading in Nahar industries, then you find promoters buy their own stocks on 1 Dec 2017, 14 Dec 2017, and 4 Jan 2018 from the open market It means promoters are also bullish about their own company. 
See this picture:-

or watch this video to knew how to check insider trading:-
See FII or DII Holding Here:-
4.Nahar Industrial Enterprises Ltd is also a dividend paying stock, I will like to buy dividend-paying stocks here is the past dividend history:-
EX DatePurpose
07/09/2017Dividend 1.00
15/09/2016Dividend 1.00
18/09/2014Dividend 1.00
19/09/2013Dividend 1.00
08/09/2011Dividend 1.00
5. The base price of Nahar Industrial Enterprises Ltd is 83.83 So Stock just crossed it's base price from downside to the upper side.
As per my research rules, this is a good sign. 
Currently stock traded 20%+ from the base price this is the negative point for valuation because as per my rule 20% plus to 20% minus from base price is a best buying range for any stock. 
But due to other strong fundamental and recent breakout, I choose this stock for my recommendation.
6. No any bonus issue right issue and bulk deals are recorded in last 2 years..
7. Nahar Industrial Enterprises Ltd net sale per share of FY 16-17 is 434.70.
8. Net sale per share 434.70, So I think this stock is a best fundamental stock but due to it base price 83.83 I published this stock under sharegenius blog instead of my homepage www.maheshkaushik.com where I publish fundamental stocks which fulfill all of my criteria. (Here range from base price not fulfill.)
9. The book value of Nahar Industrial Enterprises Ltd is 174.93 Book value is also High from CMP So this stock is a value buy in both book value term and net sale per share term.
8. Finally, I choose Nahar Industrial Ent. as my trading stock for 20%+ gain.
9. 200 DMA of Nahar Industrial Enterprises Ltd is 110.97 So at CMP 111.60 Stock also traded above his 30 50 150 and 200 DMA, so I think technically stock gives a breakout and able to give us 20%+ return.:-
Simple Moving Averages
DAYSBSENSE
30102.15102.12
50102.65102.64
150104.84104.81
200110.97110.89
10. Fundamental target price of Nahar Industries is 184.245 (New Followers please read my books and watch my videos to knew how I calculate fundamental target price)
10. My Recent Update:- Data Bank Of Indian Stocks
Good News:- Prabhat Prakashan update me that Hindi version of my books "The Winning Theory In Stock Market", and "How Chandu Earned And Chinki Lost In The Stock Market" will available in this month.
And Prabhat Prakashan also takes responsibility to translate and publish English version my Hindi book "Kese Pahuncha Abdul..." Read more details of my book here:- My Books
11. Disclaimer:- This is not an advisory service to buy or sell. The contents of “this research report” are only for educational purposes. No liability is accepted for any content in “this research report”. The author is neither a registered stockbroker nor a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity, index or any other financial instrument at any time.The author recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions. Please read full disclaimer at the bottom of my blog.
12.Discloser:- I Mahesh Chander Kaushik author of this research report is an existing research analyst and passed NISM certification for research analysts. I am also registered with SEBI(RESEARCH ANALYSTS) REGULATIONS, 2014 ( SEBI Registration Number INH 100000908 ) hereby disclose about my financial interest in the subject company and the nature of such financial interest:- 1 Me and my associates or relatives have not held any share of Nahar Industrial Enterprises Ltd so my personal interest is not included in this stock. 2. Me and my associates or relatives have not any actual/beneficial ownership of one percent or more securities of the subject company ( Nahar Industrial Enterprises Ltd). 3. Me and my associates or relatives have not any other material conflict of interest at the time of publication of the research report. 4. Me and my associates or relatives have not received any type of compensation from the subject company(Nahar Industrial Enterprises Ltd) in the past twelve months. 5. I am not served as an officer, director or employee of the subject company ( Nahar Industrial Enterprises Ltd). 6. I have been not engaged in market making activity for the subject company (Nahar Industrial Enterprises Ltd).



Saturday, October 21, 2017

Parag Milk Foods Ltd @ 273.40

1. Parag Milk Foods Ltd is a 10 rupee face value dairy/packaged food company.
Security ID: PARAG MILK  Group / Index: A / S&P BSE 500  Face value: 10.00  Security Code: 539889  ISIN: INE883N01014  Industry: Packaged Foods.

Brief Details of Company:- Incorporated in 1992, Parag Milk Foods Ltd, is Pune based dairy-based branded food producer. The company is involved in the collection, distribution of milk and producing dairy-based branded consumer products including cheese, ghee, whey proteins, paneer, curd, yogurt, milk powders and dairy-based beverages. All products of the company are made from cow milk.
Company's manufacturing facilities are located at Manchar in the Pune district of Maharashtra and Palamaner in the Chittoor district of Andhra Pradesh. Company's supply chain network includes procurement from 29 districts across Maharashtra, Andhra Pradesh, Karnataka and Tamil Nadu, through over 3,400 village level milk collection centers. Parag Milk Foods Brand and product lineup under them:
1. Gowardhan
Gowardhan brand is targeted at household consumption and to be used as cooking ingredients. The products under this brand include fresh milk, curd products (curd, trim curd and buttermilk), ghee, paneer, butter, milk powders, whey proteins, gulab jamun mix, and shrikhand.
2. Go
Targeted at children and the youth generation, primarily for direct consumption. The products under this brand include cheese products, UHT milk (go milk, go slim milk and go supremo milk), fresh milk: go kidz, fruit yogurts in six flavors, fresh cream and beverages (lassi and buttermilk in two flavors).
3. Pride of Cows
The farm-to-home concept of milk, directly delivered from the farm to a consumer's door-step, through a subscription model. Targeted at household consumers seeking premium quality cow's milk. What the product includes under this brand is cow milk.
4. Topp Up
Targeted at the youth generation and travelers as a source of instant nourishment. The products under this brand include flavored milk in six flavors.
Competitive Strengths:
1. Well Established Brands Targeting a Range of Consumer Groups
2. Integrated Business Model
3. Diversified Product Portfolio and Customer Base
4. Growing Pan-India Distribution Network
5. Established Track Record of Growth and Financial Performance
6. Experienced Senior Management Source:-http://www.chittorgarh.com/ipo/parag_milk_ipo/545/ Company website:-http://www.paragmilkfoods.com/ 
2. Year high of Parag Milk Foods Ltd is 328 year low was 203 and stock traded at 273.40.
Year high/ low ratio is below 2, If you read my research terms or my book then you may know that generally, I like a stock which year high/low ratio is below 2 but if stock recently gives a positive result then this ratio is acceptable till 2.5.
If you are new reader of my blog and not familiar with my research terms, then please see my research terms at this link:-
3. Promoters of Parag Milk Foods Ltd hold 48.70 % and Promoters holding is good, but promoters pledged 15.82% stock. Promoters continue to increase his stake Q on Q basis from 47.48% to 48.20% to 48.70% now, and you knew I like increasing promoters holding it shows the confidence of promoters in his own company.
DII and FII holding:-
4.Parag Milk Foods Ltd Parag Milk Food Ltd give 0.50 paisa dividend for this year so as per my rule I like dividends paying company because I got dividends in my holding periods.
5. Parag Milk Foods Ltd  listed on 19.05.2016, So sufficient 3 years data not available for base price calculation but from listing to today, the average price of all available 354 days is 264.28 
So we consider this 264.28 as the partial base price of the stock.
Parag Milk traded near 3.45% above from this partial base price and as my rule for trading stock we buy a stock 20% below to 20% up from base price, however,  this is a partial base price due to the new listing. 
6. In Dec 2016 two bulk deals recorded in Parag milk see details of this bulk deal:-
Here you find FII Sell some of his holding to New Horizon Oppturtinies Marter Fund and when we check FII and DII holding we find this fund still hold these shares and other funds also hold this stock:-
So In my view this type of bulk deal is risk-free. 
7. Parag Milk Foods Ltd net sale per share of FY 16-17 is 202.23.
8. Net sale per share 202.23 is below from CMP 273.40, but you knew for trading stock I allow CMP till 1.5 times above of net sale per share.
9. The book value of Parag Milk Foods Ltd is 78.16 Book value is also below from CMP but for trading stocks (20% gains in 7 days to 3 months) we not worried about low book value however you must avoid a stock with negative book value.
8. Finally, I choose Parag Milk Foods Ltd as my trading stock for 20%+ gain.
9. 200 DMA of Parag Milk Foods Ltd is 242.16 So at CMP 273.40 Stock recently cross his 200 DMA, So I choose this level for my recommendation.
10. Target:- 20% + from 273.40 or 20% + from Monday 23 Oct 2017 Closing Price (Whichever is higher).
It is advisable to invest a low amount in every trading stock, If stock open high on 23 Oct 2017 then wait to cool down, do not worry about miss the rally because I also buy my own stocks 5 days after publishing of my report.
I also miss genus paper, but I wait for next opportunity like cubex tubings, I publish cubex tubings research report on 1 June 2017 @ 14.00 and unable to buy at my own recommended price because stock touch 25+ within 19 days of this report.
But we have a lot of patience and faith, so me and my wife both buy cubex tubings on Aug 17 near 16-17 price and my wife booked her profit near 22 and I am still holding cubex tubings and not sell until Aug 2018.
Stop Loss:- If in any unfortunate situation stock close 5% below from his 200 DMA and year high/low ratio change above 2 then you may book your loss as per reverse trading system but if you invest a small amount then no stop loss will need like this chinki story:-

How Chinki Earn INR 4,73,90,45,652 from Initial investment of INR 6600

Part 3 of above Chinki Story will be updated in Nov 2017
Now I want to hear your voice in comment:-
11. Disclaimer:- This is not an advisory service to buy or sell. The contents of “this research report” are only for educational purposes. No liability is accepted for any content in “this research report.” The author is neither a registered stockbroker nor a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity, index or any other financial instrument at any time.The author recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions. Please read full disclaimer at the bottom of my blog.
12.Discloser:- I Mahesh Chander Kaushik author of this research report is an existing research analyst and passed NISM certification for research analysts. I am also registered with SEBI(RESEARCH ANALYSTS) REGULATIONS, 2014 ( SEBI Registration Number INH 100000908 ) hereby disclose about my financial interest in the subject company and the nature of such financial interest:- 1 Me and my associates or relatives have not held any share of Parag Milk Foods Ltd so my personal interest is not included in this stock. 2. Me and my associates or relatives have not any actual/beneficial ownership of one percent or more securities of the subject company ( Parag Milk Foods Ltd). 3. Me and my associates or relatives have not any other material conflict of interest at the time of publication of the research report. 4. Me and my associates or relatives have not received any type of compensation from the subject company(Parag Milk Foods Ltd) in the past twelve months. 5. I am not served as an officer, director or employee of the subject company ( Parag Milk Foods Ltd). 6. I have been not engaged in market making activity for the subject company (Parag Milk Foods Ltd).

Wednesday, July 19, 2017

Bal Pharma Ltd @100.50

1. Bal Pharma Ltd is a 10 rupee face value pharmaceuticals company.
 Security ID: BAL PHARMA Group / Index: B Face value: 10.00 Security Code: 524824 ISIN: INE083D01012 Industry: Pharmaceuticals. 
Brief Details of Company: -
Bal Pharma API (Active Pharmaceutical Ingredients) business began in 1996 with a simple objective of facilitating the manufacture of niche molecules that have been able to take the benefits of vertical integration to international and domestic markets.
Bal Pharma’s API business has the competence and knowledge to undertake more than 30 different types of complex chemical reactions. 
Whether these are Advance Intermediates, Fine Chemicals or Active Pharmaceuticals Ingredients, the company can seamlessly scale up from MG to MT quantities. 
It offers various activities like: 
State-of-the-art Pilot and Commercial Scale multipurpose facilities 
Pharmaceutical Manufacturing Plants conforming to GMP guidelines 
R & D facilities to support early development of Generic APIs 
Patent non-infringing processes High-quality documents – Drug master file 
The API products are being exported to Japan, Australia, Spain, UK, Canada, Nigeria, Iceland, Slovenia, Romania, Argentina, Brazil, Pakistan, Germany, South Africa, Serbia, Taiwan, Malaysia, Thailand, Turkey, Egypt, Korea, Venezuela, Italy, Portugal, Morocco, Poland, Netherlands, Syria, Bangladesh and Indonesia etc. 
The range of APIs includes Anti-Histamine, Platelet Inhibitor, Anti-Diabetic, Anti Convulsant, Urinary Incontinence, Neuropathic Pain, Anti Allergy, Anti Inflammatory, Diuretic, Acne Treatment, etc. 
The plant has various accreditations. Certification:-
 ISO 9001 – 2008 
Approval from EDQM for Gliclazide and Ebastine 
TGA approval for Gliclazide 
Approval from KFDA for Gliclazide and Ebastine COFEPRIS, 
MEXICO approval for Benzydamine HCl, Ebastine and Tolterodine tartrate 
Plant approved by MOH Iran and MOH Canada 
Only Indian company to be granted a COS for Gliclazide One of the first Indian companies to successfully file and receive approval by MHLW Japan 
Source:-http://www.balpharma.com/(Company Website)
2. Year high of Bal Pharma Ltd is 123.30 year low was 82.05 and stock traded at 100.50, Year high/ low ratio is below 2 ,If you read my research terms or my book then you may know that generally, I like a stock which year high/low ratio is below 2  If you are a new reader of my blog and not familiar with my research terms then please see my research terms at this link:-
3. Promoters of Bal Pharma Ltd hold 44.44 %. 
Promoters holding is good, and promoters are not pledged any stock. 
Promoters also increased their holding from 44.35% to 44.44% increasing promoters holding is a good sign.
See FII & DII holding here:-
Also watch this video to learn how to find out FII & DII holding:-

4.Bal Pharma Ltd Stock has a regular dividend history, and As you know most of my recommendations are dividend paying, so we get dividends in our holding periods. Past Dividends:- 
Dividend Declared (  )
EX DateAmount ()
15 Sep 20161.0000
15 Sep 20151.0000
12 Sep 20141.0000
12 Sep 20130.7500
17 Sep 20090.7500
09 Sep 20081.0000
07 Sep 20070.7500
03 Sep 20011.0000
5. The base price of Bal Pharma Ltd is 85.78 So Stock is traded near 17% above from base price, and it is the best price for trading buy.In my book, you already read that buying range for a stock is 20% below to 20% up from base price, but if stock recently crosses base price from downside to upside, then it is the best price for buy see this chart and last 3-year closing price for more deep knowledge. 
6. No any bonus issue right issue and bulk deals are recorded in last 2 years.
7. Bal Pharma Ltd net sale per share of Fy 16-17 is 163.71. 
8. Net sale per share 163.71 is near 1.6 times higher from CMP 100.50 this is the another reason for this recommendation. 
9. The book value of Bal Pharma Ltd is 39.64 Book value is low from CMP, and this is the reason why I choose this stock for 20% trading gain instead of the fundamental recommendation. 
8. Finally, I choose Bal Pharma as trading stock for 20%+ returns in one to three months. 
9. 200 DMA of Bal Pharma Ltd is 97.34 So at CMP 100.50 Stock recently cross his 200 DMA, so I choose this level for my recommendation. 
Because it gives you a clear practical approach that how to use above book, If you do not know Hindi then please use google translate to read above link but all part of above link is recommended for every follower.

11. Disclaimer: - This is not an advisory service to buy or sell. The contents of “this research report” are only for educational purposes. No liability is accepted for any content in “this research report”. The author is neither a registered stockbroker nor a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity, index or any other financial instrument at any time.The author recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions. Please read full disclaimer at the bottom of my blog. 
12.Discloser:- I Mahesh Chander Kaushik author of this research report is an existing research analyst and passed NISM certification for research analysts. I am also registered with SEBI(RESEARCH ANALYSTS) REGULATIONS, 2014 ( SEBI Registration Number INH 100000908 ) hereby disclose about my financial interest in the subject company and the nature of such financial interest:- 1 Me and my associates or relatives have not held any share of Bal Pharma Ltd so my personal interest is not included in this stock. 2. Me and my associates or relatives have not any actual/beneficial ownership of one percent or more securities of the subject company ( Bal Pharma Ltd). 3. Me and my associates or relatives have not any other material conflict of interest at the time of publication of the research report. 4. Me and my associates or relatives have not received any type of compensation from the subject company(Bal Pharma Ltd) in the past twelve months. 5. I am not served as an officer, director or employee of the subject company ( Bal Pharma Ltd). 6. I have been not engaged in market making activity for the subject company (Bal Pharma Ltd).

Tuesday, April 11, 2017

Elecon Engineering Company Ltd @59.05

1. Elecon Engineering Company Ltd is a 2 rupee face value industrial machinery company.

Security ID: ELECON Group / Index: B / S&P BSE SmallCap Face value: 2.00 Security Code: 505700 ISIN: INE205B01023 Industry: Industrial Machinery. 
Brief Details of Company: - 
Elecon Engineering Company Ltd. was established in the year 1951 as The Pioneers in the manufacturing of Industrial Geared Motors and Reducers, Material Handling Equipment, Mining equipment, casting processes, etc. 
Elecon is one of the largest manufacturers of Material Handling Equipments and Industrial Gears in Asia. 
Elecon's recent acquisition of Benzlers- Radicon Group, belonging to the David Brown Gear Systems adds to the expertise in the manufacturing of custom made Gearboxes for Steel Mills, High-Speed Turbines, Satellites for ISRO and also for the Naval Aircraft carriers and many growth sector industries successfully. 
A unit of Elecon Engineering Company Ltd. which is also the 3rd largest Material Handling solutions company in the country along with in-house design, manufacturing, fabrication, component manufacturing, and support system in a Vertically Integrated Model. First in India to manufacture sophisticated equipment for Bulk Material Handling and a product range that caters to almost every Industrial sector in India. 
The product solutions include designing, manufacturing, supply, erection and commissioning. 
The company has 4 divisions:-
1-POWER TRANSMISSION PRODUCTS 
2-MATERIAL HANDLING EQUIPMENT SOLUTIONS 
3-FOUNDRY DIVISION Elecon's Foundry Division (EFD), is ISO 9001-2008 certified and caters to machining and foundry needs of Elecon Engineering. After five decades expertise in the industry, EFD now provides casting and machining services to several other companies other than Elecon group with its ultra modern amenities to fulfill high-quality requirements. The Ferrous and Non-Ferrous Foundry is spread over ten acres of land and has state of the art melting, molding and heat treatment and quality assurance facilities.
4-ALTERNATE ENERGY PRODUCTS: -wind power plants like Suzlon.
 
Source:-https://www.elecon.com/products (Company Website)
2. Year high of Elecon Engineering Company Ltd is 74.00 year low was 45.40 and stock traded at 59.05, 
Year high/ low ratio is below 2,
If you read above research terms in my book, then you may know that generally, I like a stock which year high/low ratio is below 2.
 If you are the new reader of my blog and not familiar with my research terms, then please see my research terms at this link: - Research Terms Of Mahesh Kaushik For Trading Stocks 
3. Promoters of Elecon Engineering Company Ltd hold 58.58 % stocks.
 Promoters pledged their 13.31% stocks, and for sharegenius blog tips, we accept pledged stocks till 33%. 
One more good thing which I want to tell that promoters reduced their pledged stocks from 20.10% to 13.31% it means promoters re-pay their loans and reduced their pledged stocks, see march 2017 and Dec 2016 holdings from these links:-

Now see FII and DII Holdings from this link: - 

When you open above link you may note that Hdfc Trustee Company Ltd - Hdfc Core And Satellite Fund & Hdfc Prudence Fund & Hdfc Infrastructure Fund hold 7529884 stocks, So this huge DII holding indicates future performance possibility in this stock

4.Elecon Engineering Company Ltd pay regular dividends since 2007 and you may already knew that most  of my fundamentals/trading recommendations are dividend paying, so you get dividends in your holding time, 
See past dividend history of Elecon Engg Ltd:-
EX DateAmount ()
18 Jul 20161.1000
06 Aug 20151.1000
18 Jul 20141.0000
08 Aug 20131.0000
23 Jul 20121.8000
28 Jul 20111.8000
29 Jun 20101.5000
29 Jun 20091.5000
11 Jul 20081.5000
13 Jul 20071.5000

5. The base price of Elecon Engineering Company Ltd is 61.75 So Stock is traded almost 2% below from base price and Ready to cross his base price from downside to upside this is a strong buying indicator as per my first book "The Winning Theory In Stock Market." 
6. No any bonus issue right issue and bulk deals are recorded in last 2 years.
7. Elecon Engineering Company Ltd net sale per share of FY 15-16 is 46.24. 
8. Net sale per share 46.24 is lower from CMP but last year 2015-16 net sales 518.84 cr. And first three-quarter sales of June 2016+ Sept2016+ Dec 2016 was=
111.86+ 202.04+237.30=551.20 Cr 
So this year 2016-17 net sale is increasing, and I think estimated net sale per share for the year 2016-17 is near 60, So recommended price is near the stock net sale per share.
9. The book value of Elecon Engineering Company Ltd is 50.14 Book value is near CMP, So this stock is traded near his book value. 
8. Finally, I choose Elecon Eng for 20% plus returns in 3 months time frame. 
9. 200 DMA of Elecon Engineering Company Ltd is 57.96, So at CMP 59.05  this stock recently crossed his 200 DMA and As per my 2nd book How Chandu Earned And Chinki Lost In The Stock Market  these types of stocks show good movement in short time.
If you read my both books, then you no need to wait for my free advice you can able to select these type of stocks by your own knowledge which is my main motto.
 My recent updates:
Chinki also going to invest her INR 1700 on next trading day ( 12 April 2017) closing price, If you do not know about Chinki then read this link:-

Part 2: How Chinki Earn INR 4,73,90,45,652 from Initial investment of INR 6600

Please remember that due to my follower's faith in my recommendation's it is possible that you see large volume and tradings tomorrow so please remember:-
1. Do not be hurry up to buy and wait for price and volume stability.
2. Do not invest huge money in a single stock because I am also a human and sometimes my calculations become wrong and the price will be down so if you invest huge money then do not forget to put appropriate stop loss, in this stock case stop loss is 52 ( Closing basis).
Happy Investing  


11. Disclaimer: - This is not an advisory service to buy or sell. The contents of “this research report” are only for educational purposes. No liability is accepted for any content in “this research report.” The author is neither a registered stockbroker nor a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity, index or any other financial instrument at any time.The author recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions. Please read the full disclaimer at the bottom of my blog. 

12.Discloser: - I Mahesh Chander Kaushik author of this research report is an existing research analyst and passed NISM certification for research analysts. I am also registered with SEBI(RESEARCH ANALYSTS) REGULATIONS, 2014 ( SEBI Registration Number INH 100000908 ) hereby disclose about my financial interest in the subject company and the nature of such financial interest:- 1 Me and my associates or relatives have not held any share of Elecon Engineering Company Ltd so my personal interest is not included in this stock. 2. Me and my associates or relatives have not any actual/beneficial ownership of one percent or more securities of the subject company ( Elecon Engineering Company Ltd). 3. Me and my associates or relatives have not any other material conflict of interest at the time of publication of the research report. 4. Me and my associates or relatives have not received any type of compensation from the subject company(Elecon Engineering Company Ltd) in the past twelve months. 5. I am not served as an officer, director or employee of the subject company ( Elecon Engineering Company Ltd). 6. I have been not engaged in market making activity for the subject company (Elecon Engineering Company Ltd).

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