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.

INITIAL COVERAGE: DATAMATICS GLOBAL SERVICES

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.

Initital Coverage: PRINCE PIPES AND FITTINGS LIMITED

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.

EQUITY RESEARCH: HINDUSTAN UNILEVER LIMITED

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).

EQUITY RESEARCH: DR LALPATHLABS

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.

EQUITY RESEARCH: BALKRISHNA INDUSTRIES LIMITED

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.

EQUITY RESEARCH: SATIN CREDITCARE NETWORK

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.

EQUITY RESEARCH: MM FORGINGS LTD

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.

Equity Research: INDIAN HOTELS COMPANY LIMITED

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.

EQUITY RESEARCH: COAL INDIA

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.

EQUITY RESEARCH REPORT: NEWGEN SOFTWARE

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.