Fundamental – Investor’s Delight

Investor’s Delight is meant for investors who look for companies across all sectors which are fundamentally very sound and can provide great returns for investors having a Long Term horizon. At Ajcon we believe in bottom fishing stocks that witness irrational price movements, due to temporary economic triggers which are potential multibaggers. Selection of stocks is done through analysis of fundamentals like promoters quality, scalable business model, earnings visibility and ability to generate cashflows consistently. In addition, we also recommend “SELL” in stocks where we believe the valuations are stretched and out of comfort zone with fundamentals not justifying it, poor earnings visibility, corporate governance issues and pledged promoter shareholding that can have an impact in poor secondary market conditions.

Refex Industries Limited

Buy – 22-08-2023

Bank of Maharashtra

Buy – 18-08-2023

UGRO Capital Limited

Buy – 14-08-2023

Refex Industries Limited

Buy – 30-05-2023

UGRO Capital Limited

Buy – 26-05-2023

Bank of Maharashtra

Buy – 17-05-2023

Refex Industries Limited

Buy – 23-02-2023

Bank of Maharashtra
Buy – 18-02-2023

UGRO Capital Limited
Buy – 14-02-2023

Bank of Maharashtra
Buy – 01-12-2022

UGRO Capital Limited
Buy – 18-11-2022

Samvat 2079
Diwali picks 2022-2023

Ajanta Pharma

Reco Price (Rs.)	Target (Rs.)	Upside (%)
1,234.65	1,500	21.49%

Alkem Laboratories

Reco Price (Rs.)	Target (Rs.)	Upside (%)
3,094.70	3,766	22%

Datamatics Global Services Limited

Reco Price (Rs.)	Target (Rs.)	Upside (%)
304.35	370	21.4%

Delta Corp Limited

Reco Price (Rs.)	Target (Rs.)	Upside (%)
220.40	287	30%

Havells India Limited

Reco Price (Rs.)	Target (Rs.)	Upside (%)
1,165.95	1,400	20%

Indian Bank Limited

Reco Price (Rs.)	Target (Rs.)	Upside (%)
226.15	280	23.81%

State Bank of India

Reco Price (Rs.)	Target (Rs.)	Upside (%)
560.80	673	20%

Tata Consultancy Services Limited

Reco Price (Rs.)	Target (Rs.)	Upside (%)
3,139.40	3,924	25%

Indian Railway Catering and Tourism Corporation Limited

Reco Price (Rs.)	Target (Rs.)	Upside (%)
742.75	928	25%

UGRO Capital

Reco Price (Rs.)	Target (Rs.)	Upside (%)
175.70	276	57.08%

UGRO Capital Limited
Buy – 28-05-2022

Reco Price (Rs.)	Target (Rs.)	Upside (%)
Rs. 152.90	272	77.89

Reco Price (Rs.)	Target (Rs.)	Upside (%)
Rs. 152.90	272	77.89

Hindustan Aeronautics Limited
Buy – 18-04-2022

Reco Price (Rs.)	Target (Rs.)	Upside (%)
1,737.95	2,340	34.6

Dwarikesh Sugar Industries Limited
Buy – 10-03-2022

Reco Price (Rs.)	Target (Rs.)	Upside (%)
118.80	150	26.26

Ajanta Pharma Limited
Buy – 08-03-2022

UGRO Capital Limited
Buy – 14-02-2022

New year pick 2022

GNA Axles Limited

Samvat 2078
Diwali picks 2021-2022

Aarti Industries

Reco Price (Rs.)	Target (Rs.)	Upside (%)
948	1,200	26.5

Asian Paints

Reco Price (Rs.)	Target (Rs.)	Upside (%)
3,170.65	3,805	20

Canara Bank

Reco Price (Rs.)	Target (Rs.)	Upside (%)
225.95	281	24

Dwarikesh Sugar Industries

Reco Price (Rs.)	Target (Rs.)	Upside (%)
74.8	100	33.6

Sona BLW Precision Forgings

Reco Price (Rs.)	Target (Rs.)	Upside (%)
649	811	25

UGRO Capital

Reco Price (Rs.)	Target (Rs.)	Upside (%)
167.25	220	33

UGRO Capital Limited
Buy – 19-10-2021

S H Kelkar And Company Limited
Buy – 12-09-2021

Siemens Limited
Buy – 30-08-2021

GlaxoSmithKline Pharmaceuticals Limited (GSK Pharma)
Buy – 20-08-2021

HDFC Life Insurance Company (HDFC Life)
Buy – 02-08-2021

Bharat Bijlee Limited
Buy – 15-07-2021

Orient Electric Limited
Buy – 01-07-2021

IPCA Laboratories Limited
Buy – 02-06-2021

Cipla Limited
Buy – 04-05-2021

Gujarat Gas Limited
& Mahanagar Gas Limited
Buy – 01-04-2021

Industrial and Prudential Investment Company
Buy – 05-01-2021

Reco Price (Rs.)	Target (Rs.)	Upside (%)
1,067	1,800	68.8

Cochin Shipyard Limited
Buy – 29-12-2020

Reco Price (Rs.)	Target (Rs.)	Upside (%)
362.90 (Face value: Re. 10)	450	24

Bharat Electronics Limited
Buy – 08-12-2020

Reco Price (Rs.)	Target (Rs.)	Upside (%)
111.4 (Face value: Re. 1)	145	30

Samvat 2077
Diwali picks 2020-2021

Polycab Limited

Reco Price (Rs.)	Target (Rs.)	Upside (%)
929.65	1,206	29

Cadila Healthcare Limited

Reco Price (Rs.)	Target (Rs.)	Upside (%)
418	520	24.4

Ajanta Pharma Limited

Reco Price (Rs.)	Target (Rs.)	Upside (%)
1,553	1,900	22%

HDFC Life Insurance Company Limited

Reco Price (Rs.)	Target (Rs.)	Upside (%)
623.35	750	20

Shriram Transport Finance Company Limited

Reco Price (Rs.)	Target (Rs.)	Upside (%)
888	1000	17

Mahanagar Gas Limited (MGL)
Buy – 17-10-2020

Reco Price (Rs.)	Target (Rs.)	Upside (%)
820	1066	30

Bharti Airtel Limited
Buy – 30-07-2020

Reco Price (Rs.)	Target (Rs.)	Upside (%)
552	680	23

J.B. Chemicals & Pharmaceuticals Limited
Buy – 29-02-2020

Reco Price (Rs.)	Target (Rs.)	Upside (%)
538	663	23

Tech Mahindra Ltd.
Buy – 03-01-2020

Reco Price (Rs.)	Target (Rs.)	Upside (%)
777	936	20

Samavat
Diwali Picks 2019 – 2020

ACC Limited

Reco Price (Rs.)	Target (Rs.)	Upside (%)
1,556	1,840	18

Alkem Laboratories Limited

Reco Price (Rs.)	Target (Rs.)	Upside (%)
1,974	2,470	25

APL Apollo Tubes Ltd.

Reco Price (Rs.)	Target (Rs.)	Upside (%)
1,392	1,594	15

BSE Limited

Reco Price (Rs.)	Target (Rs.)	Upside (%)
528	700	32.5

L&T Technology Services Limited

Reco Price (Rs.)	Target (Rs.)	Upside (%)
1,609	2,011	25

ITC Limited

Reco Price (Rs.)	Target (Rs.)	Upside (%)
246	308	25

Tech Mahindra Limited

Reco Price (Rs.)	Target (Rs.)	Upside (%)
735	882	20

APL Apollo Tubes Ltd.
Buy – 03-10-2019

Reco Price (Rs.)	Target (Rs.)	Upside (%)
1329	1594	20

Cummins India Ltd.
Buy – 16-09-2019

Reco Price (Rs.)	Target (Rs.)	Upside (%)
578.45	665	18

Aurobindo Pharma Ltd.
Buy – 12-09-2019

Reco Price (Rs.)	Target (Rs.)	Upside (%)
630	800	27

Tata Consultancy Services Ltd.
Buy – 12-09-2019

Reco Price (Rs.)	Target (Rs.)	Upside (%)
2134	2400	12

Bank of Baroda Ltd.
Buy – 13-09-2019

Reco Price (Rs.)	Target (Rs.)	Upside (%)
99.95	–	–

GAIL (India) Ltd. – “Accumulate”
Buy – 18-09-2019

Reco Price (Rs.)	Target (Rs.)	Upside (%)
134.85	156	16

Alkem Laboratories Ltd.
Buy – 28-06-2019

Reco Price (Rs.)	Target (Rs.)	Upside (%)
1670	2018	21

Bank of Baroda
Buy – 07-06-2019

Reco Price (Rs.)	Target (Rs.)	Upside (%)
122	–	–

L&T Finance Holdings
Buy – 10-04-2019

Reco Price (Rs.)	Target (Rs.)	Upside (%)
149	180	22

Punjab National Bank Ltd.
Buy – 18-03-2019

Reco Price (Rs.)	Target (Rs.)	Upside (%)
86	100	16

Minda Corporation Ltd.
Buy – 05-03-2019

Reco Price (Rs.)	Target (Rs.)	Upside (%)
150	175	17

Top picks and view on Indian equities
Buy – 18-02-2019

Indraprastha Gas Ltd.

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
282	350	24	12

GAIL India Ltd.

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
317	390	23	12

Oil and Natural Gas Corporation Ltd.

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
135	162	20	12

State Bank of India Ltd.
Buy – 02-02-2019

Reco Price (Rs.)	Target (Rs.)	Horizon (Months)
284	–	–

Top picks and view on Indian equities
Buy-31-12-2018

Pidilite Industries

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
1101	1211	11	12

Tata Consultancy Services Ltd.

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
1893	2100	11	12

Top picks and view on Indian equities
Buy – 18-12-2018

Security and Intelligence Services Ltd.

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
775	995	28	12

ICICI Prudential Life Insurance Company

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
321	403	26	12

Housing Development Finance Corporation

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
1,904	2,100	–	12

Top picks and view on Indian equities
Buy – 03-12-2018

Automotive Axles Ltd.

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
1,374	1,786	30	12

State Bank of India

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
285	–	–	12

Top picks and view on Indian equities during NBFC crisis..
Buy – 20-11-2018

Varroc Engineering

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
768	998	30	12

Mahanagar Gas Ltd.

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
828	1,076	30	12

Analyst meet update: Camlin Fine Sciences Ltd.
Buy – 17-11-2018

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
56	–	–	12

Analyst meet update: Karur Vysya Bank
Buy – 16-11-2018

Equity markets and top Diwali picks for Samvat 2075..
Buy – 05-11-2018

Maruti Suzuki

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
7,136	9,276	30	12

Reliance Industries

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
1,074	1,342	25	12

Endurance Technologies

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
1,256	1,342	15	12

Top picks and view on Indian equities..
Buy – 24-09-2018

Quess Corp Limited

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
890	1,230	38	6-9

BSE Ltd.

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
717	–	–	6-9

Top picks and view on Indian equities..
Buy – 01-09-2018

Cholamandalam Investment and Finance Company Ltd.

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
1466	1,905	30	6-9

Oil India Ltd.

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
213	250	17	6-9

Top picks and view on Indian equities..
Buy – 28-07-2018

Larsen and Toubro (L&T)

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
1,311	1,450	11	6-9

Asian Paints Ltd.

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
1,434	1,600	12	6-9

Top picks and view on Indian equities after NDA defeating no–confidence motion..
Buy – 21-07-2018

Cera Sanitaryware

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
155	180	16	6-9

L&T Finance Holdings Ltd.

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
2,674	3,500	31	6-9

RBL Bank

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
576	635	10	6-9

Top picks and view on equities when FIIs were on selling spree in debt markets…
Buy – 14-07-2018

Glenmark Pharma

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
567	680	20	6-9

Voltas

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
538	650	21	6-9

Gayatri Projects Ltd. (GPL) “Robust play in Road EPC sector”
Buy – 19-04-2018

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
200	279	40	9-12

Shalby Research Report
Buy – 04-04-2018

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
212	320	51	–

Diwali picks for Samvat – 2074
Buy – 17-09-2017

Ajanta Pharma

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
1,195	1,500	25.5	12

HT Media

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
102	125	22.5	12

Minda Corp

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
145	175	21	12

Persistent Systems

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
650	820	26	12

Top picks and view on Indian equities during Q1FY19 earnings season..
Buy – 11-08-2018

Cipla

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
621	750	21	12

APL Apollo Tubes Ltd.

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
1,761	2,100	19	12

SVP Global Ventures Ltd.
Buy – 08-02-2017

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
195	–	67.58	9-12

Engineers India
Buy – 04-02-2017

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
150	200	25	9-12

Diwali Blockbuster – IDEAS
Buy – 26-10-2016

Symphony Ltd.

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)	Target Achieved on
1370	1739	27	9-12	18-12-2017

L&T Finance Holding Ltd.

Reco Price (Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)	Target Achieved on
104.75	150	43	9-12	05-07-2017

Shriram Transport Finance Co. Ltd.

Reco Price(Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)	Target Achieved on
1127	1500	33	9-12	08-06-2018

Sangam India Ltd.
Buy – 26-11-2015

Reco Price(Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
276.60	497	80	9-12

Sangam India Ltd. – SIL Q3FY17
Buy – 20-02-2017

Reco Price(Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
268.00	390	46	46

Sangam India Ltd. – SIL Q2FY17
Buy – 30-11-2016

Reco Price(Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
260.00	424	63	12

Sangam India Ltd. – SIL Q1FY17
Buy – 24-08-2016

Reco Price(Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
275.00	424	53	12

Sangam India Ltd. – SILQ4FY16
Buy – 10-05-2016

Reco Price(Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
277.00	448	61	12

Sangam India Ltd. – SIL Q3FY16 Result Update
Buy – 20-02-2016

Reco Price(Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
276.60	497	80	9-12

SIL – Important Event Alert
Buy – 19-02-2016

Reco Price(Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
258.00	448	74	12

Gayatri Projects Ltd.
Buy – 23-10-2015

Reco Price(Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
655.25	1300	98	12

GPL -Q4FY17 Financial Performance
Buy – 05-10-2017

Reco Price(Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
186.00	191	–	–

GPL -Q4FY17 Financial Performance
Buy – 08-06-2017

Reco Price(Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
161.00	191	18.6	–

GPL -Q3FY17 Financial Performance
Buy – 23-02-2017

Reco Price(Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
138.00	191	38	–

GPL -Q2FY17 Financial Performance
Buy – 04-01-2017

Reco Price(Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
660.00	954	45	9-12

GPL -Q1FY17 Financial Performance
Buy – 09-09-2016

Reco Price(Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
665.00	1136	71	9-12

GPL -Q4FY16 Financial Performance
Buy – 16-09-2016

Reco Price(Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
635.00	1136	79	9-12

GPL -Q3FY16 Financial Performance
Buy – 20-02-2016

Reco Price(Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
574.1	1300	126	9-12

GPL – Important Event Alert
Buy – 21-01-2016

Reco Price(Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
568.45	1300	129	9-12

GPL – Important Event Alert
Buy – 03-12-2015

Reco Price(Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
748.25	1300	74	9-12

GPL – Q2FY16 Financial Performance
Buy – 20-11-2015

Reco Price(Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
700.75	1300	86	9-12

GPL – Important Event Alert
Buy – 10-11-2015

Reco Price(Rs.)	Target (Rs.)	Upside (%)	Horizon (Months)
666	1300	95	9-12

“NR” stands for Not-Rated
“Reco.” Recommedation
* indicates view post correction, buy at CMP & accumulate on dips

Disclaimer

The above ideas in the form of Investor’s Delight are recommendated to our clients inadvance. Ajcon Global Services Ltd. takes no responsibility in any losses suffered. The documents are prepared by Ajcon Global Services Ltd and is not meant for circulation. The documents should not be reported or copied or made available to others. The information contained herein is from the public domain or sources believed to be reliable. While reasonable care has been taken to ensure that information given is at the time believed to be fair and correct and opinions based thereupon are reasonable, due to the very nature of research it cannot be warranted or represented that it is accurate or complete and it should not be relied upon as decision such. Ajcon Global, its directors and employees, will not in any way be responsible for the contents of this report. This is not an offer to sell or a solicitation to buy any securities. The securities discussed in this page may not be suitable for all investors. Investors must make their own investment based on their own investment objectives, goals and financial position and based on their own analysis.