The new week will see Sensex close above 59977 at 60477

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MUMBAI: Global stock markets rallied over the weekend after the US finally made a U-turn over the weekend to signal that it would not hike interest rates sharply, amid pressure from around the world to break the US policy of steep interest rate hikes. In the US stock markets, sentiment has become rosy with the Dow Jones rising 749 points and the Nasdaq 245 points on Friday. It is clearly seen that Foreign Portfolio Investors (FPIs) in the Indian stock markets are taking exits by continuously selling stocks as if they are repenting and taking a run-up again for buying less after slowing down the selling in the last week. Sustained heavy buying by local funds, institutional investors has seen new high prices of stocks of many companies including small, mid cap. Reliance Industries' quarterly results announced at the weekend saw a marginal profit drop due to a tax windfall, but Reliance's decision to unlock a new round of value unlocking with the demerger of its fintech-financial services business is indicative. The positive effect of which is expected in the market. 17977 is expected to close above 59977 in the coming week amid bullish global markets and corporate results season at 60477 and spot Nifty at 17777.

Dark Horse : Greenpanel Industries Ltd.

BSE (542857), NSE (GREENPANEL) Listed, Rs.1 paid-up, net debt free, 53.10% promoters holding of the Mittal family GREENPANEL INDUSTRIES LTD Leading manufacturer, sales leader of wood panels in India and Asia's largest medium density It is the largest exporter of MDF from India with a fiberboards (MDF) manufacturing plant, an annual production capacity of 6,60,000 CBM MDF and an annual plywood production capacity of 105 lakh square meters and presence in 16 countries worldwide. The company manufactures various ranges of MDF, plywood along with doors, veneers and flooring. The company has 28 percent market share in MDF in India. The company derives 84 percent of its total revenue from the MDF segment and 16 percent from the plywood segment. The company has its state-of-the-art manufacturing facilities at Rudrapur-Uttrakhand and Srikalahasti-Andhra Pradesh.

Share Holding Pattern:

Mittal family holds 53.10 percent promoters holding, mutual funds hold 20.32 percent of the total, HDFC Trust Company holds 5.77 percent, Tata Flexi Cap Fund holds 4.24 percent, IDFC Sterling Value Fund holds 3.83 percent, Sundaram Mutual Fund has 2.16 percent, Nippon Life India Trustee has 1.19 percent and UTI Multi Asset Fund has 1.03 percent. While foreign portfolio investors have 6.39 percent and corporate bodies have 1.92 percent and individual shareholders up to Rs.2 lakh have 13.81 percent.

Financial Result:

(1) Full year April 2021 to March 2022 :

Net income increased by 59.19 percent from Rs.1020.75 crore to Rs.1625.03 crore Net profit margin-NPM increased by 14.75 percent to Rs.248.34 percent from Rs.68.80 crore to Rs.239.66 Crore, earnings per share rose to Rs.19.61 as compared to Rs.5.61.

(2) First quarter of current year April 2022 to June 2022 :

Net income rose 50.59 per cent to Rs 464 crore from Rs 308.32 crore Net profit margin-NPM rose 16.72 per cent to Rs 29.74 crore Net profit rose 161 per cent to Rs 77.60 crore from Rs 29.74 crore, per share The quarterly revenue has increased from Rs.2.43 to Rs.6.33.

(3) Expected full year April 2022 to March 2023 :

Expected net income for full financial year 2022-23 is Rs.1850 crore with net profit margin of 16.25 percent expected net profit is Rs.300.62 crore and earnings per share is expected to be Rs.24.52.

(4) Book Value :

Rs.59.56 in March 2021, Rs.77.60 in March 2022, expected Rs.102.12 in March 2023

(5) Valuation : B

Given a P/E of only 18 against the average P/E of 32 for the wood and wood products industry, the expected earnings per share of Rs.24.52 could take the share price to Rs.440 for a valuation of Single B.

Thus (1) Net debt free, 53.10 percent promoter holding, leader in wood-wood products, Asia's largest MDF plant and largest manufacturing capacity in India (2) 16 in net profit for the first quarter of current financial year April 2022 to June 2022 1 percent riser (3) Expected full FY 2022-23 earnings per share Rs 24.52 and expected book value Rs 102.12 against Rs 1 paid-up, shares currently Rs 362 on NSE, BSE. 30 is available at a P/E of 14.77.

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