The new week will see Sensex close above 62444 at 62888 and Nifty close above 18444 at 18555.

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- Sensex 61011 support and Nifty 18011 support surface

- SREELEATHERS, with an investment of Rs.78 per share, is available at a P/E of only 12 at a share price of Rs.186.65 against an expected book value of Rs.173.30 in 2023-24.

Mumbai: The threat of recession is still looming over the global economy. Despite the positive signal regarding raising the debt ceiling in the US, there are still clouds of uncertainty. In the results of the Karnataka election, there was a change of mandate power, now the Congress coming back to power has not seen a significant impact on the Indian markets. Sentiment has been dampened by global factors and reports by the Meteorological Department predicting a delayed onset of the special monsoon this time. After a strong market at the beginning of last week, a disappointing monsoon report saw the market soften for three days in a row and saw offloading of local funds specifically in the stocks. But over the weekend, the market has taken a U-turn from the negative zone to the positive zone, with the end-March 2023 season of corporate results being overall encouraging, with a quick recovery in global markets and optimism that the debt ceiling hike issue in the US will be resolved. With the outcome of Prime Minister Narendra Modi's visit to Japan and the expectation of new agreements between the two countries, local fund stocks have seen a flash of bullishness, with IT stocks reduced from selling and buyers becoming buyers following the investigation report of the Supreme Court-appointed panel in the Adani Group case. Now in the final round of the corporate results season next week we will watch the results of BPCL on May 22, Biocon on May 23, Ashok Leyland, Hindalco on May 24, Grasim, ONGC, Sun Pharma on May 26. Along with this, the trend of the month of May is coming to an end on Thursday, May 25 in special derivatives, and there will be a possibility of major index based upheaval in the market. Along with this, the decision announced by the Reserve Bank of India to withdraw Rs.2000 currency notes from circulation on the last day of the week is unlikely to have any impact on the market. The overall market is likely to move bullish by taking support after a series of short-term corrections. So at this stage one can invest in good stocks of quality companies. Among these factors, in the coming week Sensex could close above 62444 at 61011 support level at 62888 and Nifty spot at 18011 support at 18444 at 18555.

ARJUN'S EYES : SREELEATHERS LTD.

BSE(535601), NSE(GEEN) listed, Rs.10 paid-up, 74.91 per cent promoters holding, increased 11.52 per cent holding to 74.91 per cent through share buyback by promoters and open market purchases in the last five years. Net Debt Free, Kolkata-based SREELEATHERS LTD., started three decades ago from a small footwear retail shop in Kolkata by founder promoter Mr. Sathyabrata Dey, now has 41 stores across 10 states in India, over 300 employees and the world's largest single brand footwear store, Lindsay. There is a company located at Street. When wearing leather footwear was considered a luxury and the retail industry did not cover the middle class in India, the company focused on providing good quality leather footwear for every class. Although the company has limited retail stores, the company's retail operations and popularity have established the company as a prestigious footwear brand in the country. The company offers products in segments including Men's Footwear-Formal, Casual, Canvas Shoes, Men's Sandals, Men's Chappal, Men's Shoes, Women's Footwear, Kids' Footwear, Accessories, Belts, Wallets, Bags, Leather Garments, Special Boxes, Socks and Masks. gives Bags include backpacks, school bags, portfolio bags, ladies bags, traveling bags, strollers. While special boxes include jewelery boxes, watch boxes and combos.

Promoters holding increased by 11.52 percent to 74.91 percent in five years:

The holding has increased by 11.52 percent to 74.91 percent by buying shares in the range of Rs.144 to Rs.162 from the promoters in the company in the last five years. In which (1) In the year 2016-17, promoters bought 1,91,924 shares at an average price of Rs.121.12 per share. (2) In the year 2017-18, the company decided to buy back 21 lakh shares up to Rs.156 per share against the book value of Rs.83, but no shares were received in the buyback. (3) In the year 2021-22, the company bought back 20,00,000 shares from the open market at a price of Rs.144 to Rs.160 per share. (4) Promoters holding was 63.39 percent in March 2017, it has increased to 74.91 percent as of September 2022. Thus the promoters have increased their holding by 11.52 percent, out of which 11,01,512 shares have been bought from the open market at an average price of Rs.154 per share with an investment of Rs.17 crore.

Investment value of Rs.78 per share: The company has an investment of Rs.182 crore including mutual funds. According to the company's equity, the investment value per share is Rs.78.

Book Value : Rs.146 as of March 2022 Expected Rs.157.75 as of March 2023 Expected Rs.173.30 as of March 2024

Financial Results :(1) Full year April 2021 to March 2022 : Net income increased by 46.09 percent from Rs.83.81 crore to Rs.122.44 crore Net profit margin-NPM from 13.57 percent Net profit to Rs.11. 15 crores increased by 48.25 per cent to Rs.16.53 crores and the EPS has increased from Rs.4.81 to Rs.7.14.

(2) First Nine Months April 2022 to December 2022 : Net income increased by 74.28 percent to Rs.151.80 crore from Rs.87.10 crore Net profit margin-NPM from 12.45 percent to Rs.12.83 Crore increased by 47.15 percent to Rs.18.88 crore and nine monthly earnings per share-EPS increased from Rs.5.55 to Rs.8.16.

(3) Expected fourth quarter January 2023 to March 2023 : Expected net income increased from Rs.41.31 crore to Rs.62 crore, NPM increased from 13.45 percent to net profit from Rs.6.35 crore to Rs.8.37 crore. Earnings-EPS per share is expected to increase to Rs.3.61 from Rs.2.74.

(4) Expected full year April 2022 to March 2023 : Expected net income increased by 74.60 per cent to Rs.213.79 crore from Rs.122.44 crore compared to expected net profit of Rs.16.53 crore by NPM of 12.75 per cent. 64.85% increase to Rs.27.25 crores Earnings per share-EPS is expected to rise to Rs.11.77.

(5) Expected full year April 2023 to March 2024 : Expected net income increased to Rs.266 crore from Rs.213.79 crore and net profit margin-NPM increased to Rs.13.54 per cent from expected net profit of Rs.27.25 crore to Rs. .36 crore to achieve an EPS of Rs.15.55 expected.

Thus (1) The author has no investment in shares of the above company. Authors may have direct or indirect personal vested interests in research sources. CONSULT A QUALIFIED INVESTMENT FINANCIAL ADVISOR BEFORE MAKING ANY INVESTMENT DECISION. The author, Gujarat Samachar or any other person shall not be liable for any possible loss on investment.(2) The company has an investment value of Rs.78 per share. (3) Expected full year April 2022 to March 2023 expected EPS is Rs.11.77 and expected book value is Rs.157.75. (4) Expected Full Year April 2023 to March 2024 Expected Earnings-EPS of Rs.15.55 and Expected Book Value of Rs.173.30 The stock currently trades at Rs.186.65 at a P/E of 17.30. (5) SriLeathers Limited should have a P/E of 25 against the leather industry average P/E of 60.

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