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Raymond Ltd

Sector: Garments, Apparels and Real Estate

Raymond Ltd. (RW IN) is a diversified group that has a strong presence in the textiles, apparels, engineering and real estate businesses. The company started its journey as a small woollen mill in Thane (Maharashtra) in 1925 to expand into a mushrooming profit-making conglomerate today.

03-Jan-2024

Target Price (₹)

2545

Recommended Price (₹)

1719

Potential Returns (%)

48

CMP (₹)

1,709.40

52 Week H/L (₹)

2240-1092.6

Returns(%) 1M

8.62

3M

-4.94

6M

0.38

1Y

14.66

Ugro Capital Ltd

Sector: NBFC

UGRO Capital Limited is a Data Tech Lending platform addressing the small business credit gap in India. It offers term loan programs, including secured and unsecured loans for MSMEs.

29-Dec-2023

Target Price (₹)

344

Recommended Price (₹)

269

Potential Returns (%)

28

CMP (₹)

269.25

52 Week H/L (₹)

319.85-144

Returns(%) 1M

-0.98

3M

-4.11

6M

12.25

1Y

70.94

Shriram Properties Ltd

Sector: Real Estate

Shriram Properties Ltd (SPL) is one of the leading residential real estate development companies in South India, primarily focused on the mid-market and affordable housing categories. The company initiated its journey in Bengaluru in the year 2000. We initiate coverage on Shriram Properties with a “BUY” rating and a target price of Rs 124.

18-Sep-2023

Target Price (₹)

124

Recommended Price (₹)

85

Potential Returns (%)

45

CMP (₹)

86.16

52 Week H/L (₹)

98.39-53.25

Returns(%) 1M

15.53

3M

14.00

6M

44.07

1Y

-1.79

IRB Infrastructure Developers Ltd

Sector: Infrastructure

We initiate coverage on IRB with a “BUY” rating and a target price of Rs 36.43. Further upside potential from claims worth Rs 3,600 from NHAI which are under litigation as well as Hyderabad and Samakhiyali projects which are pending final closure, have not been considered in our valuation. They are cumulatively expected to be valued at Rs 5.58 over and above our target price.

27-Jul-2023

Target Price (₹)

36.43

Recommended Price (₹)

25.40

Potential Returns (%)

43

CMP (₹)

25.36

52 Week H/L (₹)

35-19.82

Returns(%) 1M

-7.03

3M

-3.42

6M

-4.65

1Y

22.05

Jammu and Kashmir Bank Ltd

Sector: Bank

At the CMP Rs. 69, the stock is trading at a PBV multiple of 0.72x based on its FY23 book value. We believe the stock deserves a higher PBV multiple of at least 0.80x for its FY25E book value against its 10-year historical average of 0.65x. With this we arrive at our target price of Rs.101, thereby providing a potential upside of 46%.

11-Jul-2023

Target Price (₹)

101

Recommended Price (₹)

69

Potential Returns (%)

46

CMP (₹)

69.04

52 Week H/L (₹)

71.2-26.25

Returns(%) 1M

22.68

3M

36.04

6M

26.61

1Y

154.84

Prestige Estates Projects Ltd

Sector: Real Estate

We initiate coverage of Prestige with a “BUY” rating and target price of Rs 699; based on SOTP valuation.

28-Jun-2023

Target Price (₹)

699

Recommended Price (₹)

585

Potential Returns (%)

20

CMP (₹)

576.95

52 Week H/L (₹)

602.25-375

Returns(%) 1M

23.33

3M

45.34

6M

29.09

1Y

46.91

Piramal Enterprises Ltd

Sector: NBFC

We recommend buying PEL with a target price of Rs.1,026, based on a P/BV of 0.75x its FY24 book value of Rs.1,368, as the companys strategic initiatives are expected to enhance its business and valuation.

16-Jun-2023

Target Price (₹)

1026

Recommended Price (₹)

773

Potential Returns (%)

33

CMP (₹)

784.50

52 Week H/L (₹)

1141.75-630.2

Returns(%) 1M

8.49

3M

19.13

6M

-12.25

1Y

-12.07

Multi Commodity Exchange of India Ltd

Sector: Exchange & Data Platform

We recommend BUY rating on Multi Commodity Exchange Of India Ltd, valuing FY24E core EPS at 40x to arrive at a target price of INR 1,767, implying an upside potential 35%.

24-Aug-2022

Target Price (₹)

1767

Recommended Price (₹)

1308

Potential Returns (%)

35

CMP (₹)

1,296.30

52 Week H/L (₹)

2134.9-1142.4

Returns(%) 1M

-7.00

3M

1.36

6M

0.93

1Y

-11.74

Sterlite Technologies Ltd

Sector: Connectivity & Networking

We value it at 17.1x of FY24E EPS of Rs 17.6 per share to arrive at a Target Price of Rs 300 per share giving 40% discount to Median Industry P/E of 28.5x.

30-Mar-2022

Target Price (₹)

300

Recommended Price (₹)

226

Potential Returns (%)

33

CMP (₹)

224.95

52 Week H/L (₹)

318-170

Returns(%) 1M

27.57

3M

-22.52

6M

-21.15

1Y

14.09

Rail Vikas Nigam Ltd

Sector: Infrastructure

We value it at 5.3x of FY24E EPS of Rs 8.35 to value it at Rs 44 per share using dividend distribution approach for terminal dividend yield of 13.6% at current prices.

23-Dec-2021

Target Price (₹)

44

Recommended Price (₹)

34

Potential Returns (%)

29

CMP (₹)

34.20

52 Week H/L (₹)

44.75-20.65

Returns(%) 1M

-2.30

3M

12.19

6M

5.91

1Y

53.38

Triveni Engineering and Industries Ltd

Sector: Sugar

We recommend Triveni Engineering with a BUY rating and Target Price of Rs 254 per share at 7.2x EV/EBITDA for FY23E owing to its rapid increase in EBITDA margins in FY23E, flourishing Water and Power Transmission business, and 21.85% stake in Triveni Turbines Ltd.

21-Oct-2021

Target Price (₹)

254

Recommended Price (₹)

203

Potential Returns (%)

25

CMP (₹)

207.80

52 Week H/L (₹)

220-62.45

Returns(%) 1M

17.71

3M

6.41

6M

84.89

1Y

171.25

Orient Cement Ltd

Sector: Cement

We recommend Orient Cement with a BUY rating with a Target Price of Rs 190 per share at 5.7x EV/EBITDA for FY23E.

01-Oct-2021

Target Price (₹)

190

Recommended Price (₹)

157

Potential Returns (%)

21

CMP (₹)

157.25

52 Week H/L (₹)

173.4-56.5

Returns(%) 1M

3.45

3M

16.25

6M

64.78

1Y

159.14

IDFC Ltd

Sector: Holding Company

We recommend a BUY rating on IDFC Limited with a patience to hold the stock for a Target Price of Rs 80 per share.

20-Sep-2021

Target Price (₹)

80

Recommended Price (₹)

54.5

Potential Returns (%)

46.7

CMP (₹)

55.90

52 Week H/L (₹)

62.6-28.2

Returns(%) 1M

23.55

3M

3.26

6M

4.43

1Y

74.88

IDFC First Bank Ltd

Sector: Banking

We recommend IDFC FIRST Bank with a BUY rating and Target Price of Rs 73 per share for FY23E Adj BV of Rs 38 per share at 1.9x P/Adj. BV.

30-Aug-2021

Target Price (₹)

73

Recommended Price (₹)

42.5

Potential Returns (%)

71

CMP (₹)

47.05

52 Week H/L (₹)

69.3-26.85

Returns(%) 1M

18.44

3M

-15.94

6M

-20.95

1Y

70.47

Poonawalla Fincorp Ltd

Sector: NBFC

We apply a P/BV of 2.1x on FY23E BVPS, to arrive at a target price of Rs 190 per share with an upside of 22% to CMP. Hence, we recommend a ‘BUY’ on the shares of MFL.

06-Jul-2021

Target Price (₹)

190

Recommended Price (₹)

157

Potential Returns (%)

22

CMP (₹)

168.85

52 Week H/L (₹)

199.65-31.8

Returns(%) 1M

-7.96

3M

10.58

6M

46.94

1Y

395.58

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Systematix Group

Our Products

Our Services

For Investors

Attention Investors
Systematix Shares and Stocks (India) Ltd is not enabled for proprietary trading in commodities.        Systematix Commodities Services Private Limited is not enabled for proprietary trading.

Attention Investors

Risk Disclosures on Derivatives

  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to ₹ 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28%of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.

Source: 1. SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.

Precautions to be taken by clients while trading in derivatives / options and avoid practices such as :

  • Sharing of trading credentials : login id & passwords including OTP’s.
  • Trading in leveraged products like options without proper understanding, could lead to losses.
  • Writing/ selling options or trading in option strategies based on tips, without basic knowledge & understanding of the product and its risks.
  • Trading in “Options” based on recommendations from unauthorised / unregistered investment advisors and influencers.
  • Dealing in unsolicited tips through Whatsapp, Telegram, YouTube, Facebook, SMS, calls, etc.

Issued in in the interest of investors, by Regulators

  • KYC is one-time exercise while dealing in securities markets. Once KYC is done through a SEBI registered intermediary (Broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary. - issued in the interest of investors.
  • No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as money remains in investor's account.
  • Prevent unauthorised transactions in your demat account → Update your Mobile Number with your Depository Participant. Receive alerts on your Registered Mobile for all debit and other important transactions in your demat account directly from CDSL on the same day - issued in the interest of investors.
  • Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
  • SCORES: Filing of complaints on SCORES – Easy & quick - a) Register on SCORES portal b) Mandatory details for filing complaints on SCORES: Name, PAN, Address, Mobile Number, Email ID c) Benefits: i. Effective communication ii. Speedy redressal of the grievances EXCHANGES: Prevent Unauthorised transactions in your account → Update your mobile numbers/email IDs with your stock brokers. Receive information of your transactions directly from Exchange on your mobile/email at the end of the day.

Investor Grievances Escalation Matrix

Details of Contact Person Address Contact No. Email ID Working Hours
Client Servicing Kirti Surve 1st Floor, Plot No. 65, Sonawala Bldg, Mumbai Samachar Marg, Opp. Bombay Stock Exchange, Fort, Mumbai – 400001 022-40874075 qcsc@systematixgroup.in Monday - Friday
09:00 AM to 06:00 PM
Head of Client Servicing Ameya Borkar The Capital, A-wing, No. 603 – 606, 6th Floor, Plot No. C-70, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 022-66198103 grievance@systematixgroup.in Monday - Friday
09:00 AM to 06:00 PM
Compliance Officer Nipa Savla The Capital, A-wing, No. 603 – 606, 6th Floor, Plot No. C-70, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 022-66198092 compliance@systematixgroup.in Monday - Friday
09:00 AM to 06:00 PM
Managing Director Nikhil Khandelwal The Capital, A-wing, No. 603 – 606, 6th Floor, Plot No. C-70, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 022-66198023 mddesk@systematixgroup.in Monday - Friday
09:00 AM to 06:00 PM
In absence of response/complaint not addressed to your satisfaction, you may lodge a complaint with SEBI:
SEBI: https://scores.gov.in/scores/Welcome.html
Or below exchanges:
BSE: https://bsecrs.bseindia.com/ecomplaint/frminvestorHome.aspx     NSE: https://investorhelpline.nseindia.com/NICEPLUS/
MCX: https://www.mcxindia.com/Investor-Services/grievances/register-e-complaint     NCDEX: https://ncdex.com/grievances
CDSL: https://www.cdslindia.com/footer/grievances.aspx     NSDL: https://www.epass.nsdl.com/frmLoginPageWebsiteComplaints.aspx
Please quote your Service Ticket/Complaint Ref No. while raising your complaint at SEBI SCORES/Exchange portal.

Details of Client Servicing
Contact Person
Kirti Surve
Address
1st Floor, Plot No. 65, Sonawala Bldg, Mumbai Samachar Marg, Opp. Bombay Stock Exchange, Fort, Mumbai – 400001
Contact No
022-40874075
Email ID
qcsc@systematixgroup.in
Working Hours
Monday - Friday
09:00 AM to 06:00 PM
Details of Head of Client Servicing
Contact Person
Ameya Borkar
Address
The Capital, A-wing, No. 603 – 606, 6th Floor, Plot No. C-70, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051
Contact No
022-66198103
Email ID
grievance@systematixgroup.in
Working Hours
Monday - Friday
09:00 AM to 06:00 PM
Details of Compliance Officer
Contact Person
Nipa Savla
Address
The Capital, A-wing, No. 603 – 606, 6th Floor, Plot No. C-70, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051
Contact No
022-66198092
Email ID
compliance@systematixgroup.in
Working Hours
Monday - Friday
09:00 AM to 06:00 PM
Details of Managing Director
Contact Person
Nikhil Khandelwal
Address
The Capital, A-wing, No. 603 – 606, 6th Floor, Plot No. C-70, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051
Contact No
022-66198023
Email ID
mddesk@systematixgroup.in
Working Hours
Monday - Friday
10:00 AM to 05:00 PM

Advisory for Investors

  • Beware of fixed / guaranteed / regular returns / capital protection schemes. Brokers or their authorized persons or any of their associates are not authorized to offer fixed/guaranteed/regular returns/ capital protection on your investment or authorized to enter into any loan agreement with you to pay interest on the funds offered by you. Please note that in case of default of a member claim for funds or securities given to the broker under any arrangement/ agreement of indicative return will not be accepted by the relevant Committee of the Exchange as per the approved norms.
  • Do not keep funds idle with the Stock Broker. Please note that your stock broker has to return the credit balance lying with them, within three working days in case you have not done any transaction within last 30 calendar days. Please note that in case of default of a Member, claim for funds and securities, without any transaction on the exchange will not be accepted by the relevant Committee of the Exchange as per the approved norms.
  • Check the frequency of accounts settlement opted for. If you have opted for running account, please ensure that your broker settles your account and, in any case, not later than once in 90 days (or 30 days if you have opted for 30 days settlement). In case of declaration of trading member as defaulter, the claims of clients against such defaulter member would be subject to norms for eligibility of claims for compensation from IPF to the clients of the defaulter member. These norms are available on Exchange websites here:   a. BSE     b. NSE
  • Brokers are not permitted to accept transfer of securities as margin. Securities offered as margin/ collateral MUST remain in the account of the client and can be pledged to the broker only by way of ‘margin pledge’, created in the Depository system. Clients are not permitted to place any securities with the broker or associate of the broker or authorized person of the broker for any reason. Broker can take securities belonging to clients only for settlement of securities sold by the client.
  • Always keep your contact details viz. Mobile number/Email ID updated with the stock broker. Email and mobile number is mandatory and you must provide the same to your broker for updation in Exchange records. You must immediately take up the matter with Stock Broker/Exchange if you are not receiving the messages from Exchange/Depositories regularly.
  • Don't ignore any emails/SMSs received from the Exchange for trades done by you. Verify the same with the Contract notes/Statement of accounts received from your broker and report discrepancy, if any, to your broker in writing immediately and if the Stock Broker does not respond, please take this up with the Exchange/Depositories forthwith.
  • Check messages sent by Exchanges on a weekly basis regarding funds and securities balances reported by the trading member, compare it with the weekly statement of account sent by broker and immediately raise a concern to the exchange if you notice a discrepancy.
  • Please do not transfer funds, for the purposes of trading to anyone, including an authorized person or an associate of the broker, other than a SEBI registered Stock broker.

Verification of KYC attributes of clients

  • We refer to BSE / NSE / CDSL circulars in accordance to which, following 8 KYC attributes are being made mandatory for all categories of investors and investors are required to validate the same even for their existing trading and demat accounts also. Following information needs to be validated by you, so as to ensure that not only all of important details of your accounts are correctly updated across in KYC and you get timely information but also to ensure that you can enjoy seamless and uninterrupted trading and demat transactions with us.
    ✔ Name     ✔ Complete Address     ✔ Pin Code     ✔ PAN     ✔ Category     ✔ Mobile Number     ✔ Email Id     ✔ Income Details
  • Kindly arrange to get the information verified / updated at the earliest but not later than 31st March, 2022. In case of non-compliance of above, the status of your trading/demat account shall be marked as "closed" by exchanges and debits shall be restricted by depository respectively. Thus no trade and/or debit shall be allowed in such trading or demat account (except for settlement of already open positions). This is as per the directive of the regulator.
  • To complete your verification / updation process online, please click here.

    • Securities as Margin by way of Pledge

  • Stock Brokers can accept securities as margin from clients only by way of pledge in the depository system w. e. f. September 1, 2020.
  • Update your mobile number and email id with your stock broker / depository participant and receive OTP directly from depository on your email id and/or mobile number to create pledge.
  • Pay 20% upfront margin of the transaction value to trade in cash market segment.
  • Investors may please refer to the Exchanges' Frequently Asked Questions (FAQs) issued vide NSE circular reference NSE/INSP/45191 dated July 31, 2020 and NSE/INSP/45534 dated August 31, 2020 and BSE notice no. 20200731-7 dated July 31, 2020 and 20200831-45 dated August 31, 2020 and other guidelines issued from time-to-time in this regard.
  • Check your Securities / Mutual Fund / Bonds in the consolidated account statement issued by NSDL / CDSL.

Advisory - KYC Compliance

  • All investors are requested to take note that 6 KYC attributes i.e. Name, PAN, Address, Mobile Number, Email id and Income Range have been made mandatory. Investors availing custodian services will be additionally required to update the custodian details.
  • The last date to update KYC is on or before March 31, 2022.
  • Thereafter non-compliant trading accounts will be blocked for trading by the Exchange.
  • The non-compliant demat accounts will be frozen for debits by Depository Participant or Depository.
  • On submission of the necessary information to the stockbroker and updation of the same by the stockbroker in the Exchange systems and approval by the Exchange, the blocked trading accounts shall be unblocked by the Exchange on T+1 trading day.
  • The demat account shall be unfreezed once the investor submits the deficient KYC details and the same is captured by the depository participant in the depository system.
  • To ensure smooth settlement of trades, the investors are requested to ensure that both the trading and demat accounts are compliant with respect to the KYC requirement.
  • The investors are hereby requested to comply with the regulatory guidelines issued by Exchanges and Depositories from time to time with regard to KYC compliance and related requirements.

..Issued in the interest of investors

Systematix Corporate Services Limited: Merchant Banker SEBI Reg. No. INM000004224 | Systematix Shares and Stocks (India) Limited: BSE SEBI Reg. No.: INZ000171134 (Member Code: 182) | NSE SEBI Reg. No.: INZ000171134 (Member Code: 11327) | MCX SEBI Reg. No. : INZ000171134 (Member Code: 56625) | NCDEX SEBI Reg. No. : INZ000171134 (Member Code: 1281) | Depository Participant SEBI Reg. No.: IN-DP-CDSL-246-2004 (DP Id: 34600) | PMS SEBI Reg. No.: INP000002692 | Research Analyst SEBI Reg. No.: INH200000840 | AMFI : ARN – 64917 | Systematix Commodities Services Private Limited: NCDEX SEBI Reg No.: INZ000043009 Member Code: NCDEX: 534 | Systematix Fincorp India Limited: NBFC RBI Regn. No. B-10.00160 | Systematix Finvest Private Limited: NBFC RBI Regn. No B-13.00982 | INDIA SME GROWTH FUND: Alternate Investment Fund SEBI Reg. No.: IN/AIF1/18-19/0608

Systematix Corporate Services Limited (CIN: L91990MP1985PLC002969) | Systematix Shares and Stocks (India) Limited (CIN: U65993MH1995PLC268414) | Systematix Commodities Services Private Limited (CIN: U01119MH1994PTC266348) | Systematix Fincorp ( India ) Limited(CIN: U67120RJ1995PLC010601) | Systematix Finvest Private Limited (CIN: U65990MH1995PTC088488) | Systematix Asset Management Company Private Limited (CIN: U65999MH2006PTC266349) | Systematix Capital Services Private Limited (CIN: U67120MH2003PTC266347) Systematix Distribution Services Private Limited (CIN: U51101MH2011PTC225515) | Systematix Ventures Private Limited (CIN: U67190MH2013PTC247782)

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