Q2 FY24: • The Bio-Processing segment outperformed by 26% during the quarter. In this segment, food business grew by 43%.

• Domestic sales showed a robust growth of 25%
CONCALL:
• Margin improvement is expected to be better going forward.

• Pharma, API and biocatalyst in domestic markets and nutrition in international markets primarily supported the numbers in the human nutrition.

• We have recently got approval for food dossiers this year filed with EFSA somewhere around in 2014. We filed somewhere around 14 dossiers years in 2013, ’14 and onwards. It’s always like a long time for their approval. Just recently, we’ve got the two products. And I think those are the two different lipases

• The B2C segment has contributed $1.14 million as compared to $1.11 million during the same period in the previous year HY

• Expect US to start growing from this quarter. Seeing signs of business picking up. Margins will improve once US business starts contributing.

• The product segment where we are in India, we maintain more than 80% of the market share and we will continue to do that.

• SUB SEGMENT SALES DETAILS:

o India pharma sales: 59.3cr vs 44cr yoy
o India probiotic sales: 6.9cr vs 5 cr yoy
o India Biocatalysts sales: 7.7cr vs 6.5cr yoy
o Biocatalysts international sales: 0.8cr vs insignificant sales yoy

• Innovative products to start contributing: We are going with some innovative ideas and innovative products, and those took some time. So, as you look – the gestation time was about five to seven months. And as I was telling from the earlier also, we should start seeing this from this quarter onwards. It should – gradually it should start building up.

• Bakery segment in food processing has started contributing to growth in ASIA ex-India sales. Took a long time to get registrations.

• The largest product i.e., serratiopeptidase: Majority sales comes from the Indian market. We have also filed this product for the novel food, and we are expecting some clearance. We are also filing this product into some of the bigger Asian markets.

# Australian stock exchange picks India’s TCS to rebuild software after earlier flop

My broker confirmed that I will have to do bidding under shareholder category for the allotment. No bonus or free shares.

You could have made the job easier by providing the stock name. While I think I can guess the probable reasons for not doing so, and while I also consider this as a learning exercise, there is also the possibility that I could have given up, if I could not have found the stock sooner.

Is this Vmart?

If it is, it appears to me, it had created a H&S pattern from 2021 January to 2023 March and had broken the neckline of 2460 or so, which also appears as a support, and went down further and took support at 2050 or so, and went down even further to the lows of 1595, a low which was last seen in 2020 May. It was trading in a range of 2460-2050 from March to September.

CMP appears to be a a support level, or it may fall further to 1390, another support level, a level which was last seen in 2020 March. Appears to be a in downward channel too, not sure.

As the price is 65% distant from ATH, I guess it is not a bad idea to wait to see if it goes back to 2050, or this could be the bottom for the current situation, as it appears volumes have been picking up along with some movement in the price. RSI on monthly chart is the lowest ever.

I don’t follow the business, and my observations could be completely wrong, so take them for what they are worth, and no position.

I have always found it difficult to average up in any stock. I generally buy a stock when it’s at attractive valuation. That means If a stock price is moving up, that means it’s not as attractive as my first buying, and so I couldn’t find comfort in averaging up. I was discussing this with few of the VPers in one of the meet, and I got following suggestiong
1) Read and understand about technicals. Learns from Vivek Mashrani and Hitesh
2) Put into practice the learnings
I feel l should test the waters with some part of my capital (with skin in the game) and depending on the outcome of my experiments I could gain confidence in averaging up in a stock. I think my problem is mostly psychological and I’d like to train my mind to find comfort in it

So, here I go. I have some fundamental view on MCX (with conservative valuation comapred to peers) that I’ve posted recently in MCX post
Link to the post here

Whatever gain i expected from the stock in 18 months, I’ve gained in 45 days itself. So, on valuation front MCX is not so attractive any more (after 40% up run in last 45 days). But instead of valuation factor, there’s momentum factor now. When I made the analysis, I compared the valuation with CAMS and CDSL and benchmark, but they have also gains handsomely in past 2 months. So, I expect even MCX to move up in tandem.

One can also see how BSE has performed over last 1 year, as it’s option volume is increasing well and gaining market share. Even MCX is going through somethign similar currently i.e. option volume growing at 35-40% YOY at a sustained rate. So, I expect MCX to rerate significantly from here

I’m averaging up in MCX and would like to track in future, how this performs in future. I consider this to be a new beginning and would help me learn to become a better investor (or momentum investor)

Disc: No reco by any means

Thank you
Praveen