Nifty 50 Morning: 03 Aug 2026 Market Summary

Rating SUBSCRIBE Issue Offer Issue Opens onNov 17, 2021Issue Close onNov 22, 2021Total IPO size (cr)1013.61Fresh issue125Offer For Sale (cr)888.61Price Band (INR)655-690Market Lot21Face Value (INR)10 Retail Allocation10%Listing OnNSE, BSE Issue Break-up (%) QIB Portion75NIB Portion15Retail Portion10Shareholding(No.ofShares)Pre Issue52,197,390Post Issue54,008,984 Indicative Timetable Finalisation of Basis ofAllotment25-11-2021Refunds/Unblocking ASBA Fund26-11-2021Credit of equity shares toDP A/c29-11-2021Trading commences30-11-2021

SME IPO of Go Fashion gathers a lot of attention as the company Go Fashion (India) Limited is one of the largest women's bottom-wear brands in India. The company is engaged in the development, design, sourcing, marketing, and retailing of a range of women's bottom-wear products under the brand, 'Go Colors'.

The company offers one of the widest portfolios of bottom-wear products among women's apparel retailers in terms of colors and styles. It is among the few apparel companies in India to have identified the market opportunity in women’s bottom-wear and have acted as a ‘category creator’ for bottom-wear.

It was the first company to launch a brand exclusively dedicated to women’s bottom-wear category and have leveraged this advantage to create a direct-to-consumer brand with a diversified and differentiated product portfolio of premium quality products at competitive prices. The company’s bottom-wear products, which include churidars, leggings, dhotis, harem pants, Patiala, palazzos, culottes, pants, trousers and jeggings, are sold across multiple categories such as ethnic wear, western wear, fusion wear, at leisure, denim, plus sizes and girls wear making their portfolio ‘universal’ and for every occasion.

• The women’s apparel market is estimated to be approximately 36% of the total apparel market while the women’s bottom-wear market contributed 8.3% of the women’s apparel market in Fiscal 2020
• The women’s clothing market in India has evolved in the past decade from traditional one-piece apparel to two-piece and mix-and-match apparel, with bottom-wear becoming an essential
• The company serve its customers primarily through its extensive network of 459 EBOs (Exclusive Brand Outlets) that are spread across 23 states and union territories in India, as of September 30, 2021.
• The company have its in-house design and merchandising team that designs and develops bottom-wear products across categories with their deep understanding of consumers’ requirements.

Financials and Outlook

The company has mixed set on financials over the last three years where the company's revenue grew in FY20 and fell back in the year FY21. However, the fall in revenue can be due to COVID-19. Profit also turned negative in a recent year where the company reported a loss of Rs (3.53) cr in FY21 VS a profit of Rs 52.63 cr in FY20. Go Colors has a strong brand value but has fluctuating revenues and the company moved into losses in FY21 but as the number of working women is increasing along with the evolving fashion trend it is expected that the company has strong growth momentum. The company has a mixed bag of financials and IPO is arriving at a P/BV of 13.65 based on its NAV of Rs. 50.56 as of Q1FY22, which seems to be attractively priced for the investors. Thus, we assign a "SUBSCRIBE" rating for listing gain and long term.

KEY MANAGERIAL PERSONNEL

• Prakash Kumar Saraogi is the Managing Director of the Company. He is a promoter of the Company and has over 28 years of experience in garment manufacturing, fashion industry and retail industry.
• Gautam Saraogi is an Executive Director and the Chief Executive Officer of the Company. He is also a promoter of the Company and has over 10 years of experience in consumer retail, marketing, brand building and garment
• Rahul Saraogi is a Non-Executive Director of the Company. He is a promoter of the Company and has over 10 years of experience in the garment industry.
• Ravi Shankar Ganapathy Agraharam Venkataraman is a Non-Executive Nominee Director of the Company. He has over 15 years of experience in private equity funds.
• Srinivasan Sridhar is the Chairperson of the Company’s Board and an Independent Director of the Company He has over 38 years of experience in commercial and development banking and is an associate of the Indian Institute of Bankers.
• Rohini Manian is an Independent Director of the She has over 8 years of experience in real estate and management space.
• Dinesh Madanlal Gupta is an Independent Director of the Company. He has over 37 years of experience in the transport and manufacturing industry.
• R Mohan is the Chief Financial Officer of the He has been associated with the company since April 16, 2019.
• Gayathri Venkatesan is the Company Secretary and Compliance Officer of the company. She has been associated with the company since October 25, 2019.

COMPETITIVE STRENGTHS

• Largest women’s bottom-wear brand in India with well-diversified product
• Multi-channel pan-India distribution network with a focus on EBOs, enhancing brand visibility
• Strong unit economics with an efficient operating model
• Extensive procurement base with highly efficient and technology-driven supply chain management
• In-house expertise in developing and designing products
• Demonstrated track record of strong financial performance
• Continue to expand retail network with a focus on EBOs
• Leverage technology to bring cost efficiency and enhance customer experience

KEY CONCERNS

• A major part of the issue is the offer for sale which would go to selling share
• The company carries operations from a single warehouse located in Southern India which could be a geographical limitation
• The company has incurred losses for FY21 for Rs 5 Crores and revenues also declined.
• Covid-19 pandemic has impacted the company and it might continue to impact future
• Dependency on the third party for the major operational part such as transportation and manufacturing

तेज़ी से बढ़ती हुई मुद्रास्फीति के बीच सोने और चांदी के भाव में ऊपरी स्तरों पर बिकवाली का दबाव बना हुआ है।  सोने के भाव के लिए पिछला सप्ताह पांच महीनों में सबसे मंदी वाला साबित हुआ है। मुद्रास्फीति को नियंत्रित करने के लिए अमेरिकी फेडरल रिजर्व बढ़ती मुद्रास्फीति को रोकने की उम्मीद से अधिक बांड टेपरिंग और ब्याज दरों में तेजी से बढ़ोतरी करेगा। पिछले सप्ताह रिज़र्व बैंक ऑफ़ न्यूज़ीलैण्ड ने भी ब्याज दरों में बढ़ोतरी की है। और प्रमुख केंद्रीय बैंक द्वारा भी मुद्रास्फीति नियंत्रण के लिए कदम उठाने की सम्भावना बढ़ने लगी है जिसके कारण सोने और चांदी के भाव में बिकवाली का दबाव बना है। कच्चे तेल की बढ़ती कीमतों को कम करने के लिए भारत, अमेरिका, जापान और चीन द्वारा अपने तेल भंडार से कच्चे तेल की आपूर्ति बढ़ाने पर सहमत हुए है। जिसका असर कच्चे तेल के भाव में पिछले सप्ताह आई गिरावट पर दिखा है जो कीमती धातुओं में दबाव बना रहा है।  इन अटकलों के बीच के अमेरिकी फेड बांड टेपरिंग को 15 बिलियन से बढ़ा कर 30 बिलियन तक कर सकता है और ब्याज दरों में वृद्धि अनुमान से पहले हो सकती है, सोने और चांदी के भाव ऊपरी स्तरों से टूट गए। हालांकि, यूरोप में  कोवीड -19 की चौथी लहर आने की खबर और कोरोना के नए संस्करण से सोने के भाव में निचले स्तरों पर सपोर्ट रहा है। घरेलु वायदा सोने में पिछले सप्ताह ₹1600 प्रति दस ग्राम की गिरावट देखी गई जबकि सप्ताह के अंत तक कीमतों में निचले स्तरों से सुधार हुआ और भाव ₹48100 प्रति दस ग्राम के करीब रहे। चांदी के भाव पिछले सप्ताह में ₹3200 तक टूटे और भाव ₹63400 प्रति किलो पर रहे।

इस सप्ताह मंगलवार को अमेरिकी फेड चेयर जेरोम पॉवेल का भाषण, बुधवार को एडीपी नॉन फॉर्म एम्प्लॉयमेंट चेंज, आइएसएम मैन्युफैक्चरिंग पीएमआई, गुरुवार को ओपेक-गैर ओपेक देशो की बैठक और शुक्रवार को पैरोल के आंकड़े प्रमुख है।

तकनीकी विश्लेषण

इस सप्ताह सोने और चांदी के भाव में अस्थिरता के साथ दबाव रह सकता है। दिसंबर वायदा सोने में 46800 रुपए पर सपोर्ट और 49000 रुपए पर प्रतिरोध है। चांदी में ₹61800 पर सपोर्ट और ₹65000 पर प्रतिरोध है।

सोयाबीन दिसंबर वायदा में पिछले सप्ताह 10 प्रतिशत का उछाल दर्ज किया गया और कीमते 6100 रुपये प्रति क्विंटल तक के स्तरों पर पहुंच गई है। सोयाबीन की फसल आने के बाद इसकी आपूर्ति कम रही जिसके कारण कीमतों में अच्छी तेज़ी देखि गई है। अमेरिकी सोयाबीन में भी पिछले सप्ताह तेज़ी रही और कीमतों में 5 प्रतिशत तक हुई है यूनाइटेड स्टेट्स डिपार्टमेंट ऑफ़ एग्रीकल्चर (यूएसडीए ) की नवंबर रिपोर्ट के मुताबिक साल 2021-22 के लिए यू.एस. सोयाबीन का उत्पादन कम रहेगा। सोयाबीन का उत्पादन 4.42 अरब बुशेल रहने का अनुमान है, जो कम यील्ड के कारण 23 मिलियन घटा है। लेकिन इसका वैश्विक आयात कम होने रहने के कारण स्टॉक में बढ़ोतरी रहने का अनुमान है। वैश्विक सोयाबीन का उत्पादन 1.1 मिलियन टन घटकर 384 मिलियन हो गया है। संयुक्त राज्य अमेरिका और अर्जेंटीना में जो उत्पादन की कमी आई है वह भारतीय उत्पादन से बराबर हुआ है। ग्लोबल सोयाबीन निर्यात 1 मिलियन टन घट कर 172.1 मिलियन टन रह गया है। चीन का आयात 1.0 मिलियन टन घट कर 100 मिलियन टन रह गया है। घरेलु बाजार में सोयाबीन की कीमते कम रहने के कारण मंडियों में आपूर्ति कम रही है। चीन में नेगेटिव मार्जिन और पॉवर कमी के कारण उत्पादन कम रहा जो आयात में कमी का एक कारण रहा है, लेकिन सामान्य होती हुई स्थिति से इसका आयात बढ़ने के आसार है। ब्राज़ील में सूखा मौसम के बीच सोयाबीन की सोइंग होने पर उत्पादन कम रहने की सम्भावना भी है। जिससे सोयाबीन के भाव में वैश्विक स्तर पर तेज़ी देखने को मिल रही है।

तकनिकी विश्लेषण

एनसीडीईएक्स दिसंबर वायदा सोयाबीन में तेज़ी रहने की सम्भावन है। इसमें ₹5600 - ₹5300 रुपये पर सपोर्ट है और ₹6300 - ₹6900 पर रेजिस्टेंस है।

Rating SUBSCRIBE

Issue Offer

Issue Opens on Nov 15, 2021Issue Close on Nov 17, 2021Total IPO size (cr)1,023.47Fresh issue150.00Offer For Sale (cr)873.47Price Band (INR)635-662Market Lot22Face Value (INR)2Retail Allocation35%Listing On NSE, BSE

Objects of the issue

⮚ For Repayment/prepayment of liabilities ⮚ For Funding of the capital expenditure

Issue Break-up (%)

QIB Portion50NIB Portion15Retail Portion35

Shareholding (No. of Shares)

Pre Issue5,09,40,420Post Issue5,32,06,281

Indicative Timetable

Finalization of Basis of  Allotment23-11-2021Refunds/Unblocking ASBA Fund24-11-2021Credit of equity shares to  DP A/c25-11-2021Trading commences26-11-2021

About Tarson Products Limited IPO:

Tarsons Products Limited is a Indian labware company engaged in the designing, development, manufacturing and marketing of ‘consumables’,  ‘reusables’ and ‘others’ including benchtop equipment, used in various  laboratories across research organizations, academia institutes,  pharmaceutical companies, Contract Research Organizations (CROs),  Diagnostic companies and hospitals.

Company’s product portfolio is  classified into three key categories which include consumables,  reusables, and others. ‘Consumables’ category includes products such as  centrifuge ware, cryogenic ware, liquid handling, PCR consumables and  petri dish, transfer pipettes and others. ‘Reusables’ category includes  products such as bottles, carboys, beakers, measuring cylinders and  tube racks. ‘Others’ category includes benchtop instrumentation such as  vortex shakers, centrifuges pipettors and others. Company is one of the  leading Indian company in terms of revenue in the plastic labware market in India

⮚ Company currently operates through their five manufacturing  facilities located in West Bengal. These facilities are vertically  integrated and equipped with automated support systems that help  them to maintain quality, increase productivity, and reduce costs.

⮚ They have over 36 years of experience in life sciences through  which they gained expertise in the production of a wide range of  labware products.

⮚ Company have received CE-IVD certificate for their products such  as micro and macro tips, cryo vials and centrifuge tubes.

⮚ Company supply their products to over 40 countries across both  developed and emerging markets through a blend of branded and  ODM sales.

⮚ They supply products to life sciences industry under the brand label‚ TARSONS WITH THE WORDS -TRUST DELIVEREDTM.

Outlook & Company Valuation:

The company has shown stable growth in  revenue in the last 3 years where we saw a minor dip in FY20 on the  back of COVID-19. Revenue of the company has grown from Rs 184.7  cr to Rs 234.3 cr over the period of FY19 to FY21; during the same  period profit has grown from Rs 39 cr in FY19 to Rs 68.9 cr in FY21.

The margins of the company have grown significantly on the back of  declining debt. Tarson products limited is a company with great brand  awareness and high-quality goods, India’s leading life sciences supplier.

The company aims to be debt fee post the IPO and is planning for  CAPEX which will further increase the revenues. The IPO is arriving at  a PE of 34x on annualized Q1FY22 EPS of Rs. 4.88 which seems to be  attractively priced. Thus we assign a "SUBSCRIBE" rating for listing  gain and long term.

KEY MANAGERIAL PERSONNEL

⮚ Sanjive Sehgal is the Chairman and Managing Director of the Company. He holds a bachelor’s degree in science  from Xavier College, Calcutta. He has over 30 years of experience in this Company.

⮚ Rohan Sehgal is the Whole-Time Director of the Company. He holds a bachelor’s degree in science (management)  from the University of Manchester. He has over 7 years of experience in this Company.

⮚ Gaurav Podar is the Non-Executive Nominee Director of the Company. He has over 10 years of experience in the  finance industry. He has been Non-Executive Nominee Director in this Company from June 10, 2019.

⮚ Viresh Oberai is the Independent Non-Executive Director of the Company. He holds a bachelor’s degree in history  from the University of Delhi; He has over 22 years of experience with Tata Steel.

⮚ Sucharita Basu De is the Independent Director of the Company. She has over 20 years of experience in commercial  and corporate agreements, capital markets and real estate.

⮚ Girish Vanvari is the Independent Director of the Company. He holds a bachelor’s degree in commerce from the  University of Bombay and is a member of the Institute of Chartered Accountants of India.

⮚ Piyush Khater is the Company Secretary and Compliance Officer of the Company. He holds a bachelor’s degree in  commerce with specialisation in accounting & finance from St. Xavier’s College, University of Calcutta. He has over  4 years of experience and has previously worked with Ashok Kumar Duggar & Associates. In his last position, he  was assistant manager with Consolidated Consultancy Services Private Limited. Since he joined our Company on  July 28, 2021, he did not receive any remuneration during the Financial Year 2021.

⮚ Santosh Agarwal is the Chief Financial Officer of the Company. He holds a bachelor’s degree in commerce from the  University of Calcutta. He has over 20 years of experience and has previously worked with Polar Fans, Genpact,  ICA group and Gruas Jaso Group. In his last position, he was the chief financial officer and company secretary of  Jaso India. He joined the Company on October 1, 2019

COMPETITIVE STRENGTHS

⮚ Leading Indian supplier to life sciences sector with strong brand recognition and quality products.

⮚ Company provide a diverse range of labware products across varied customer segments

⮚ They operate in an industry which has a large addressable market with long-standing relationships with key end  customers

⮚ Well-equipped and automated manufacturing facilities

⮚ Wide geographic reach through their pan India sales and distribution network

⮚ Experienced Promoter backed by strong management team

KEY CONCERNS

⮚ All manufacturing plants are based in West Bengal (Geographical risk).

⮚ Over 85% of the IPO proceeds would go to selling shareholders of the company.

⮚ Company imports over 75% of its raw materials. Any delay, interruption or reduction in supply of raw materials to  manufacture its products can adversely affect its business.

⮚ Company’s manufacturing facilities are concentrated in West Bengal. Such geographical concentration can pose  risk to its business.

⮚ In case of plastic products manufactured by the company gets banned in India or any markets where the company  exports its products can have a material and adverse effect on its business.

COMPARISON WITH LISTED INDUSTRY PEERS

As per the RHP document, there are no listed entities whose business portfolio is comparable with that of Tarsons’s business and hence we cannot conclude whether the issue price is underpriced or overpriced. However, the IPO is arriving at a PE of 34x on annualized Q1FY22 EPS of Rs. 4.88 which seems to be attractively priced.

FINANCIALS (RESTATED CONSOLIDATED)

Particulars (Rs. In Millions) FY 2021 FY 2020 FY 2019Equity Share Capital 1.92 2.00 1.92Other Equity 2,441.46 1,973.69 1,350.81Net Worth 2,443.38 1,975.69 1,352.73Total Borrowings 334.54 358.95 645.13Revenue from Operations 2,289.11 1,759.02 1,787.48EBITDA 1,034.38 692.54 716.67Profit Before Tax 924.34 531.33 558.25Net Profit for the year 688.70 405.31 389.58

The Smartphone Industry has been steadily developing and evolving; both, in terms of market size and varied models. Factors such as the rise in disposable income of individuals, the development of robust telecom infrastructure, the introduction of budget-centric smartphones, and the increasing number of product launches are collectively contributing to the holistic growth of the smartphone market.

List of Smartphone Players by Market Share

Samsung topped the list of smartphone players with a market share of 19 per cent, followed by Apple with a 15 per cent of market share. Huawei stood third, holding 14 per cent of the market share. Xiaomi came in fourth on the list with an 11 per cent market share, followed by Oppo at 8 per cent, rest 33 per cent are held by other players in the market.

Of late, Samsung is the market leader that makes numerous best-selling Android phones, and with over 300 million sales a year, it is now the largest smartphone maker in the world. Keeping pace with advancing technology, Samsung also expanded its 5G smartphone lineup at entry and midrange price bracket of phones.

Right behind Samsung, there's Apple, an ultra-premium brand that offers flagship iOS-based smartphones, unlike other brands which are dealing in the Android OS.

China's stronghold in the world smartphone market can't be overlooked. Huawei is the largest smartphone manufacturer in China and the second-largest in the world, after South Korea’s Samsung. Huawei has a subsidiary brand, named 'Honor' that also designs and sells smartphones.

Xiaomi is another china's big giant emerging as one of the top leaders in the market with a   mighty online customer base and fast expansion in the global markets beyond the Asian-Pacific region driven by investments via retail channels and partnerships with top communication services providers.

Another renowned china based smartphone maker 'Oppo' has grown tremendously by popular-priced mid-range smartphones, a wider distribution network, and robust marketing strategies in Western Europe.

Demand for smartphones continued to grow as users tilted towards higher specifications and a better user-friendly experience. The improvement in consumer outlook sustained learning, and work from home culture, along with pent-up demand from 2020, is also boosting sales of smartphones in 2021.

अमेरिका के उपभोक्ता मूल्य सूचकांक में साल-दर-साल वृद्धि सितंबर में 5.4 प्रतिशत की वृद्धि को पार कर गई है। सितंबर से लेकर अक्टूबर तक अमेरिका में, कीमतों में 0.9 प्रतिशत की वृद्धि हुई, जो जून के बाद से महीने-दर-महीने की उच्चतम वृद्धि है। कच्चे तेल, गैस और खाद्य सामग्री की बढ़ती लागत के कारण अमेरिकी उपभोक्ता मूल्य सूचकांक पिछले वर्ष की तुलना में अक्टूबर में 6.2 प्रतिशत पर पहुंच गया है। यूएस सीपीआई डेटा के अनुसार, जो यह मापता है कि उपभोक्ता वस्तुओं और सेवाओं के लिए कितना भुगतान करता है, बढ़कर 4.6 प्रतिशत हो गया है, जो कि संयुक्त राज्य अमेरिका (यूएस) में 1990 में देखी गई मुद्रास्फीति का उच्चतम स्तर है। जिसके कारण पिछले सप्ताह घरेलु वायदा सोना 1400 रुपये प्रति दस ग्राम और चांदी 3000 रुपये प्रति किलो तक तेज़ हुई है।

मुद्रास्फीति हाल के महीनों में श्रमिकों को मिलने वाले वेतन में मजबूत लाभ को कम कर रही है और राजनितिक मुश्किलें बढ़ा रही है। लगभग एक दशक पहले की बड़ी मंदी के बाद की तुलना में महामारी से उबरने के दौरान नौकरी और वेतन वृद्धि अधिक अच्छी रही है। लेकिन उस मंदी के बाद के वर्षों के विपरीत, मुद्रास्फीति अब तेजी से बढ़ रही है और अर्थव्यवस्था में विश्वास को कम कर रही है।

जिसके कारण निवेश के लिए सुरक्षित मांग बढ़ती जा रही है। खाद्यान्न, खाद्य तेल, धातु और बिजली आपूर्ति समेत आवश्यक वस्तुओं के दाम बढ़ने से और दुनिया भर में आपूर्ति बाधित होने से महंगाई बढ़ रही है। हालांकि, अमेरिकी फेड का मुद्रास्फीति लक्ष्य 2 प्रतिशत है जो पहले से ही इस स्तर से काफी ऊपर है लेकिन अर्थव्यवस्था की वर्तमान स्थिति के अनुसार और अधिक आर्थिक सुधारों की आवश्यकता है। अमेरिकी फेड और यूरोपीय सेंट्रल बैंक ने कहा है कि वे बांड खरीद को कम कर रहे हैं, लेकिन निकट अवधि में ब्याज दर में वृद्धि नहीं करने जा रहे हैं क्योंकि अर्थव्यवस्था को महामारी के कारण बिगड़ी हुई आर्थिक स्थिति से बाहर आने के लिए अधिक नौकरियों और प्रोत्साहन की आवश्यकता है।

तकनिकी विश्लेषण

इस सप्ताह सोने और चांदी के भाव तेज़ रह सकते है। दिसंबर वायदा सोने में 49700 रुपये पर प्रतिरोध और 48000 रुपये पर सपोर्ट है। चांदी में 69000 रुपये पर प्रतिरोध और 63500 रुपये पर सपोर्ट है।