Rounaq Bakshi notes

Garware   Hi -Tech Films: India’s only manufacturer of Sun Control films and Paint Protection Films Video posted 8 months ago:  https://youtu.be/9L7JQRCLdu8?si=lfzsK8kXXaxiTFtz   Video posted 5 months ago:  https://youtube.com/shorts/m2zrmd3NbA8?si=LEzYEN4qFFBE22xh Latest video:  https://youtube.com/shorts/1Ky2nzq9ly4?si=AZw5pc1eWZKDCMI I invest my time in reading about companies and enjoy thinking about the growth aspects of each portfolio company i have in my portfolio While reading, i make my notes that are helpful for me  Garware   Hi -Tech Films: India’s only manufacturer of Sun Control films and Paint Protection Films Market leader with more than 90% market share in Shrink film manufacturing in India Fully vertically integrated, chips-to film manufacturer with over 60+ years of industry experience Exported to more than 80+ Countries worldwide ~73% Exports contribution to Revenue in FY22 The Vision of  Garware   Hi -Tech Films Limited is...

Pilani Investment and Industries Corporation: investment holdings in “Aditya Birla group” The market value of investments as on June 30, 2025, stood at ₹26,121 crore.  The company has a healthy debt cover of 13.75x providing adequate cover against external debt (existing and proposed). CARE Ratings Limited (CareEdge Ratings) notes that the management intends to maintain the consolidated external borrowings to ₹3,000-3,500 crore in the near-to-medium term.  In February 2025, the company participated in the Preferential Issuance of Aditya Birla Fashion and Retail Limited requiring funds, thereby increase in external borrowings.  Diversified business investments with strong parentage The Aditya Birla group has demonstrated and well-established management track record. With a simplified holding structure, PIICL has greater diversity in terms of investments in group companies. It holds equity shares in several flagship group companies including Hindalco Industries Limited, Gra...

Update on Acquisition of assets from IRB Infrastructure Trust (“Private InvIT”)   https://www.youtube.com/watch?v=mkXES0z_Q7c When the Stock came up with the IPO it was priced at 100-105 and was paying 10-12 dividend per year. During this time i was observing this stock and was happy to see the dividend yield as 10-12% that it offered. Now comes the good part, the Covid happened and no highway roads were operational !! so no revenue for IRB. The stock was trading at 70-75 levels before Covid happened and it went to 25-28 levels in matter of days !!! I started digging more and found out the pandemic clause applicable on road assets and noticed that the NHAI will pay help road operators in case a pandemic kind of situation happens.  This very important clause changed my mindset and i went all in in this company at 28 odd levels where the dividend yield was in excess of 25% per ANNUM !!!! From that day onwards, i realised money can be made in stock in exceptional manner but it re...

RPSG VENTURES: Manchester Originals Limited has now become a subsidiary of RPSVPL  Further to earlier letter dated February 11, 2025, and pursuant to the provisions of Regulation 30 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, would like to inform that, RPSG Sports Ventures Private Limited ("RPSVPL"), a subsidiary of the Company, has executed a Share Purchase Agreement today with England and Wales Cricket Board (ECB) for acquisition of 70% equity stake in Manchester Originals Limited ("Proposed Transaction"), for a total consideration of GBP 81,210,000 to be paid over a period of 24 months, in the manner specified in the Share Purchase Agreement.  In addition to the Share Purchase Agreement, RPSVPL has also entered into other transaction documents with ECB, Manchester Originals Limited, Lancashire County Cricket Club Limited ("LCCC") and/or the Company, in relation to the Proposed Transaction. RPSVPL has also completed the ...

CESC : India’s first fully integrated electrical utility company 1st Video Date: 3rd Dec 2022:  https://m.youtube.com/watch?v=EY1KToQ7m3Y 2nd Video Date: 3rd Apr 20233 https://www.youtube.com/watch?v=IcVSSx7mZYQ I love Dividend paying stocks When i say dividend paying stocks: I mean that particular company should be paying consistent dividends from last couple of years In this situation: if the stocks move up then i can enjoy capital appreciation and if stock doesnt perform well then i should get my FD rates income ( The base case) CESC : India’s first fully integrated electrical utility company Currently handle more than ~4 Mn customers across 6 locations in India Operating capacities 1485 MW    India’s first fully integrated electrical utility company ever since 1899, generating and distributing power Sole distributor of electricity within an area of 567sq km of Kolkata, Howrah and adjoining areas and serve 3.5 million consumers which include domestic, industrial, and c...

GFL LIMITED holds 16.16% in PVR-Inox Merger GFL Limited operates as a holding company of its wholly owned subsidiary INOX Infrastructure Limited.  It holds investments in PVR INOX Limited, one of the country’s prominent multiplex chains.  Additionally, the Company is actively involved in the business of Mutual Fund distribution.  This integrated structure allows GFL Limited to leverage the strengths and resources of its subsidiary company, INOX Infrastructure Limited while maintaining a significant presence in the entertainment industry through its investments in PVR INOX Limited.  Furthermore, the Company’s engagement in the Mutual Fund distribution business adds another dimension to its diversified portfolio, enabling it to cater to a wider range of financial services. in the FY 2022-23, the Company had received 1,58,35,940 fully paid-up equity shares of PVR INOX Limited, which represented 16.16% of its total paidup equity capital.  In view of power of GFL Lim...

Sony Music Publishing Renews Exclusive Global Deal with India’s Tips Music Sony Music Publishing Renews Exclusive Global Deal with India’s Tips Music.  The multi-year partnership agreement adds YouTube Publishing. [Mumbai, India, 3 rd March 2025] Tips Music Ltd and Sony Music Publishing today announced an expansion of their successful global publishing partnership by adding YouTube (worldwide, excluding India) as a key platform, for international publishing exploitation of Tips Music's vast catalogue.  This strategic renewal reinforces both companies' commitment to amplifying the global presence of Indian music, particularly as Bollywood soundtracks continue to gain momentum in international markets.  The deal encompasses administration, synchronization, and expanded promotion of Tips Music's rich repertoire across global digital platforms.  Guy Henderson, President, International said: ““We are thrilled to be expanding our relationship with Kumar and his team at Tip...

Tejas Networks launches its indigenously designed 64T64R Massive MIMO Radio at the India Mobile Congress (IMC) Bengaluru:  Tejas Networks [BSE: 540595, NSE: TEJASNET] announced the launch of Ojas64, its next-generation 64T64R Massive MIMO (Multiple Input Multiple Output) Radio at IMC 2025, New Delhi.  Ojas64 is a best-in-class 5G Macro radio capable of delivering up to 320W of output power with multi-gigabit speeds and double-digit spectral efficiency gains while drastically reducing its carbon footprint.  The product was unveiled by Shri Jyotiraditya Scindia, Hon’ble Union Minister of Communications(MOC) and Development of the North Eastern Region (DoNER) in the presence of Dr. Neeraj Mittal, Chairman DCC and Secretary (T), Department of Telecommunications (DoT) and other senior dignitaries.  Commenting on the occasion, Shri Jyotiraditya Scindia, Hon’ble MOC and DoNER, said, “I congratulate Tejas Networks for continuing to set new technology benchmarks in the area o...

Kaveri seeds : Acquisition of 30% Equity Holding in Aditya Agritech Private Limited Acquisition of 30% Equity Holding in Aditya Agritech Private Limited by Kaveri Seed Company Limited With reference to the above mentioned su$ecf the Board of Directors of the Company has approved the acquisition of the remaining 30% equity shares of Aditya Agritech Private Limited, a Company in which Kaveri Seed currently holds a70% stake.  Upon completion of this transaction, Kaveri Seed Company Limited will hold 100% ownership, thereby making Aditya Agritech Private Limited its 100% \a/holly Owned Subsidiary.  This strategic acquisition is aimed at enhancing operational synergies and expanding market reach. Full ownership will enable Kaveri Seed Company Limited to streamline decision-making, improve efficiency, and accelerate innovation in its product development and offerings. The business of target entity is similar line of listed entity.  The acquisition is aimed at enhancing business...

TGV SRAAC :  caustic soda industry is highly power intensive, whereby power cost constitutes ~50% of the production cost Integrated operations and improving operational performance  The operations of SRAAC are highly integrated, with the by-product of one process being used as a raw material for another product, enabling the company to optimally utilise its production capacity.  This also protects the company from the effects of cyclicality in the demand for certain of its products to some extent, given a diversified product basket.  The operational performance of the company continued to remain healthy marked by high capacity utilisation for its key products during FY24.  However, its revenue and profitability were affected during FY24 by a significant decline in Electro Chemical Unit (ECU) realizations, driven by global demand-supply dynamics. Comfortable capital structure and debt coverage indicators The company’s total debt increased marginally in FY24 to su...