Akash Chaudhary

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HIGH RELATIVE STRENGTH STOCKS TO STUDY & TRACK 🔥🔥🔥 Laurus Labs Lenskart Solutions Coforge MCX Ather Energy Sona BLW Precision Gland Pharma Cupid Sai Life Sciences Acutaas Chemicals Sansera Engineering Welspun Living Diamond Power Shadowfax Technologies Lumax Auto Technologies Shreeji Shipping Global Pearl Global Industries Saregama India Sri Lotus Developers SG Mart Indo Count Industries M B Agro Products Unimech Aerospace Steel Strips Wheels Entero Healthcare Neogen Chemicals Krishna Phoschem Tourism Finance Corporation of India Timex Group India Rolex Rings Sambhv Steel Tubes SG Finserve Nitin Spinners Yash Highvoltage Shukra Pharmaceuticals SBC Exports Oriental Hotels Ratnaveer Precision Engineering M M Forgings ⚪ WHY TRACK RELATIVE STRENGTH? Relative strength helps identify stocks outperforming the broader market or their respective indices. ▪️ Strong stocks tend to show resilience during market corrections. ▪️ They can attract buying interest when broader market momentum improves. ▪️ Look for sustained outperformance, strong price structures, volume confirmation and healthy consolidations. ▪️ Relative strength is a useful starting point for identifying potential leaders, but fundamental research and risk management remain equally important. Disclaimer: This is a watchlist for educational and research purposes only. Inclusion does not imply a buy recommendation.

#Susanelectricals SUSAN ELECTRICALS INDIA – Q2 & H1 FY27 CONCALL 5 MINUTES READ ONLY 🔥🔥🔥 BUSINESS TRANSFORMATION & GROWTH STRATEGY ▪️ Management is shifting the company's focus from being a conventional wire and cable supplier towards becoming a specification-driven power cable manufacturer. ▪️ The immediate priority is to strengthen its presence in three key product categories: HT cables, Medium Voltage Covered Conductors (MVCC) and winding wires. ▪️ Management's personal ambition is to achieve approximately 100% YoY growth in FY28 over FY27. This is an aspiration and not formal revenue guidance. ▪️ Management expects H2 FY27 to be significantly stronger than H1, in line with the company's historical seasonality. Government schemes and EPC contractors generally accelerate tendering and execution from October onwards, with February and March being particularly strong months. ▪️ They indicated that H2 revenue can be around 25–40% higher than H1, depending on order availability and execution capacity. This is an industry seasonality observation, not a company-specific revenue commitment. ORDER BOOK & ORDER PIPELINE ▪️ Order book stood at ₹147 crore as of September 30, 2026, with an additional active order pipeline of approximately ₹200 crore, taking combined visibility to around ₹347 crore. ▪️ During Q2, the company executed approximately ₹107 crore of orders and received around ₹111 crore of fresh orders. ▪️ Order book composition: HT cables and MVCC: ₹54 crore Winding wires: ₹69 crore LT cables: ₹24 crore ▪️ HT cables/MVCC and winding wires together account for more than 80% of the existing order book, reflecting the company's changing product mix. ▪️ Management stated that a significant portion of the ₹200 crore pipeline had already converted into orders during October. It expected approximately 70–100% of this pipeline to receive Letters of Intent (LOIs) within the following month. ▪️ The ₹200 crore pipeline includes tenders where the company had emerged L1, L2, L3 or L4 and was expecting orders. It should therefore be viewed as pipeline visibility, not as an already confirmed order book. ▪️ Management stated that approximately 90% of the referenced order book was scheduled for execution before March 31, 2027. However, it did not commit to executing the entire ₹347 crore during FY27. ▪️ The pipeline is continuously replenished through fresh bids. The company operates across approximately 15–16 states and continues participating in government tenders and engaging with EPC contractors. ▪️ Management indicated that around 90% of its tender outcomes reach the L3 or L4 level. In government supply tenders, orders can sometimes be allocated beyond L1 through reverse auctions, depending on pricing and tender conditions. The company chooses to accept orders where the pricing is commercially suitable. CAPACITY EXPANSION & MANUFACTURING ▪️ Cable manufacturing capacity has already increased from 7,500 km to approximately 11,000 km. ▪️ The company plans to further expand cable capacity to 16,000 km, with commercial production targeted from March 2027. ▪️ Management also indicated that capacity could subsequently increase from 16,000 km to 20,000 km within the existing facility. ▪️ Winding wire capacity has increased from 3,307 tonnes to 4,200 tonnes, with further expansion planned to 5,500 tonnes. This represents an overall increase of approximately 66% from the earlier capacity. ▪️ Management clarified that the capacity expansion already completed after the IPO should also be considered when assessing the overall increase. It expects capacity by March 2027 to be more than double the March 2026 level. ▪️ The company is at an advanced stage of taking possession of newly acquired land. Management expected the acquisition to be completed by the following month. ▪️ Construction at the new location is planned to begin before the end of 2026. The company intends to install factory sheds and shift operations during FY28–FY29. ▪️ The new facility will focus on HT cables, MVCC and winding wires. Management does not intend to expand LT cable capacity significantly because of intense competition and relatively lower margins. ▪️ They stated that the new land could eventually support capacity approximately five times the scale of the current expansion. ▪️ The existing facilities are expected to be sufficient for the company's internal growth targets up to March 2028. A major expansion is planned after that. ▪️ The company currently operates three plants at different locations and is considering shifting one or two existing factories to the newly acquired land. LAND ACQUISITION & FUNDING ▪️ The land acquisition will be funded through a combination of internal accruals and bank borrowings. ▪️ Management explained that approximately 25–30% of the collateral provided against cash-credit facilities is in the form of fixed deposits. ▪️ The company has approximately ₹48 crore of fixed deposits, including ₹5.62 crore of pledged mutual funds, placed as collateral against bank cash-credit limits. ▪️ Once the new land is acquired and becomes operational as collateral, management expects to release some of the existing fixed deposits and other collateral. ▪️ Management also indicated that the new land is substantially cheaper than the existing UPSIDC industrial-area land. It quoted approximately ₹1 lakh per square yard for land in the UPSIDC industrial area versus around ₹10,000 per square yard for the newly acquired land. ▪️ The company may eventually shift existing factories and release or sell some of its current properties, subject to collateral release and bank revaluation. Management believes this could unlock capital and support future expansion. ▪️ Management stated that a significant portion of the current year's capex has already been undertaken and advances have been paid. It does not currently foresee a funding crunch over the next few years. ▪️ The company has not provided a firm asset-turnover target for the new plant. Management said it would be possible to assess this after the plant becomes operational and reaches the required capacity. PRODUCT MIX & REVENUE CONTRIBUTION ▪️ Q2 revenue mix was approximately: HT cables and MVCC: 30% Winding wires: 33% LT cables: 31% ▪️ Management expects HT cables and MVCC to contribute around 40–50% of FY27 business, winding wires approximately 40%, and LT cables around 10–20%. ▪️ For FY28, management reiterated its ambition to move towards a product mix of approximately 45% HT cables/MVCC, 45% winding wires and 5–10% LT cables. ▪️ HT cables and MVCC contribution has increased substantially from approximately 0.75% of H1 FY26 revenue to around 30% in Q2 FY27. ▪️ For the full FY26, HT cables and MVCC had contributed approximately 8.57% of revenue. ▪️ Winding wire sales grew 109% in H1 FY27. Management considers this a core business with relatively fewer organised players and attractive margins. ▪️ Management is deliberately reducing its dependence on LT cables. LT was previously a much larger part of the business, but its contribution has now come down to approximately 30% in Q2. ▪️ HT cable machines can also manufacture LT cables, whereas LT cable machines cannot manufacture HT cables. This provides some manufacturing flexibility as the company shifts towards higher-value products. Q2 SALES VOLUMES & UNIT ECONOMICS ▪️ Q2 sales volumes: HT cables and MVCC: 518 km LT cables and conductors: 1,498 km Winding wires: 937 tonnes ▪️ For comparison, Q1 sales volumes were: HT cables: 176 km LT cables: 3,641 km Winding wires: 554 tonnes ▪️ HT cable volumes increased from 176 km in Q1 to 518 km in Q2, while winding wire volumes increased from 554 tonnes to 937 tonnes. ▪️ Management also shared EBITDA earned per unit for H1: HT cables and MVCC: ₹75,808 per km LT cables: ₹22,252 per km Winding wires: approximately ₹45 per kg ▪️ In H1 FY26, the corresponding figures were: HT cables: ₹21,084 per km LT cables: ₹18,279 per km Winding wires: approximately ₹40 per kg ▪️ For Q2, management separately indicated EBITDA per unit of approximately: HT cables: ₹81,987 per km LT cables: ₹25,007 per km Winding wires: ₹44 per kg CCV LINE & HT CABLE OPPORTUNITY ▪️ The new CCV (Continuous Catenary Vulcanisation) line has arrived at the factory and was at the installation stage during the call. Management expected it to become operational within a few days. ▪️ CCV technology uses dry curing. Management explained that most states have made CCV/dry-curing technology mandatory for HT cable supplies. ▪️ The new line is therefore an important capability addition, allowing the company to participate in larger and more complex HT cable tenders that it could not fully access earlier. ▪️ The company currently manufactures HT cables up to 33 kV and plans to move into higher voltage categories. ▪️ Management expects to obtain the required BIS certification for higher-voltage products within approximately 2–3 months and intends to announce the development after certification. ▪️ The company has started participating in more government HT tenders following the expansion of its capabilities. ▪️ Management cited examples of the company emerging L1 in 11 kV and 33 kV MVCC tenders in Paschimanchal Meerut and an HT tender in Madhya Pradesh. MARGINS & PRODUCT PROFITABILITY ▪️ Management indicated the usual EBITDA margin ranges across products: HT cables: 12–14% Winding wires: 10–13% LT cables: 9–11.5% ▪️ Q2 segment EBITDA margins were approximately: HT cables and MVCC: 13.13% Winding wires: 11.82% LT cables: 11% ▪️ Management expects the overall profitability profile to improve as the contribution of HT cables, MVCC and winding wires increases. ▪️ The company is consciously reducing lower-margin LT cable orders and rejecting orders where the pricing is not attractive. ▪️ Management clarified that the previous year's unusually high EBITDA margins were partly due to abnormal movements in copper and aluminium prices, which resulted in one-time gains. ▪️ Management does not see a current reason for margins to deteriorate, but did not provide a specific numerical margin target for FY28. CUSTOMER MIX, TENDERING & RAW MATERIAL PRICING ▪️ H1 business mix was approximately 50% government customers and 50% private-sector/EPC customers. ▪️ Earlier, approximately 90–95% of the company's business came from government customers. The company has gradually increased its EPC/private-sector contribution. ▪️ Management is giving greater preference to EPC business because of faster payments, advances and letters of credit. ▪️ Approximately 90% of EPC contractor orders carry price-variation clauses. ▪️ Management clarified that private-sector customers also provide price-variation clauses for orders with longer execution periods. Firm-rate orders are generally supplied immediately, usually within a month. ▪️ Since raw material prices are covered through price-variation arrangements in most orders, management stated that it does not need to hedge conductor orders separately. ▪️ Government payments to MSMEs generally arrive within approximately two months. EPC customers generally pay within 20–30 days or around a month, often through letters of credit. ▪️ The company supplies material with freight included. Management stated that freight is a relatively small proportion of its overall cost because the products are high-volume materials. WORKING CAPITAL, RECEIVABLES & CASH FLOW ▪️ Management confirmed that operating cash flow has turned positive and expects further improvement in the coming quarters. ▪️ Receivables stood at approximately ₹95 crore as of September 30, 2026. ▪️ Of this, approximately ₹25 crore related to sales made in the last 5–6 days of September and was not yet due. ▪️ The company received approximately ₹44 crore in October against receivables. ▪️ Only around ₹4 crore, or approximately 5% of total receivables, was older than 180 days. Management stated that around ₹3.5 crore of this had already been collected in October, leaving approximately ₹50 lakh outstanding beyond 180 days at the time of the call. ▪️ Management has made collections and inventory control key priorities. It stated that inventory is now being managed more efficiently rather than holding excessive stock to support growth. ▪️ The company uses TReDS to facilitate supplier payments. Under this arrangement, financiers pay suppliers directly, helping the company manage working capital. ▪️ Management indicated TReDS financing costs of approximately 9–12%, compared with around 8–8.5% on bank limits. ▪️ Management explained that TReDS can also help secure vendor discounts because suppliers receive their payments quickly. The facility is expected to continue being used. ▪️ The company currently does not see any working-capital stress and stated that the facilities arranged for FY27 are sufficient for the year. ▪️ Management is already making arrangements for higher working-capital requirements as the business expands in FY28. DEBT & FINANCE COSTS ▪️ As of September 30, total borrowings stood at approximately ₹122 crore, comprising: Short-term borrowings: ₹115 crore Long-term borrowings: ₹7 crore ▪️ Cash and cash equivalents, including investments and short-term bank balances, stood at approximately ₹61 crore. ▪️ This translated into an effective net debt level of approximately ₹60 crore, which management said was broadly similar to the March 31 position. ▪️ Management clarified that a significant amount of the borrowings is connected with fixed deposits and other collateral placed against cash-credit limits. ▪️ Management expects the release of some collateral following the acquisition and use of the new land as security, subject to bank approvals and additional limits. ▪️ The finance team indicated that major capex is being funded through IPO proceeds and that the company intends to fund a substantial portion of future capex through operating cash flow. ▪️ Management does not currently expect a significant increase in finance costs and indicated that there could be scope for a reduction. RAILWAYS, DEFENCE & OTHER OPPORTUNITIES ▪️ Railways: The company has already entered the railway segment and is supplying material to Indian Railways and RVNL. ▪️ Management stated that the company has completed 3–4 railway tenders and continues to receive orders from this segment. ▪️ Coalfields: The company has also supplied material under Coalfields tenders. ▪️ Defence: The company is exploring entry into the defence segment but had not received a defence tender at the time of the call. ▪️ CTC winding wires: Research and development for continuously transposed conductors (CTC) is underway. ▪️ Management stated that the company can begin CTC production with a smaller order by installing additional machines. Large-scale production would require dedicated machinery and a separate laboratory. ▪️ The company is not currently manufacturing CTC because it has not yet received an order, but management intends to pursue the opportunity. ▪️ Management stated that the company already holds 12 BIS certifications across its product portfolio. ▪️ The company recently completed registration in Uttarakhand for products up to 33 kV MVCC and is seeing good quantities going into the state. ▪️ Management does not currently plan to enter unrelated products such as capacitors or insulators. The immediate focus is to scale the existing portfolio of winding wires, HT cables, LT cables, conductors and MVCC. EXPORT MARKET & TRADING BUSINESS ▪️ They stated that the company had previously been more aggressive in exporting winding wires, but current domestic demand and margins are attractive. ▪️ At the time of the call, management did not see any immediate export order for winding wires and was primarily catering to the Indian market. ▪️ Trading activity is now very limited, accounting for less than 2% of business and mainly relating to raw-material-related items and scrap. ▪️ Management clarified that earlier metal trading was undertaken during an unusual period of significant commodity-price movements. It is not part of the company's future business plan. KEY MANAGEMENT CLARIFICATIONS ▪️ The company does not currently have any 3–5-year long-term supply contracts with winding-wire customers. Management said it would consider such contracts if suitable opportunities arise. ▪️ Customer names have not been disclosed because management considers this information commercially confidential. ▪️ Management has agreed to consider publishing more information on order wins, cash flow and product realisations in future disclosures, subject to what it is permitted to disclose. ▪️ Management also acknowledged investor suggestions to provide more regular updates on orders and business developments. KEY THINGS TO TRACK ▪️ Commissioning of the CCV line and subsequent ramp-up in HT cables and MVCC. ▪️ Cable capacity expansion from 11,000 km to 16,000 km by March 2027, followed by the planned increase towards 20,000 km. ▪️ Winding wire capacity expansion from 4,200 tonnes to 5,500 tonnes. ▪️ Conversion of the ₹200 crore active pipeline into confirmed orders. ▪️ Execution of the ₹147 crore order book and the additional pipeline visibility. ▪️ Progress towards the targeted FY27 and FY28 product mix. ▪️ Higher-voltage HT cable BIS certification and development of CTC winding wires. ▪️ Completion of the new land acquisition, construction and planned FY28–FY29 expansion. ▪️ Further improvement in operating cash flow, receivables and inventory management. ▪️ Management's ability to maintain margins while scaling manufacturing capacity and increasing the share of higher-value products. Disclaimer: This post is for educational purposes only and is not a buy or sell recommendation. Please conduct your own fundamental and technical research before making any investment decisions. DYDD.

Wishing everyone a very Happy Diwali! 🪔 May this festival of lights bring happiness, prosperity, good health and peace into every home. 🏠 May we continue to grow, achieve new milestones, overcome challenges and create brighter opportunities in the year ahead. Let’s spread positivity, kindness and light wherever we go. Wishing you all a joyful, prosperous and blessed Diwali! 🪔 ⚡️

VIVIANA POWER TECH – Q2 & H1 FY27 CONCALL 2 MINUTES READ ONLY 🔥🔥🔥 ⚪ REVENUE GUIDANCE & OUTLOOK ▪️ FY27 revenue guidance: Management reiterated its revenue target of ₹875–910 crore, with expectations of maintaining healthy profitability. ▪️ Current-year revenue mix is expected to remain H1/H2 weighted at approximately 20:80 to 30:70. ▪️ From next financial year onwards, management expects H1 to contribute approximately 40–45% of annual revenue, indicating a more balanced execution cycle. ▪️ The company intends to move towards larger infrastructure opportunities, targeting projects ranging from ₹1,000 crore to over ₹2,000 crore within the next couple of years. ⚪ ORDER BOOK & ORDER PIPELINE ▪️ Current order book stands at ₹1,800 crore+, providing execution visibility. ▪️ Management expects to carry forward at least ₹800–900 crore of order book into the next financial year. ▪️ The company participated in bids worth more than ₹1,900 crore and expects considerable order inflows. ▪️ BESS order book stands at ₹506 crore, with participation in additional BESS bids worth approximately ₹350 crore. ▪️ Importantly, the company is participating in BESS as an EPC contractor rather than a developer, focusing on project execution instead of owning and operating storage assets. ▪️ Technical and commercial bid openings for these opportunities are expected by the end of Q3 or around January. ⚪ MARGINS & PROFITABILITY ▪️ Management has guided for an operating profit margin (OPM) range of 13–15%, with a long-term sustainable margin expectation of approximately 14.5–15%. ▪️ A significant portion of the order book includes price variation clauses, protecting the company against raw material price volatility. ▪️ For fixed-price contracts, management follows proactive procurement and locks material prices around the time of project awards. ▪️ Recent margin pressure was attributed primarily to higher employee costs during H1. Management expects better operating leverage in H2 as revenue scales up. ⚪ BUSINESS EXPANSION & GROWTH STRATEGY ▪️ Viviana Power Tech operates across transmission lines, EHV substations, distribution network establishment and modification, underground cabling and upgradation of existing electrical infrastructure. ▪️ Management is exploring opportunities in RDSS, renewable energy integration, transformer manufacturing and specialised power infrastructure segments. ▪️ The company is preparing to participate in larger tariff-based projects and national infrastructure tenders worth ₹1,000–2,000 crore+ over the next couple of years. ▪️ Management highlighted rising electricity demand, grid expansion and renewable energy integration as long-term structural growth drivers. ⚪ EXECUTION & CUSTOMER MIX ▪️ Management stated that more than 90% of current business comes from government utilities, compared with approximately 90% private-sector business and 10% government business until FY24. ▪️ The company highlighted its execution track record, stating that it was the first company in the country to complete an RDSS project. ▪️ Current projects are progressing across Punjab, Gujarat and Kerala, with management reporting no material land acquisition or execution-related challenges. ▪️ H1 execution was primarily from existing orders, with typical project execution timelines ranging between 9 and 24 months. ⚪ WORKING CAPITAL & FUNDRAISING ▪️ Working capital cycle improved significantly to approximately 150 days from 245 days as of March 2026. ▪️ Management acknowledged that utility and substation EPC projects inherently involve longer billing cycles, regulatory approvals and customer retention amounts. ▪️ The company is continuously optimising its banking facilities to ensure funding availability does not constrain project execution. ▪️ Fundraising strategy change: Management has moved away from the earlier promoter-warrant route and is now pursuing a rights issue, citing interest from existing as well as outside investors. The proposal has been disclosed to the stock exchange. ⚪ KEY THINGS TO TRACK ▪️ Execution and conversion of the ₹1,800 crore+ order book. ▪️ Fresh order inflows from the ₹1,900 crore+ bidding pipeline. ▪️ Conversion of the ₹506 crore BESS order book and additional ₹350 crore bidding pipeline. ▪️ Progress towards larger ₹1,000–2,000 crore infrastructure projects. ▪️ Achievement of FY27 revenue guidance of ₹875–910 crore and maintenance of the 13–15% OPM guidance. ▪️ Further reduction in working capital days and successful completion of the proposed rights issue. Disclaimer: For educational purposes only. Not a buy or sell recommendation. Please conduct your own fundamental and technical research before making any investment decisions.

HELIOS SMALL CAP FUND – OCTOBER 2026 PORTFOLIO DISCLOSURE The complete portfolio holdings, stock-wise allocation, quantity, market value and percentage of AUM are provided in the attached images 👇 Disclaimer: Shared for educational and informational purposes only. This is not an investment recommendation. Please conduct your own research before making any investment decisions.

SHREE REFRIGERATIONS – NEW DEFENCE ORDER WORTH ₹26.44 CRORE! 🚀 ▪️ Shree Refrigerations has secured a fresh domestic defence order worth ₹26.44 crore (excluding GST)from Garden Reach Shipbuilders & Engineers Limited (GRSE), a Government of India undertaking under the Ministry of Defence. ▪️ Scope of work: Supply of specialised components, including: Electronic control cards and modules Compressor inverters Pump bearings, impellers, casings and shafts Canned motors Condensers and evaporators Other electrical components ▪️ Execution timeline: Delivery scheduled by 5 July 2027. ▪️ The company has confirmed that the order is not a related-party transaction and that promoters or promoter-group entities have no interest in the awarding entity. ⚪ WHY THIS IS IMPORTANT ▪️ Further order inflow from a major government defence shipbuilding organisation. ▪️ Strengthens the company's presence in the defence supply chain through specialised components. ▪️ Adds order visibility with execution extending into FY28. Another defence-sector order win for Shree Refrigerations! Disclaimer: For educational purposes only. Not a buy or sell recommendation. Please conduct your own research before making investment decisions. DYDD.

HIGH ROCE SME COMPANIES TO STUDY & TRACK 🔥🔥🔥 ENS Enterprises Simca Advertising Vans Electroengineerings Millworks Technologies Recode Studios Technocrats Plasma Systems Vegorama Punjabi Angithi Complete Sports Robokidz Eduventures Vivid Electromech Devson Catalyst Raksan Transformers Kwick Forensic Solutions Adon Agro Infrax Renewable UNDERSTANDING ROCE (RETURN ON CAPITAL EMPLOYED) ROCE is one of the most important parameters to evaluate a company's capital efficiency. It tells us how efficiently a company is utilising its total capital (equity + debt) to generate operating profits. Formula: ROCE = EBIT ÷ Capital Employed × 100 Where: ▪️ EBIT: Earnings Before Interest and Taxes, representing operating profit before interest and tax expenses. ▪️ Capital Employed: Total Assets minus Current Liabilities. It can also be calculated using shareholders' equity and debt, with appropriate adjustments. Why is ROCE important? ▪️ Higher capital efficiency: A higher ROCE indicates that a company generates more operating profit from the capital invested in its business. ▪️ Quality of business: Consistently high ROCE can indicate efficient operations, pricing power and disciplined capital allocation. ▪️ Expansion efficiency: It helps investors evaluate whether a company is generating adequate returns from its expansion and additional investments. ▪️ Debt efficiency: ROCE helps assess whether the operating returns generated by a business justify the capital deployed, including borrowed funds. ▪️ Consistency matters: A company maintaining healthy ROCE over several years is generally more interesting to study than one reporting exceptionally high ROCE for just one year. Example: If a company has capital employed of ₹100 crore and generates EBIT of ₹25 crore, its ROCE is 25%. This means the company generates ₹25 in operating profit for every ₹100 of capital employed. Important: Never evaluate a company solely on ROCE. Also examine debt levels, cash flows, working capital, business growth, capital expenditure and return on incremental capital. Always compare ROCE with companies operating in similar industries. Disclaimer: The above companies are shared for educational purposes and further research only. Their inclusion does not independently establish that they currently have high ROCE. Please verify their latest financials and conduct your own research before making investment decisions. Not a buy or sell recommendation. DYDD.

Is it possible that if FIIs continue pumping money into Indian equity markets and market sentiment improves, the Finance Ministry may reconsider or withdraw the proposed stock market tax relief? @grok tell me.

#ShantiInorganics How is a retail investor supposed to build confidence in a company when its published financial results contain large obscured sections?