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NCL Research & Financial Services Limited (530557) Press Release Analysis

Corporate Events

Neutral

NCL Research & Financial Services Limited to Re...

2022-10-21 07:45:00

NCL Research & Financial Services Limited announced that they will report Q2, 2023 results on Nov 10, 2022

Neutral

NCL Research & Financial Services Limited, Boar...

2022-10-21 07:45:00

NCL Research & Financial Services Limited, Board Meeting, Nov 10, 2022. Agenda: To consider and approve Un-Audited Financial Results for the s...

Negative

NCL Research & Financial Services Limited Annou...

2022-10-11 11:59:00

NCL Research & Financial Services Limited have approved the following businesses in their meeting held on October 11, 2022, Board has accepted...

Neutral

NCL Research & Financial Services Limited, Boar...

2022-10-06 11:42:00

NCL Research & Financial Services Limited, Board Meeting, Oct 11, 2022. Agenda: To consider and if thought fit, to approve the resignations of...

Neutral

NCL Research & Financial Services Limited - Sha...

2022-08-26 04:48:00

AGM

Neutral

NCL Research & Financial Services Limited, Annu...

2022-08-26 04:48:00

NCL Research & Financial Services Limited, Annual General Meeting, Sep 20, 2022, at 11:30 Indian Standard Time. Agenda: To receive, consider a...

Neutral

NCL Research & Financial Services Limited, Boar...

2022-07-28 13:20:00

NCL Research & Financial Services Limited, Board Meeting, Aug 03, 2022. Agenda: To consider and if thought fit, to approve the applications fr...

Neutral

NCL Research & Financial Services Limited, Boar...

2022-07-25 14:19:00

NCL Research & Financial Services Limited, Board Meeting, Aug 12, 2022. Agenda: To consider and approve un-audited financial results for the q...

Neutral

NCL Research & Financial Services Limited to Re...

2022-07-25 14:19:00

NCL Research & Financial Services Limited announced that they will report Q1, 2023 results on Aug 12, 2022

Negative

NCL Research & Financial Services Limited has c...

2022-06-08 00:00:00

NCL Research & Financial Services Limited has completed a Follow-on Equity Offering in the amount of INR 488.628 million. Security Name: Eq...

Neutral

NCL Research & Financial Services Limited to Re...

2022-05-05 05:30:00

NCL Research & Financial Services Limited announced that they will report Q4, 2022 results on May 25, 2022

Neutral

NCL Research & Financial Services Limited, Boar...

2022-05-05 05:30:00

NCL Research & Financial Services Limited, Board Meeting, May 25, 2022. Agenda: To consider and approve Audited Financial Results for the 4th ...

Positive

NCL Research & Financial Services Limited, 0.90...

2022-05-03 00:00:00

NCL Research & Financial Services Limited, 0.90579, Rights Issue, May-06-2022

Negative

Inventure Merchant Banker Services Private Limi...

2022-05-02 00:00:00

Inventure Merchant Banker Services Private Limited is no longer the Lead Underwriter for NCL Research & Financial Services Limited's INR 488.6...

Neutral

NCL Research & Financial Services Limited, Boar...

2022-04-27 13:28:00

NCL Research & Financial Services Limited, Board Meeting, May 02, 2022.

Neutral

NCL Research & Financial Services Limited, Boar...

2022-04-20 11:56:00

NCL Research & Financial Services Limited, Board Meeting, Apr 27, 2022. Agenda: To consider and approve the issue price and issue size for the...

Negative

NCL Research & Financial Services Limited Annou...

2022-02-12 08:50:00

NCL Research & Financial Services Limited announced that Mr. Pravin Pandurang Talwalkar, Graduate in Commerce, has been appointed as Chief Fin...

Negative

NCL Research & Financial Services Limited Annou...

2022-02-12 08:46:00

NCL Research & Financial Services Limited accepted the resignation of both Mr. Laxmi Narayan Sharma and Mrs. Puspa Devi Saraswat as Independen...

Neutral

NCL Research & Financial Services Limited, Boar...

2022-02-01 08:42:00

NCL Research & Financial Services Limited, Board Meeting, Feb 12, 2022. Agenda: To consider and approve the resignation of existing CFO and to...

Neutral

NCL Research & Financial Services Limited to Re...

2022-01-18 06:25:00

NCL Research & Financial Services Limited announced that they will report Q3, 2022 results on Feb 12, 2022

Neutral

NCL Research & Financial Services Limited Propo...

2021-12-29 06:55:00

NCL Research & Financial Services Limited announced that at the Extra-Ordinary General Meeting to be held on January 24, 2022, the company pro...

Neutral

NCL Research & Financial Services Limited Appro...

2021-12-21 12:54:00

NCL Research & Financial Services Limited approved to add new clauses/alter existing clauses in the Articles of Association of the Company and...

Neutral

NCL Research & Financial Services Limited, Boar...

2021-12-20 05:06:00

NCL Research & Financial Services Limited, Board Meeting, Dec 21, 2021. Agenda: To consider right issue of equity shares.

Neutral

NCL Research & Financial Services Limited to Report Q2, 2023 Results on Nov 10, 2022

2022-10-21 07:45:00

NCL Research & Financial Services Limited announced that they will report Q2, 2023 results on Nov 10, 2022

Neutral

NCL Research & Financial Services Limited, Board Meeting, Nov 10, 2022

2022-10-21 07:45:00

NCL Research & Financial Services Limited, Board Meeting, Nov 10, 2022. Agenda: To consider and approve Un-Audited Financial Results for the second quarter ended on September 30, 2022.

Negative

NCL Research & Financial Services Limited Announces Board Changes

2022-10-11 11:59:00

NCL Research & Financial Services Limited have approved the following businesses in their meeting held on October 11, 2022, Board has accepted the resignation of both Mr. Raj Kumar Chhakra & Mr. Purushottam Khandelwal as Independent Directors of the Company and has appointed Mrs. Sudipta Bhattacharya and Ms. Haimonti Das as Independent Directors of the Company, who have not been debarred from holding the office of Directors byvirtue of any SEBI order or any other such authority. Mrs. Sudipta Bhattacharya is a graduate in Commerce and is having rich experience of about 20 years in the field Accounting, Finance, Taxation as well as Legal matters. Ms. Haimonti Das is a graduate in Arts and is having richexperience of about 2 years in the field of budgeting, Company management etc.

Neutral

NCL Research & Financial Services Limited, Board Meeting, Oct 11, 2022

2022-10-06 11:42:00

NCL Research & Financial Services Limited, Board Meeting, Oct 11, 2022. Agenda: To consider and if thought fit, to approve the resignations of Mr. Raj Kumar Chhakra & Mr. Purushottam Khandelwal, and to appoint new Directors in their places.

Neutral

NCL Research & Financial Services Limited - Shareholder/Analyst Call

2022-08-26 04:48:00

AGM

Neutral

NCL Research & Financial Services Limited, Annual General Meeting, Sep 20, 2022

2022-08-26 04:48:00

NCL Research & Financial Services Limited, Annual General Meeting, Sep 20, 2022, at 11:30 Indian Standard Time. Agenda: To receive, consider and adopt the audited standalone financial statements of the company for the financial year ended March 31, 2022 along with the reports of the Board of Directors and the Auditors thereon; to consider approval of request received from Vjay Jaideo Poddar, Persons belonging to the Promoter group for reclassification from Promoter Group category to Public category; and to consider other matters.

Neutral

NCL Research & Financial Services Limited, Board Meeting, Aug 03, 2022

2022-07-28 13:20:00

NCL Research & Financial Services Limited, Board Meeting, Aug 03, 2022. Agenda: To consider and if thought fit, to approve the applications from Promoters/Promoters Group/PAC for removal of their names as Promoter/Promoter Group of the Company, subject to approval of Members as well as Regulatory approvals.

Neutral

NCL Research & Financial Services Limited, Board Meeting, Aug 12, 2022

2022-07-25 14:19:00

NCL Research & Financial Services Limited, Board Meeting, Aug 12, 2022. Agenda: To consider and approve un-audited financial results for the quarter ended on 30 June 2022 for the financial year ended on 31 March 2023.

Neutral

NCL Research & Financial Services Limited to Report Q1, 2023 Results on Aug 12, 2022

2022-07-25 14:19:00

NCL Research & Financial Services Limited announced that they will report Q1, 2023 results on Aug 12, 2022

Negative

NCL Research & Financial Services Limited has completed a Follow-on Equity Offering in the amount of INR 488.628 million.

2022-06-08 00:00:00

NCL Research & Financial Services Limited has completed a Follow-on Equity Offering in the amount of INR 488.628 million. Security Name: Equity Shares Security Type: Common Stock Securities Offered: 488,628,000 Price\Range: INR 1 Transaction Features: Rights Offering

Neutral

NCL Research & Financial Services Limited to Report Q4, 2022 Results on May 25, 2022

2022-05-05 05:30:00

NCL Research & Financial Services Limited announced that they will report Q4, 2022 results on May 25, 2022

Neutral

NCL Research & Financial Services Limited, Board Meeting, May 25, 2022

2022-05-05 05:30:00

NCL Research & Financial Services Limited, Board Meeting, May 25, 2022. Agenda: To consider and approve Audited Financial Results for the 4th quarter and Financial Year ended on 31st March 2022.

Positive

NCL Research & Financial Services Limited, 0.90579, Rights Issue, May-06-2022

2022-05-03 00:00:00

NCL Research & Financial Services Limited, 0.90579, Rights Issue, May-06-2022

Negative

Inventure Merchant Banker Services Private Limited is no longer the Lead Underwriter for NCL Research & Financial Services Limited's INR 488.628 million Follow-on Equity Offering.

2022-05-02 00:00:00

Inventure Merchant Banker Services Private Limited is no longer the Lead Underwriter for NCL Research & Financial Services Limited's INR 488.628 million Follow-on Equity Offering.

Neutral

NCL Research & Financial Services Limited, Board Meeting, May 02, 2022

2022-04-27 13:28:00

NCL Research & Financial Services Limited, Board Meeting, May 02, 2022.

Neutral

NCL Research & Financial Services Limited, Board Meeting, Apr 27, 2022

2022-04-20 11:56:00

NCL Research & Financial Services Limited, Board Meeting, Apr 27, 2022. Agenda: To consider and approve the issue price and issue size for the proposed Right Issue; to consider and approve the Exchange Ratio / Rights entitlement ratio for the proposed Right Issue; to fix Record Date to ascertain the eligible shareholders for the proposed Right Issue; to consider determining issue opening date, issue closing date and last date for market renunciation; to consider taking on record and adopting the Letter of Offer along with the Abridged Letter of Offer, Rights Entitlement Letter and Composite Application Form; and to consider any other matter incidental and connected to Right Issue.

Negative

NCL Research & Financial Services Limited Announces CFO Changes

2022-02-12 08:50:00

NCL Research & Financial Services Limited announced that Mr. Pravin Pandurang Talwalkar, Graduate in Commerce, has been appointed as Chief Financial Officer (CFO) of the Company effective February 12, 2022 in place of Mr. Mayank Singh, who has resigned from the employment effective February 12, 2022.

Negative

NCL Research & Financial Services Limited Announces Change in Directorate

2022-02-12 08:46:00

NCL Research & Financial Services Limited accepted the resignation of both Mr. Laxmi Narayan Sharma and Mrs. Puspa Devi Saraswat as Independent Directors of the Company and has appointed Ms. Rajeshwari Bangal and Mrs. Swagata Dasgupta as Independent Directors of the Company.

Neutral

NCL Research & Financial Services Limited, Board Meeting, Feb 12, 2022

2022-02-01 08:42:00

NCL Research & Financial Services Limited, Board Meeting, Feb 12, 2022. Agenda: To consider and approve the resignation of existing CFO and to appoint new CFO in his place; and to consider and approve the resignation of existing Independent Directors and to appoint new Directors in their places.

Neutral

NCL Research & Financial Services Limited to Report Q3, 2022 Results on Feb 12, 2022

2022-01-18 06:25:00

NCL Research & Financial Services Limited announced that they will report Q3, 2022 results on Feb 12, 2022

Neutral

NCL Research & Financial Services Limited Proposes Alternation in Capital Clauses of Articles and Memorandum of Association of the Company

2021-12-29 06:55:00

NCL Research & Financial Services Limited announced that at the Extra-Ordinary General Meeting to be held on January 24, 2022, the company proposed Increase in Authorised Share Capital of the Company and consequential amendment in Memorandum of Association of the Company; To Alter Capital Clause of Memorandum of Association; To alter Capital Clause of Articles of Association of the Company; and To insert new Clauses, number 6A & 6B, after existing Clause 6 and before Clause 7, modification in Article 13, 47, 118 and 127 in Articles of Association of the Company.

Neutral

NCL Research & Financial Services Limited Approves Amendment of Articles of Association and Memorandum of Association of the Company

2021-12-21 12:54:00

NCL Research & Financial Services Limited approved to add new clauses/alter existing clauses in the Articles of Association of the Company and change in Memorandum of Association of the Company and Articles of Association of the Company to increase the authorized capital of the company, at its Board Meeting held on December 21, 2021.

Neutral

NCL Research & Financial Services Limited, Board Meeting, Dec 21, 2021

2021-12-20 05:06:00

NCL Research & Financial Services Limited, Board Meeting, Dec 21, 2021. Agenda: To consider right issue of equity shares.

Fundamental Summary

NCL Research released impressive Q3 results on 2014-11-14. Their growth and income factors performance indicate that company management is focused on the right targets and executing well. There should be significant upside potential for the stock looking forward. We gave NCL Research a 87 rating and a STRONG BUY recommendation.

NCL Research reported earnings results for the second quarter and six months ended September 30, 2022. For the second quarter, the company reported sales was INR 0.03 million compared to INR 0.85 million a year ago. Revenue was INR 10.3 million compared to INR 4.08 million a year ago. Net income was INR 2.41 million compared to INR 1.17 million a year ago. Basic earnings per share from continuing operations was INR 0.002 compared to INR 0.008 a year ago. Diluted earnings per share from continuing operations was INR 0.002 compared to INR 0.008 a year ago. Basic earnings per share was INR 0.002 compared to INR 0.008 a year ago. Diluted earnings per share was INR 0.002 compared to INR 0.008 a year ago.For the six months, sales was INR 0.06 million compared to INR 0.88 million a year ago. Revenue was INR 15.02 million compared to INR 7.67 million a year ago. Net loss was INR 5.33 million compared to net income of INR 1.92 million a year ago. Basic loss per share from continuing operations was INR 0.005 compared to basic earnings per share from continuing operations of INR 0.013 a year ago. Diluted loss per share from continuing operations was INR 0.005 compared to diluted earnings per share from continuing operations of INR 0.013 a year ago. Basic loss per share was INR 0.005 compared to basic earnings per share of INR 0.013 a year ago. Diluted loss per share was INR 0.005 compared to diluted earnings per share of INR 0.013 a year ago.

Sector Overview

NCL Research is included in the Capital Markets according to GICS (global industry classification standard). The Capital Markets industry is part of the Financials sector. It includes companies that engage in Diversified Capital Markets, Investment Banking & Brokerage, Asset Management & Custody Banks. NCL Research's industry and sector affiliation are expected to positively boost their relative likelihood to overperform the market looking forward, as they should benefit significantly from the macroeconomic environment we see now.

Fundamental Highlights


Parameter Value Change Score
Price to Book 2.9 -67.1% 66
Equity 631.1M 2.6% 82
EBITDA 20.7M 14.8% 90
Parameter Value Change Score
Total Revenues 333.6M 0.3% 69
Return on Equity 2.2 5.9% 48
* All values are TTM

The below chart reflects NCL Research's birds-eye view on its performance with respect to its peers, the company's fillings as reported or to a similar industry, market cap, and country of origin. While NCL Research's peer average final assessment score stands on 68, NCL Research's score is 87.

  •  530557
  •  Peers average
Name Market Cap Balance Sheet Income Statement Cash Flow Rating Final Assessment mc_sort Hidden
Nalwa Sons Investments Limited 12.3B 56 77 67
Hold
65
65 0 1
Monarch Networth Capital Limited 12.0B 52 71 68
Underperform
55
55 1 1
Dolat Algotech Limited 11.9B 82 45 76
Hold
71
71 2 1
UGRO Capital Limited 11.4B 82 70 68
Hold
78
78 3 1
Geojit Financial Services Limited 11.3B 74 83 65
Buy
79
79 4 1
PNB Gilts Ltd. 11.3B 68 82 55
Hold
68
68 5 1
BF Investment Limited 10.9B 64 64 66
Hold
63
63 6 1
Centrum Capital Limited 10.7B 85 64 88
Buy
81
81 7 1
5paisa Capital Limited 9.6B 85 58 81
Hold
76
76 8 1
Dhunseri Ventures Limited 9.1B 91 76 58
Buy
85
85 9 1
Kalyani Investment Company Limited 8.2B 75 71 85
Hold
77
77 10 1
Arihant Capital Markets Limited 7.0B 87 80 66
Buy
86
86 11 1
Summit Securities Limited 6.9B 44 62 87
Underperform
51
51 12 1
Nahar Capital and Financial Services Limited 5.6B 70 54 67
Hold
63
63 13 1
Jindal Poly Investment and Finance Company Limited 5.3B 60 44 81
Underperform
55
55 14 1
The Investment Trust of India Limited 5.0B 55 84 65
Hold
66
66 15 1
Mahanivesh (India) Limited 4.5B 58 40 71
Underperform
46
46 16 1
Dhunseri Investments Limited 4.5B 46 72 76
Underperform
54
54 17 1
Kiran Vyapar Limited 4.0B 82 79 58
Buy
80
80 18 1
Swiss Military Consumer Goods Limited 3.7B 42 64 78
Underperform
50
50 19 1
Aditya Birla Money Limited 3.5B 88 81 75
Strong Buy
88
88 20 1
Jindal Photo Limited 3.5B 77 57 75
Hold
73
73 21 1
SIL Investments Limited 3.3B 64 55 81
Hold
61
61 22 1
Prime Securities Limited 3.2B 58 76 53
Underperform
58
58 23 1
Industrial & Prudential Investment Company Limited 3.2B 89 68 87
Buy
85
85 24 1
Indo Thai Securities Limited 3.2B 64 42 42
Underperform
51
51 25 1
Jaykay Enterprises Limited 3.0B 58 58 76
Hold
61
61 26 1
Systematix Corporate Services Limited 3.0B 77 93 75
Buy
86
86 27 1
Master Trust Limited 2.7B 78 64 50
Hold
70
70 28 1
STEL Holdings Limited 2.6B 80 55 45
Hold
67
67 29 1
IL&FS Investment Managers Limited 2.4B 73 57 79
Hold
69
69 30 1
ABans Enterprises Limited 2.4B 52 78 76
Hold
62
62 31 1
Quest Capital Markets Limited 2.1B 96 48 74
Hold
78
78 32 1
Almondz Global Securities Limited 2.0B 87 50 68
Hold
73
73 33 1
Industrial Investment Trust Limited 2.0B 74 62 71
Hold
70
70 34 1
Shardul Securities Limited 1.9B 59 61 81
Underperform
60
60 35 1
Emkay Global Financial Services Limited 1.8B 82 90 70
Strong Buy
88
88 36 1
Avonmore Capital & Management Services Limited 1.7B 69 79 70
Hold
73
73 37 1
Bombay Oxygen Investments Limited 1.7B 84 57 94
Hold
77
77 38 1
RSD Finance Limited 1.3B 78 49 54
Hold
65
65 39 1
Indbank Merchant Banking Services Limited 1.1B 54 73 53
Hold
62
62 40 1
LKP Finance Limited 1.1B 89 49 74
Hold
73
73 41 1
Welspun Investments and Commercials Limited 1.1B 83 60 50
Hold
72
72 42 1
LKP Securities Limited 1.1B 85 89 84
Strong Buy
92
92 43 1
Greencrest Financial Services Limited 994.2M 61 63 67
Hold
61
61 44 1
McDowell Holdings Limited 969.0M 73 57 51
Hold
63
63 45 1
DB (International) Stock Brokers Limited 899.5M 84 55 67
Hold
68
68 46 1
Shriram Asset Management Company Limited 881.7M 62 71 84
Hold
69
69 47 1
Global Capital Markets Limited 697.0M 55 50 80
Underperform
52
52 48 1
Intellivate Capital Ventures Limited 500.4M 73 70 79
Buy
80
80 49 1
GCM Securities Limited 476.8M 48 85 76
Hold
65
65 50 1
Pioneer Investcorp Limited 466.7M 73 65 64
Hold
72
72 51 1
Wallfort Financial Services Ltd. 457.2M 71 46 63
Hold
61
61 52 1
Yamini Investments Company Limited 441.6M 46 54 59
Underperform
45
45 53 1
HB Stockholdings Limited 420.4M 75 66 67
Hold
71
71 54 1
Pro Fin Capital Services Ltd. 398.5M 81 43 63
Hold
62
62 55 1
HB Portfolio Limited 378.9M 64 47 88
Underperform
60
60 56 1
Cni Research Limited 311.1M 97 59 60
Hold
77
77 57 1
Odyssey Corporation Limited 291.9M 79 76 88
Buy
86
86 58 1
Monotype India Limited 225.0M 62 64 49
Underperform
52
52 59 1
Stampede Capital Limited 209.0M 37 69 82
Underperform
53
53 60 1
BFL Asset Finvest Limited 207.6M 70 58 66
Hold
63
63 61 1
Onelife Capital Advisors Limited 181.7M 78 67 51
Hold
65
65 62 1
AF Enterprises Limited 171.1M 72 82 63
Hold
75
75 63 1
Esaar (India) Limited 148.2M 69 62 69
Hold
71
71 64 1
Cubical Financial Services Limited 117.3M 60 57 99
Hold
71
71 65 1
Goenka Business & Finance Limited 109.2M 62 89 50
Hold
66
66 66 1
Alka Securities Limited 85.4M 91 86 61
Strong Buy
90
90 67 1
Gemstone Investments Limited 75.5M 82 96 85
Strong Buy
98
98 68 1
Confidence Finance and Trading Limited 73.9M 68 68 76
Hold
76
76 69 1
Essar Securities Limited 72.9M 79 50 88
Hold
74
74 70 1
Jackson Investments Limited 55.2M 43 72 77
Underperform
58
58 71 1
Mathew Easow Research Securities Limited 38.5M 59 55 60
Underperform
51
51 72 1
Pilani Investment and Industries Corporation Limited 21.2B 59 66 71
Underperform
59
59 73 1
VLS Finance Limited 5.2B 79 70 64
Hold
75
75 74 1
Consolidated Finvest & Holdings Limited 4.4B 69 55 59
Hold
63
63 75 1
N.B.I. Industrial Finance Company Limited 4.2B 50 80 68
Underperform
59
59 76 1
Wealth First Portfolio Managers Limited 3.1B 85 50 66
Hold
72
72 77 1
Inventure Growth & Securities Limited 2.4B 87 49 91
Hold
76
76 78 1
BLB Limited 1.1B 90 78 67
Strong Buy
87
87 79 1
Steel City Securities Limited 910.2M 66 60 68
Hold
64
64 80 1

Macro Environment

Neutral
62

Typically, the stock market in India will react to recent economic events, as well as be influenced by the sentiment in other major economies around the world, such as the United States, European Union, and China. Our assessment is that these two events may influence global market sentiment. On the negative side we have the tensions between taiwan and china, and on the positive side we have the end of COVID-19 pandemic.

Positive end of COVID-19 pandemic

The World Health Organization issued six policy briefs outlining essential steps governments could take to stop the pandemic. The briefings, which are based on evidence and experience from the previous 32 months, provide guidance on how to save lives, protect health systems, and minimize social and economic disruption.

Negative tensions between taiwan and china

The tensions between Taiwan and China have spiked following Nancy Pelosi's visit to Taipei. China staged war games near Taiwan to express its anger at what it saw as stepped-up U.S. support for the island Beijing views as sovereign Chinese territory. Because Taiwan produces the majority of the world's semiconductors, which are used in every electronic device today, a war between China and Taiwan might be catastrophic for the global economy.

Besides the events we mentioned, there are also specific events related to the Diversified Financials industry of which NCL Research & Financial Services Limited is a part. As a result, we believe that the rising interest rate is a positive event that will continue to support the industry in the future, whereas the rising inflation may cloud the sector's shares.

Positive rising interest rate

From a historical point of view, the finance sector functions well when interest rates are rising, mainly due to the increase in loan repayments from lenders. Also, insurers often reinvest policyholder premiums into bond instruments, allowing them to profit when Treasury yields increase.

Negative rising inflation

The sudden increase in inflation is generally regarded as the most painful since it takes companies several quarters to pass on higher input costs to consumers. Historically, companies traded in the Diversified Financials industry have been hit by high inflation times due to increased operating expenses and decreased revenues.

In considering the current macro environment and the risks that might affect NCL Research & Financial Services Limited stock, we came to the conclusion that recent events aren't likely to affect the company's performance in the short term, and thus rated NCL Research & Financial Services Limited macro environment with the score of 62.

Technical Analysis

When trying to optimize the timing of an investment, it's critical to analyze whether the stock looks overbought or oversold, and in which direction the momentum is moving. NCL Research's stock is now priced above its 5-day and 50-day, but below its 200-day moving average, while its MACD (moving average convergence divergence) indicates that the stock's price movement momentum is weakening. Historically, this is a positive setup in both the short and medium-term. The company is trading near it's 12-month low, which signals it struggle to keep above it support price. Meanwhile, looking at the Stochastic Oscillator and RSI (relative strength index), NCL Research's stock indicates that it's likely oversold. Overall, these technical indicators signal negative momentum. Therefore, this stock received a cumulative TA (technical analysis) score of 57.

Bearish 57
Close Price 0.52
52W Low 0.47
52W High 2.96
5D MA 0.51
50D MA 0.51
200D MA 1.02
MACD -0.0
RSI 0.3
STOCH 33.33

Balance Sheet Analysis

All in all, looking at the balance sheet, NCL Research's financial health appears good. NCL Research's balance sheet neither stood out as being particularly strong or weak relative to its peers. NCL Research's management was effective in improving its cash and cash equivalents metrics, which now sit at 21.1M. This represents nan% change from the last reporting period. This impressive growth, specifically in contrast to their industry peers' performance, should support an upswing in the company's stock price. Consequently, their cash and cash equivalents movement received a grade of 97. Also, NCL Research did a great job related to equity this period, which stood at 631.1M, representing a 2.6% change. This parameter often affects companies in the same industry and market capitalization by up to 1.6%. These equity changes appear exceptionally balanced and impressive objectively compared to their peers. The company's equity movement component, therefore, received a grade of 82. On the other hand, Assets, jumped out as looking problematic. NCL Research's management did not succeed in significantly improving the value of the assets on their balance sheet, which now sits at 637.1M and represents a nan% change from the previous report. The lack of good news about assets momentum should be a cause for concern and is often met with downward pressure on the company's stock price. Its asset component, therefore, received a grade of 51. Therefore, we scored the company's balance sheet a 66.

Parameter Value Change Score
Price to Book 2.9 -67.1% 66
Equity 631.1M 2.6% 82
* All values are TTM

The below chart describes NCL Research's performance as reflected on its balance sheet with respect to its peers. While NCL Research received a balance sheet score of 66, the average of its peers stands on 72.

  •  530557
  •  Peers average
Name Market Cap Liabilities Movement Asset Change Equity/Intangibles Adjustments Cash & Equivalents Book Value Momentum Balance Sheet mc_sort Hidden
Nalwa Sons Investments Limited 12.3B 65.0 80.0 71.0 66.0 46.0 56 0 1
Monarch Networth Capital Limited 12.0B 66.0 69.0 48.0 63.0 47.0 52 1 1
Dolat Algotech Limited 11.9B 93.0 62.0 72.0 72.0 77.0 82 2 1
UGRO Capital Limited 11.4B 97.0 38.0 38.0 93.0 84.0 82 3 1
Geojit Financial Services Limited 11.3B 81.0 52.0 49.0 58.0 79.0 74 4 1
PNB Gilts Ltd. 11.3B 84.0 54.0 57.0 79.0 66.0 68 5 1
BF Investment Limited 10.9B 44.0 71.0 71.0 65.0 67.0 64 6 1
Centrum Capital Limited 10.7B 84.0 48.0 66.0 82.0 82.0 85 7 1
5paisa Capital Limited 9.6B 88.0 44.0 40.0 91.0 88.0 85 8 1
Dhunseri Ventures Limited 9.1B 88.0 51.0 65.0 62.0 91.0 91 9 1
Kalyani Investment Company Limited 8.2B 41.0 40.0 70.0 64.0 86.0 75 10 1
Arihant Capital Markets Limited 7.0B 78.0 54.0 66.0 57.0 88.0 87 11 1
Summit Securities Limited 6.9B 81.0 40.0 59.0 47.0 42.0 44 12 1
Nahar Capital and Financial Services Limited 5.6B 76.0 65.0 83.0 40.0 71.0 70 13 1
Jindal Poly Investment and Finance Company Limited 5.3B 81.0 51.0 69.0 54.0 62.0 60 14 1
The Investment Trust of India Limited 5.0B 56.0 71.0 41.0 62.0 60.0 55 15 1
Mahanivesh (India) Limited 4.5B 74.0 76.0 71.0 58.0 51.0 58 16 1
Dhunseri Investments Limited 4.5B 44.0 53.0 61.0 72.0 45.0 46 17 1
Kiran Vyapar Limited 4.0B 57.0 83.0 87.0 47.0 88.0 82 18 1
Swiss Military Consumer Goods Limited 3.7B 46.0 53.0 47.0 63.0 43.0 42 19 1
Aditya Birla Money Limited 3.5B 88.0 49.0 46.0 90.0 89.0 88 20 1
Jindal Photo Limited 3.5B 51.0 76.0 72.0 51.0 80.0 77 21 1
SIL Investments Limited 3.3B 40.0 85.0 70.0 81.0 61.0 64 22 1
Prime Securities Limited 3.2B 49.0 86.0 57.0 55.0 50.0 58 23 1
Industrial & Prudential Investment Company Limited 3.2B 77.0 58.0 66.0 81.0 87.0 89 24 1
Indo Thai Securities Limited 3.2B 58.0 80.0 47.0 72.0 68.0 64 25 1
Jaykay Enterprises Limited 3.0B 61.0 47.0 78.0 58.0 53.0 58 26 1
Systematix Corporate Services Limited 3.0B 60.0 88.0 51.0 82.0 88.0 77 27 1
Master Trust Limited 2.7B 58.0 90.0 47.0 76.0 90.0 78 28 1
STEL Holdings Limited 2.6B 53.0 91.0 49.0 74.0 94.0 80 29 1
IL&FS Investment Managers Limited 2.4B 52.0 63.0 69.0 84.0 73.0 73 30 1
ABans Enterprises Limited 2.4B 84.0 39.0 45.0 94.0 50.0 52 31 1
Quest Capital Markets Limited 2.1B 71.0 88.0 76.0 80.0 94.0 96 32 1
Almondz Global Securities Limited 2.0B 77.0 68.0 85.0 78.0 90.0 87 33 1
Industrial Investment Trust Limited 2.0B 69.0 71.0 46.0 56.0 80.0 74 34 1
Shardul Securities Limited 1.9B 50.0 68.0 72.0 62.0 60.0 59 35 1
Emkay Global Financial Services Limited 1.8B 82.0 50.0 48.0 56.0 88.0 82 36 1
Avonmore Capital & Management Services Limited 1.7B 56.0 79.0 55.0 68.0 80.0 69 37 1
Bombay Oxygen Investments Limited 1.7B 56.0 60.0 92.0 82.0 78.0 84 38 1
RSD Finance Limited 1.3B 60.0 76.0 91.0 41.0 84.0 78 39 1
Indbank Merchant Banking Services Limited 1.1B 44.0 81.0 74.0 66.0 49.0 54 40 1
LKP Finance Limited 1.1B 87.0 54.0 66.0 88.0 84.0 89 41 1
Welspun Investments and Commercials Limited 1.1B 37.0 97.0 81.0 39.0 98.0 83 42 1
LKP Securities Limited 1.1B 66.0 59.0 44.0 79.0 91.0 85 43 1
Greencrest Financial Services Limited 994.2M 55.0 81.0 79.0 65.0 51.0 61 44 1
McDowell Holdings Limited 969.0M 71.0 94.0 42.0 38.0 89.0 73 45 1
DB (International) Stock Brokers Limited 899.5M 92.0 49.0 73.0 69.0 80.0 84 46 1
Shriram Asset Management Company Limited 881.7M 51.0 58.0 70.0 61.0 65.0 62 47 1
Global Capital Markets Limited 697.0M 48.0 79.0 71.0 78.0 53.0 55 48 1
Intellivate Capital Ventures Limited 500.4M 64.0 64.0 93.0 90.0 72.0 73 49 1
GCM Securities Limited 476.8M 65.0 51.0 54.0 60.0 66.0 48 50 1
Pioneer Investcorp Limited 466.7M 48.0 80.0 49.0 67.0 83.0 73 51 1
Wallfort Financial Services Ltd. 457.2M 68.0 60.0 81.0 71.0 69.0 71 52 1
Yamini Investments Company Limited 441.6M 70.0 50.0 54.0 79.0 41.0 46 53 1
HB Stockholdings Limited 420.4M 80.0 63.0 92.0 59.0 65.0 75 54 1
Pro Fin Capital Services Ltd. 398.5M 66.0 79.0 75.0 41.0 89.0 81 55 1
HB Portfolio Limited 378.9M 54.0 63.0 63.0 68.0 66.0 64 56 1
Cni Research Limited 311.1M 71.0 86.0 97.0 42.0 85.0 97 57 1
Odyssey Corporation Limited 291.9M 71.0 53.0 95.0 41.0 99.0 79 58 1
Monotype India Limited 225.0M 71.0 57.0 62.0 86.0 41.0 62 59 1
Stampede Capital Limited 209.0M 40.0 45.0 62.0 95.0 37.0 37 60 1
BFL Asset Finvest Limited 207.6M 85.0 71.0 54.0 59.0 75.0 70 61 1
Onelife Capital Advisors Limited 181.7M 70.0 55.0 89.0 85.0 67.0 78 62 1
AF Enterprises Limited 171.1M 56.0 93.0 41.0 72.0 85.0 72 63 1
Esaar (India) Limited 148.2M 70.0 56.0 95.0 90.0 56.0 69 64 1
Cubical Financial Services Limited 117.3M 67.0 68.0 53.0 42.0 71.0 60 65 1
Goenka Business & Finance Limited 109.2M 79.0 70.0 47.0 61.0 52.0 62 66 1
Alka Securities Limited 85.4M 86.0 93.0 66.0 68.0 90.0 91 67 1
Gemstone Investments Limited 75.5M 72.0 59.0 93.0 95.0 62.0 82 68 1
Confidence Finance and Trading Limited 73.9M 67.0 70.0 43.0 79.0 79.0 68 69 1
Essar Securities Limited 72.9M 68.0 61.0 87.0 87.0 82.0 79 70 1
Jackson Investments Limited 55.2M 63.0 61.0 44.0 42.0 55.0 43 71 1
Mathew Easow Research Securities Limited 38.5M 73.0 54.0 52.0 74.0 44.0 59 72 1
Pilani Investment and Industries Corporation Limited 21.2B 59.0 82.0 83.0 64.0 51.0 59 73 1
VLS Finance Limited 5.2B 79.0 72.0 89.0 71.0 69.0 79 74 1
Consolidated Finvest & Holdings Limited 4.4B 76.0 69.0 75.0 79.0 61.0 69 75 1
N.B.I. Industrial Finance Company Limited 4.2B 99.0 42.0 60.0 57.0 43.0 50 76 1
Wealth First Portfolio Managers Limited 3.1B 79.0 79.0 79.0 48.0 93.0 85 77 1
Inventure Growth & Securities Limited 2.4B 62.0 69.0 94.0 72.0 93.0 87 78 1
BLB Limited 1.1B 83.0 85.0 65.0 58.0 91.0 90 79 1
Steel City Securities Limited 910.2M 67.0 68.0 71.0 66.0 65.0 66 80 1

Income Statement Analysis

NCL Research seems to be balancing strong EBITDA and Revenue Efficiency along with an overall impressive positive income statement. NCL Research reported impressive EBITDA this period. At filing, EBITDA was reported as 20.7M, representing 14.8% change from the previous period. Companies in the same industry and market capitalization are typically affected by this parameter by up to 22.9%. Its EBITDA metrics highlight an impressive overall financial performance, which is expected to continue moving forward. Therefore, its EBITDA component earned a score of 90. That said, one metric, Return Factors, stood out as strongly negative. NCL Research's reported return on equity (ROE) ratio was 2.2, representing a change of 5.9%. This metric might have a 17.5 percent impact on companies in the same industry and with the same market capitalization. They does not yet appear to be headed in the right direction regarding these return on equity and return on assets metrics. Its return factors (ROA & ROE) components, therefore, received a grade of 48. their income statement received an overall score of 85.

Parameter Value Change Score
EBITDA 20.7M 14.8% 90
Total Revenues 333.6M 0.3% 69
Return on Equity 2.2 5.9% 48
* All values are TTM

The below chart describes NCL Research's performance as reflected on its income statement with respect to its peers. While NCL Research received a income statement score of 85 , the average of its peers stands on 65.

  •  530557
  •  Peers average
Name Market Cap Revenue Momentum Earning Movement Return Factors Momentum Income Statement mc_sort Hidden
Nalwa Sons Investments Limited 12.3B 79.0 79.0 70.0 77 0 1
Monarch Networth Capital Limited 12.0B 60.0 70.0 74.0 71 1 1
Dolat Algotech Limited 11.9B 49.0 44.0 45.0 45 2 1
UGRO Capital Limited 11.4B 95.0 77.0 50.0 70 3 1
Geojit Financial Services Limited 11.3B 81.0 78.0 84.0 83 4 1
PNB Gilts Ltd. 11.3B 92.0 81.0 77.0 82 5 1
BF Investment Limited 10.9B 54.0 65.0 65.0 64 6 1
Centrum Capital Limited 10.7B 43.0 66.0 69.0 64 7 1
5paisa Capital Limited 9.6B 90.0 59.0 50.0 58 8 1
Dhunseri Ventures Limited 9.1B 89.0 79.0 62.0 76 9 1
Kalyani Investment Company Limited 8.2B 92.0 75.0 51.0 71 10 1
Arihant Capital Markets Limited 7.0B 82.0 76.0 80.0 80 11 1
Summit Securities Limited 6.9B 88.0 63.0 52.0 62 12 1
Nahar Capital and Financial Services Limited 5.6B 94.0 57.0 52.0 54 13 1
Jindal Poly Investment and Finance Company Limited 5.3B 41.0 69.0 45.0 44 14 1
The Investment Trust of India Limited 5.0B 84.0 80.0 85.0 84 15 1
Mahanivesh (India) Limited 4.5B 37.0 43.0 40.0 40 16 1
Dhunseri Investments Limited 4.5B 58.0 73.0 73.0 72 17 1
Kiran Vyapar Limited 4.0B 49.0 79.0 81.0 79 18 1
Swiss Military Consumer Goods Limited 3.7B 43.0 69.0 63.0 64 19 1
Aditya Birla Money Limited 3.5B 82.0 79.0 77.0 81 20 1
Jindal Photo Limited 3.5B 63.0 58.0 51.0 57 21 1
SIL Investments Limited 3.3B 38.0 69.0 43.0 55 22 1
Prime Securities Limited 3.2B 60.0 71.0 84.0 76 23 1
Industrial & Prudential Investment Company Limited 3.2B 47.0 77.0 61.0 68 24 1
Indo Thai Securities Limited 3.2B 96.0 53.0 39.0 42 25 1
Jaykay Enterprises Limited 3.0B 37.0 63.0 66.0 58 26 1
Systematix Corporate Services Limited 3.0B 45.0 76.0 97.0 93 27 1
Master Trust Limited 2.7B 70.0 72.0 60.0 64 28 1
STEL Holdings Limited 2.6B 91.0 61.0 51.0 55 29 1
IL&FS Investment Managers Limited 2.4B 53.0 57.0 55.0 57 30 1
ABans Enterprises Limited 2.4B 94.0 74.0 61.0 78 31 1
Quest Capital Markets Limited 2.1B 54.0 62.0 47.0 48 32 1
Almondz Global Securities Limited 2.0B 84.0 57.0 49.0 50 33 1
Industrial Investment Trust Limited 2.0B 56.0 58.0 67.0 62 34 1
Shardul Securities Limited 1.9B 56.0 63.0 62.0 61 35 1
Emkay Global Financial Services Limited 1.8B 92.0 83.0 91.0 90 36 1
Avonmore Capital & Management Services Limited 1.7B 81.0 75.0 66.0 79 37 1
Bombay Oxygen Investments Limited 1.7B 41.0 70.0 46.0 57 38 1
RSD Finance Limited 1.3B 55.0 56.0 56.0 49 39 1
Indbank Merchant Banking Services Limited 1.1B 94.0 63.0 77.0 73 40 1
LKP Finance Limited 1.1B 43.0 56.0 47.0 49 41 1
Welspun Investments and Commercials Limited 1.1B 67.0 73.0 55.0 60 42 1
LKP Securities Limited 1.1B 74.0 84.0 92.0 89 43 1
Greencrest Financial Services Limited 994.2M 84.0 68.0 66.0 63 44 1
McDowell Holdings Limited 969.0M 98.0 65.0 51.0 57 45 1
DB (International) Stock Brokers Limited 899.5M 47.0 61.0 48.0 55 46 1
Shriram Asset Management Company Limited 881.7M 56.0 69.0 77.0 71 47 1
Global Capital Markets Limited 697.0M 40.0 53.0 50.0 50 48 1
Intellivate Capital Ventures Limited 500.4M 87.0 63.0 83.0 70 49 1
GCM Securities Limited 476.8M 97.0 73.0 59.0 85 50 1
Pioneer Investcorp Limited 466.7M 82.0 63.0 57.0 65 51 1
Wallfort Financial Services Ltd. 457.2M 95.0 46.0 43.0 46 52 1
Yamini Investments Company Limited 441.6M 95.0 59.0 38.0 54 53 1
HB Stockholdings Limited 420.4M 82.0 56.0 72.0 66 54 1
Pro Fin Capital Services Ltd. 398.5M 40.0 48.0 43.0 43 55 1
HB Portfolio Limited 378.9M 44.0 46.0 50.0 47 56 1
Cni Research Limited 311.1M 37.0 71.0 72.0 59 57 1
Odyssey Corporation Limited 291.9M 90.0 56.0 96.0 76 58 1
Monotype India Limited 225.0M 39.0 64.0 65.0 64 59 1
Stampede Capital Limited 209.0M 97.0 67.0 71.0 69 60 1
BFL Asset Finvest Limited 207.6M 41.0 37.0 95.0 58 61 1
Onelife Capital Advisors Limited 181.7M 66.0 70.0 71.0 67 62 1
AF Enterprises Limited 171.1M 53.0 74.0 79.0 82 63 1
Esaar (India) Limited 148.2M 57.0 63.0 73.0 62 64 1
Cubical Financial Services Limited 117.3M 38.0 69.0 38.0 57 65 1
Goenka Business & Finance Limited 109.2M 43.0 95.0 41.0 89 66 1
Alka Securities Limited 85.4M 94.0 82.0 92.0 86 67 1
Gemstone Investments Limited 75.5M 85.0 93.0 55.0 96 68 1
Confidence Finance and Trading Limited 73.9M 89.0 60.0 70.0 68 69 1
Essar Securities Limited 72.9M 52.0 50.0 84.0 50 70 1
Jackson Investments Limited 55.2M 97.0 61.0 94.0 72 71 1
Mathew Easow Research Securities Limited 38.5M 47.0 61.0 82.0 55 72 1
Pilani Investment and Industries Corporation Limited 21.2B 51.0 70.0 63.0 66 73 1
VLS Finance Limited 5.2B 57.0 76.0 61.0 70 74 1
Consolidated Finvest & Holdings Limited 4.4B 38.0 65.0 46.0 55 75 1
N.B.I. Industrial Finance Company Limited 4.2B 51.0 76.0 83.0 80 76 1
Wealth First Portfolio Managers Limited 3.1B 69.0 47.0 61.0 50 77 1
Inventure Growth & Securities Limited 2.4B 69.0 58.0 52.0 49 78 1
BLB Limited 1.1B 76.0 75.0 88.0 78 79 1
Steel City Securities Limited 910.2M 49.0 64.0 61.0 60 80 1

Cash Flow Analysis

Overall, NCL Research's critical cash flow metrics appear to signal strong support and a high likelihood of positive growth going forward. NCL Research's published asset turnover numbers were encouraging and reflected management's balanced change strategy. NCL Research recorded asset turnover of 0.5, which represents a nan% change from the previous report. Companies in the same industry and market capitalization are typically affected by this parameter by up to 7.8%. Its asset turnover metrics are especially remarkable relative to their peers. We believe the stock price has room to grow to reflect its intrinsic value accurately. Therefore, its asset turnover movement earned a score of 90. However, one discouraging result, Capital Expenditure, stood out. NCL Research's published capital expenditures (CapEx) numbers were discouraging and reflected management's unbalanced growth strategy. NCL Research recorded CapEx of nan, which represents a nan% change from the previous report. This performance is all the more uninspiring relative to their peers and competitors. Consequently, their CapEx movement received a grade of 66. Because their management is doing an excellent job managing these critical metrics, the cash_flow was given a score of 92.

Parameter Value Change Score
* All values are TTM

The below chart describes NCL Research's performance as reflected on its cash flow with respect to its peers. While NCL Research received a cash flow score of 92, the average of its peers stands on 66.

  •  530557
  •  Peers average
Name Market Cap Cashflow Momentum Free Cashflow Growth Capital Expenditure Growth Assets Factors Momentum Cash Flow mc_sort Hidden
Nalwa Sons Investments Limited 12.3B 72.0 65.0 68.0 64.0 67 0 1
Monarch Networth Capital Limited 12.0B 69.0 64.0 63.0 69.0 68 1 1
Dolat Algotech Limited 11.9B 65.0 72.0 71.0 76.0 76 2 1
UGRO Capital Limited 11.4B 70.0 67.0 67.0 63.0 68 3 1
Geojit Financial Services Limited 11.3B 76.0 54.0 56.0 65.0 65 4 1
PNB Gilts Ltd. 11.3B 69.0 59.0 68.0 50.0 55 5 1
BF Investment Limited 10.9B 70.0 63.0 68.0 65.0 66 6 1
Centrum Capital Limited 10.7B 67.0 67.0 67.0 90.0 88 7 1
5paisa Capital Limited 9.6B 66.0 67.0 67.0 82.0 81 8 1
Dhunseri Ventures Limited 9.1B 69.0 67.0 94.0 46.0 58 9 1
Kalyani Investment Company Limited 8.2B 82.0 53.0 69.0 93.0 85 10 1
Arihant Capital Markets Limited 7.0B 67.0 67.0 47.0 65.0 66 11 1
Summit Securities Limited 6.9B 85.0 51.0 96.0 71.0 87 12 1
Nahar Capital and Financial Services Limited 5.6B 63.0 84.0 95.0 46.0 67 13 1
Jindal Poly Investment and Finance Company Limited 5.3B 81.0 66.0 98.0 52.0 81 14 1
The Investment Trust of India Limited 5.0B 64.0 71.0 69.0 62.0 65 15 1
Mahanivesh (India) Limited 4.5B 73.0 56.0 68.0 74.0 71 16 1
Dhunseri Investments Limited 4.5B 74.0 66.0 68.0 76.0 76 17 1
Kiran Vyapar Limited 4.0B 61.0 71.0 40.0 82.0 58 18 1
Swiss Military Consumer Goods Limited 3.7B 73.0 63.0 57.0 77.0 78 19 1
Aditya Birla Money Limited 3.5B 53.0 85.0 81.0 69.0 75 20 1
Jindal Photo Limited 3.5B 63.0 68.0 59.0 83.0 75 21 1
SIL Investments Limited 3.3B 79.0 54.0 41.0 95.0 81 22 1
Prime Securities Limited 3.2B 72.0 64.0 70.0 48.0 53 23 1
Industrial & Prudential Investment Company Limited 3.2B 59.0 77.0 67.0 88.0 87 24 1
Indo Thai Securities Limited 3.2B 61.0 66.0 48.0 46.0 42 25 1
Jaykay Enterprises Limited 3.0B 74.0 55.0 95.0 87.0 76 26 1
Systematix Corporate Services Limited 3.0B 83.0 46.0 65.0 68.0 75 27 1
Master Trust Limited 2.7B 71.0 66.0 46.0 50.0 50 28 1
STEL Holdings Limited 2.6B 54.0 84.0 68.0 40.0 45 29 1
IL&FS Investment Managers Limited 2.4B 58.0 74.0 85.0 85.0 79 30 1
ABans Enterprises Limited 2.4B 45.0 89.0 91.0 87.0 76 31 1
Quest Capital Markets Limited 2.1B 65.0 72.0 63.0 78.0 74 32 1
Almondz Global Securities Limited 2.0B 78.0 38.0 52.0 74.0 68 33 1
Industrial Investment Trust Limited 2.0B 67.0 72.0 59.0 71.0 71 34 1
Shardul Securities Limited 1.9B 68.0 65.0 76.0 84.0 81 35 1
Emkay Global Financial Services Limited 1.8B 61.0 72.0 91.0 65.0 70 36 1
Avonmore Capital & Management Services Limited 1.7B 66.0 71.0 65.0 66.0 70 37 1
Bombay Oxygen Investments Limited 1.7B 52.0 82.0 90.0 94.0 94 38 1
RSD Finance Limited 1.3B 51.0 66.0 68.0 61.0 54 39 1
Indbank Merchant Banking Services Limited 1.1B 75.0 61.0 53.0 52.0 53 40 1
LKP Finance Limited 1.1B 63.0 72.0 67.0 72.0 74 41 1
Welspun Investments and Commercials Limited 1.1B 63.0 80.0 68.0 38.0 50 42 1
LKP Securities Limited 1.1B 62.0 78.0 67.0 82.0 84 43 1
Greencrest Financial Services Limited 994.2M 68.0 68.0 69.0 67.0 67 44 1
McDowell Holdings Limited 969.0M 86.0 44.0 66.0 37.0 51 45 1
DB (International) Stock Brokers Limited 899.5M 60.0 81.0 68.0 65.0 67 46 1
Shriram Asset Management Company Limited 881.7M 66.0 67.0 81.0 84.0 84 47 1
Global Capital Markets Limited 697.0M 71.0 60.0 60.0 89.0 80 48 1
Intellivate Capital Ventures Limited 500.4M 66.0 71.0 62.0 83.0 79 49 1
GCM Securities Limited 476.8M 69.0 70.0 60.0 79.0 76 50 1
Pioneer Investcorp Limited 466.7M 80.0 56.0 71.0 62.0 64 51 1
Wallfort Financial Services Ltd. 457.2M 66.0 71.0 63.0 65.0 63 52 1
Yamini Investments Company Limited 441.6M 66.0 71.0 63.0 58.0 59 53 1
HB Stockholdings Limited 420.4M 70.0 66.0 59.0 60.0 67 54 1
Pro Fin Capital Services Ltd. 398.5M 70.0 71.0 66.0 51.0 63 55 1
HB Portfolio Limited 378.9M 73.0 63.0 56.0 91.0 88 56 1
Cni Research Limited 311.1M 69.0 69.0 64.0 62.0 60 57 1
Odyssey Corporation Limited 291.9M 70.0 69.0 69.0 98.0 88 58 1
Monotype India Limited 225.0M 67.0 69.0 65.0 46.0 49 59 1
Stampede Capital Limited 209.0M 66.0 71.0 63.0 97.0 82 60 1
BFL Asset Finvest Limited 207.6M 61.0 71.0 65.0 64.0 66 61 1
Onelife Capital Advisors Limited 181.7M 69.0 69.0 64.0 51.0 51 62 1
AF Enterprises Limited 171.1M 66.0 71.0 65.0 51.0 63 63 1
Esaar (India) Limited 148.2M 69.0 71.0 66.0 68.0 69 64 1
Cubical Financial Services Limited 117.3M 71.0 69.0 66.0 98.0 99 65 1
Goenka Business & Finance Limited 109.2M 69.0 70.0 60.0 51.0 50 66 1
Alka Securities Limited 85.4M 83.0 54.0 86.0 42.0 61 67 1
Gemstone Investments Limited 75.5M 70.0 69.0 70.0 85.0 85 68 1
Confidence Finance and Trading Limited 73.9M 69.0 71.0 66.0 76.0 76 69 1
Essar Securities Limited 72.9M 71.0 69.0 66.0 86.0 88 70 1
Jackson Investments Limited 55.2M 66.0 71.0 62.0 81.0 77 71 1
Mathew Easow Research Securities Limited 38.5M 69.0 69.0 64.0 63.0 60 72 1
Pilani Investment and Industries Corporation Limited 21.2B 66.0 71.0 66.0 67.0 71 73 1
VLS Finance Limited 5.2B 68.0 69.0 60.0 66.0 64 74 1
Consolidated Finvest & Holdings Limited 4.4B 48.0 89.0 77.0 42.0 59 75 1
N.B.I. Industrial Finance Company Limited 4.2B 78.0 42.0 68.0 59.0 68 76 1
Wealth First Portfolio Managers Limited 3.1B 60.0 81.0 68.0 72.0 66 77 1
Inventure Growth & Securities Limited 2.4B 85.0 46.0 93.0 73.0 91 78 1
BLB Limited 1.1B 85.0 45.0 84.0 66.0 67 79 1
Steel City Securities Limited 910.2M 59.0 72.0 62.0 73.0 68 80 1

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