Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

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Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

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Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsw-steel-ltd" target="_blank" data-smartkarma-citation="entities:18561:1" rel="noopener">JSW Steel Ltd (JSTL IN)</a>'s resolution plan for Bhushan Power &amp; Steel was rejected by the Supreme Court, ordering its liquidation.</li>
<li>The rejection undermines JSW Steel's capacity expansion and investment plans, leading to significant financial and strategic setbacks.</li>
<li>The ruling highlights the importance of strict adherence to IBC provisions and raises concerns over the predictability of large asset resolutions.</li>
</ul>



JSW Steel Ltd (JSTL IN)'s resolution plan for Bhushan Power &amp; Steel was rejected by the Supreme Court, ordering its liquidation.
The rejection undermines JSW Steel's capacity expansion and investment plans, leading to significant financial and strategic setbacks.
The ruling highlights the importance of strict adherence to IBC provisions and raises concerns over the predictability of large asset resolutions.


JSW Steel's Tumble: Untangling the Bhushan Power & Steel Supreme Court Setback

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Vedanta Resources, JSW Steel</li>
<li>UST yields declined on Friday, led by the front end, after Fed Governor Christopher Waller reiterated his case for a July rate cut and given lower-than-expected inflation projections in the University of Michigan survey.</li>
<li>The yield on the 2Y UST and 10Y UST fell 4 bps to 3.87% and 4.42%, respectively. Equities were steady at record high levels, with the S&amp;P 500 and Nasdaq flat at 6,297 and 20,896, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Vedanta Resources, JSW Steel
UST yields declined on Friday, led by the front end, after Fed Governor Christopher Waller reiterated his case for a July rate cut and given lower-than-expected inflation projections in the University of Michigan survey.
The yield on the 2Y UST and 10Y UST fell 4 bps to 3.87% and 4.42%, respectively. Equities were steady at record high levels, with the S&amp;P 500 and Nasdaq flat at 6,297 and 20,896, respectively.


Materials| Industrials |Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>JSW Steel has grown its domestic steelmaking capacity at CAGR of 14% over the last 2 decades (2x industry) and at 25% lower costs</li>
<li>Gradual capacity ramp-up at recently completed expansion at Vijayanagar (5m) and actively pursuing 10-15mt of new capacity additions over the next 3-5 years</li>
<li>Valuations: JSW Steel trades at premium to its 5yr average EV/EBITDA likely due to a) impending imposition of a 12% safeguard duty b) superior capital allocation etc.</li>
</ul>


JSW Steel has grown its domestic steelmaking capacity at CAGR of 14% over the last 2 decades (2x industry) and at 25% lower costs
Gradual capacity ramp-up at recently completed expansion at Vijayanagar (5m) and actively pursuing 10-15mt of new capacity additions over the next 3-5 years
Valuations: JSW Steel trades at premium to its 5yr average EV/EBITDA likely due to a) impending imposition of a 12% safeguard duty b) superior capital allocation etc.


JSW Steel: Low Cost Capacity Expansion Underpin Premium Valuations

<ul>
<li>In the US, the S&amp;P preliminary services PMI fell to 52.8 (56.5 e / 56.8 p), while the manufacturing PMI edged up to 50.1 (49.8 e / 49.4 p).</li>
<li>The preliminary composite PMI declined to 52.4 (55.6 e / 55.4 p). Separately, the January (final) University of Michigan consumer sentiment index decreased to 71.1 (74.0 p).</li>
<li>Treasuries climbed slightly, following the weaker than expected January preliminary PMI data. </li>
</ul>


In the US, the S&amp;P preliminary services PMI fell to 52.8 (56.5 e / 56.8 p), while the manufacturing PMI edged up to 50.1 (49.8 e / 49.4 p).
The preliminary composite PMI declined to 52.4 (55.6 e / 55.4 p). Separately, the January (final) University of Michigan consumer sentiment index decreased to 71.1 (74.0 p).
Treasuries climbed slightly, following the weaker than expected January preliminary PMI data. 


Trung Nguyen

<ul>
<li>Incorporated in India, JSW Steel was established in 1994 and listed on the Indian stock exchange in 1995.</li>
<li>The company is the largest steel producer in the country (only taking into account capacity in India) and seventh-largest in the world.</li>
<li>It had 34.7 mtpa of capacity at FYE 2023-24, most of which was based in India (33.2 mtpa). </li>
</ul>


Incorporated in India, JSW Steel was established in 1994 and listed on the Indian stock exchange in 1995.
The company is the largest steel producer in the country (only taking into account capacity in India) and seventh-largest in the world.
It had 34.7 mtpa of capacity at FYE 2023-24, most of which was based in India (33.2 mtpa). 


India

JSW Steel Limited is an integrated steel producer with manufacturing facilities in Karnataka, Tamil Nadu and the western state of Maharashtra. The Company produces products including hot rolled coils, cold rolled coils, wire rods, galvanized coils and sheets.

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JSW Steel Ltd (JSTL IN)

JSW Steel's Tumble: Untangling the Bhushan Power & Steel Supreme Court Setback

JSW Steel's resolution plan for Bhushan Power & Steel rejected by Supreme Court, leading to financial setbacks and raising concerns over IBC...

Nimish Maheshwari

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Vedanta Resources, JSW...

Lucror Analytics

JSW Steel: Low Cost Capacity Expansion Underpin Premium Valuations

JSW Steel has significantly increased its steelmaking capacity in India, with plans for further expansion in the next few years, leading to...

Rahul Jain

Lucror Analytics - Morning Views Asia

In the US, the S&P preliminary services PMI fell to 52.8 (56.5 e / 56.8 p), while the manufacturing PMI edged up to 50.1 (49.8 e / 49.4 p).

Lucror Analytics

JSW Steel - ESG Report

The company is the largest steel producer in the country (only taking into account capacity in India) and seventh-largest in the world.

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JSW Steel's Tumble: Untangling the Bhushan Power & Steel Supreme Court Setback

​JSW Steel's resolution plan for Bhushan Power & Steel rejected by Supreme Court, leading to financial setbacks and raising concerns over IBC...

Nimish Maheshwari

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Vedanta Resources, JSW...

Lucror Analytics

JSW Steel: Low Cost Capacity Expansion Underpin Premium Valuations

​JSW Steel has significantly increased its steelmaking capacity in India, with plans for further expansion in the next few years, leading to...

Rahul Jain

Lucror Analytics - Morning Views Asia

In the US, the S&P preliminary services PMI fell to 52.8 (56.5 e / 56.8 p), while the manufacturing PMI edged up to 50.1 (49.8 e / 49.4 p).

Lucror Analytics

JSW Steel - ESG Report

The company is the largest steel producer in the country (only taking into account capacity in India) and seventh-largest in the world.

Lucror Analytics

JSW Steel's resolution plan for Bhushan Power & Steel rejected by Supreme Court, leading to financial setbacks and raising concerns over IBC...

JSW Steel has significantly increased its steelmaking capacity in India, with plans for further expansion in the next few years, leading to...