Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>This strategy exploits relative value in implied volatilities and combines it with a long Nifty 50 vs. short Nikkei 225 directional view over a period of two months.</li>
<li>The strategy performs well if the Nifty 50 rises <em>and</em> outperforms the Nikkei 225. If both indices decline, neither profit nor loss is incurred.</li>
<li>Leverage increases both the strategy's payoff and probability of success.</li>
</ul>


This strategy exploits relative value in implied volatilities and combines it with a long Nifty 50 vs. short Nikkei 225 directional view over a period of two months.
The strategy performs well if the Nifty 50 rises and outperforms the Nikkei 225. If both indices decline, neither profit nor loss is incurred.
Leverage increases both the strategy's payoff and probability of success.


EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

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

<p>Founded in 1973, Reliance Industries (RIL) is one of the largest conglomerates in Asia and India's largest private-sector corporation. It has diverse businesses including energy, petrochemicals, natural gas, retail, telecommunications, mass media and textiles. RIL is India's largest exporter, accounting for 8% of total merchandise exports and 5% of the government's revenue from customs and excise duty. It is listed on the Indian Stock Exchange, with a market cap of c. USD 200 bn. The company is owned (49.5%) and controlled by Mukesh Ambani.</p>

Founded in 1973, Reliance Industries (RIL) is one of the largest conglomerates in Asia and India's largest private-sector corporation. It has diverse businesses including energy, petrochemicals, natural gas, retail, telecommunications, mass media and textiles. RIL is India's largest exporter, accounting for 8% of total merchandise exports and 5% of the government's revenue from customs and excise duty. It is listed on the Indian Stock Exchange, with a market cap of c. USD 200 bn. The company is owned (49.5%) and controlled by Mukesh Ambani.

Reliance Industries - ESG Report - Lucror Analytics

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Reliance plans to invest Rs40,000–45,000 crore (30% of total capex) into its New Energy business over FY25–FY28.</li>
<li>Solar PV manufacturing (10 GW), Green Hydrogen (electrolyzers + hydrogen production), Energy Storage (30 GWh batteries), Biogas (CBG plants), and Carbon Capture initiatives.</li>
<li>New Energy could contribute 8–10% of Reliance’s total EBITDA over the next 10 years as projects mature and commercial operations ramp up.</li>
</ul>


Reliance plans to invest Rs40,000–45,000 crore (30% of total capex) into its New Energy business over FY25–FY28.
Solar PV manufacturing (10 GW), Green Hydrogen (electrolyzers + hydrogen production), Energy Storage (30 GWh batteries), Biogas (CBG plants), and Carbon Capture initiatives.
New Energy could contribute 8–10% of Reliance’s total EBITDA over the next 10 years as projects mature and commercial operations ramp up.


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.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

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.

Read Business Not Stock Prices

Forensic Accounting

Reliance Industries / Forensic Accounting

<ul>
<li>Reliance bought 5,286 acres of prime industrial land in Navi Mumbai, which was sold for a surprisingly low INR 2,200 cr whose economic value is around INR 1 Lakh cr.</li>
<li>This complex transaction done at a steep discount raises corporate governance issues for other shareholders like Jai Corp owing to valuations, disclosure lapses and minority shareholder rights.</li>
<li>We delve into details of the deal structure and what it means for respective companies's shareholders.</li>
</ul>


Reliance bought 5,286 acres of prime industrial land in Navi Mumbai, which was sold for a surprisingly low INR 2,200 cr whose economic value is around INR 1 Lakh cr.
This complex transaction done at a steep discount raises corporate governance issues for other shareholders like Jai Corp owing to valuations, disclosure lapses and minority shareholder rights.
We delve into details of the deal structure and what it means for respective companies's shareholders.


Steep Discount on Land Acquisition by Reliance Sparks Corporate Governance Debate

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Travel Food Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/travel-food-services-ltd" target="_blank" data-smartkarma-citation="entities:44175:1" rel="noopener">Travel Food Services Ltd (1450229D IN)</a> is looking to raise about US$233m in its India IPO.</li>
<li>Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.</li>
</ul>



Travel Food Services Ltd (1450229D IN) is looking to raise about US$233m in its India IPO.
Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.


Travel Food Services IPO - RHP Updates & Thoughts on Valuation

India

Reliance Industries Ltd. manufactures petrochemicals, synthetic fibers, fiber intermediates, textiles, blended yarn and polyester staple fiber. The Company also owns a petroleum refinery cum petrochemicals complex in Jamnagar, India that produces a wide range of products such as gasoline, superior kerosene oil and liquefied petroleum gas.

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Reliance Industries (RELIANCE IN)

EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

Option strategy: exploit relative value in implied volatilities combined with directional positioning for a leveraged payoff in a long Nifty 50 vs....

Gaudenz Schneider

Reliance Industries - ESG Report - Lucror Analytics

Founded in 1973, Reliance Industries (RIL) is one of the largest conglomerates in Asia and India's largest private-sector corporation. It has...

Lucror Analytics

Reliance: Betting Big on New Energy

Reliance to invest ₹40,000–45,000 crore in New Energy business over FY25–FY28, and expected to contribute 8–10% of total EBITDA in the next decade.

Rahul Jain

Steep Discount on Land Acquisition by Reliance Sparks Corporate Governance Debate

Reliance's purchase of industrial land in Navi Mumbai at a steep discount raises corporate governance concerns for shareholders like Jai Corp due...

Nimish Maheshwari

Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.

Akshat Shah

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EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

Option strategy: exploit relative value in implied volatilities combined with directional positioning for a leveraged payoff in a long Nifty 50 vs....

Gaudenz Schneider

Reliance Industries - ESG Report - Lucror Analytics

Founded in 1973, Reliance Industries (RIL) is one of the largest conglomerates in Asia and India's largest private-sector corporation. It has...

Lucror Analytics

Reliance: Betting Big on New Energy

​Reliance to invest ₹40,000–45,000 crore in New Energy business over FY25–FY28, and expected to contribute 8–10% of total EBITDA in the next decade.

Rahul Jain

Steep Discount on Land Acquisition by Reliance Sparks Corporate Governance Debate

​Reliance's purchase of industrial land in Navi Mumbai at a steep discount raises corporate governance concerns for shareholders like Jai Corp due...

Nimish Maheshwari

Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.

Akshat Shah

Reliance to invest ₹40,000–45,000 crore in New Energy business over FY25–FY28, and expected to contribute 8–10% of total EBITDA in the next decade.

Reliance's purchase of industrial land in Navi Mumbai at a steep discount raises corporate governance concerns for shareholders like Jai Corp due...