Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

Escorts Kubota Limited / Equity Bottom-Up

<ul>
<li>In this Insight, we discuss agricultural income trends and challenges focusing on income growth and farming dynamics.</li>
<li>Declining cultivable land and rising input costs are affecting farmer incomes and crop yields.</li>
<li>Tractor OEMs remain optimistic about growth despite challenges, driven by positive macroeconomic factors and increased financing access.</li>
</ul>


In this Insight, we discuss agricultural income trends and challenges focusing on income growth and farming dynamics.
Declining cultivable land and rising input costs are affecting farmer incomes and crop yields.
Tractor OEMs remain optimistic about growth despite challenges, driven by positive macroeconomic factors and increased financing access.


India Rural Incomes | The Tide Has Yet to Turn

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

Religare Enterprises / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/religare-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:14799:1" rel="noopener">Religare Enterprises (RELG IN)</a>’s saga intensifies as CEO Rashmi Saluja sues her own company amid takeover bids by the Burman family, amid insider trading allegations.</li>
<li>The battle, initially a takeover bid, has evolved into an ED probe, halting shareholder meetings and raising serious governance concerns.</li>
<li>Everything lies in the hands of Religare’s shareholder since to gain the helm again Rashmi needs more than 50% votes in the upcoming meeting on 7-Feb.</li>
</ul>



Religare Enterprises (RELG IN)’s saga intensifies as CEO Rashmi Saluja sues her own company amid takeover bids by the Burman family, amid insider trading allegations.
The battle, initially a takeover bid, has evolved into an ED probe, halting shareholder meetings and raising serious governance concerns.
Everything lies in the hands of Religare’s shareholder since to gain the helm again Rashmi needs more than 50% votes in the upcoming meeting on 7-Feb.


The Religare Controversy: A Corporate Battle

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Thematic (Sector/Industry)

<ul>
<li>Rashmi Saluja, CEO and Chairperson of <a href="https://www.smartkarma.com/entities/religare-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:14799:1" rel="noopener">Religare Enterprises (RELG IN)</a> , sues the company to prevent a potential takeover by the Burman family. (promoter family of <a href="https://www.smartkarma.com/entities/dabur-india-ltd" target="_blank" data-smartkarma-citation="entities:242:1" rel="noopener">Dabur India Ltd (DABUR IN)</a>)</li>
<li>
<a href="https://www.smartkarma.com/entities/jsw-energy-ltd" target="_blank" data-smartkarma-citation="entities:14949:1" rel="noopener">JSW Energy Ltd (JSW IN)</a>  revises its FY25 capex target to Rs 10,000 crore, down from Rs 15,000 crore, shifting focus to acquisitions due to sectoral constraints.</li>
<li>The Union Budget 2025 allocates Rs. 6.81 lakh crore to defence, with Rs. 4.88 lakh crore for revenue and Rs. 1.92 lakh crore for capital expenditure.</li>
</ul>


Rashmi Saluja, CEO and Chairperson of Religare Enterprises (RELG IN) , sues the company to prevent a potential takeover by the Burman family. (promoter family of Dabur India Ltd (DABUR IN))

JSW Energy Ltd (JSW IN)  revises its FY25 capex target to Rs 10,000 crore, down from Rs 15,000 crore, shifting focus to acquisitions due to sectoral constraints.
The Union Budget 2025 allocates Rs. 6.81 lakh crore to defence, with Rs. 4.88 lakh crore for revenue and Rs. 1.92 lakh crore for capital expenditure.


96# India Insight: Rashmi Saluja Sues Religare, JSW Energy Revises Capex, Budget 2025 Highlights.

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 Indices in the June 2025 index rebal event.</li>
<li>As things stand, there could be two index changes for the SENSEX index.</li>
<li>There could be two ADDs/DELs for the BSE 100 Index and four ADDs/DELs for the BSE 200 Index.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 Indices in the June 2025 index rebal event.
As things stand, there could be two index changes for the SENSEX index.
There could be two ADDs/DELs for the BSE 100 Index and four ADDs/DELs for the BSE 200 Index.


Quiddity Leaderboard BSE/​​​​SENSEX Jun 25: Two Sensex Changes Could Trigger US$440mn One-Way Flows

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Macroeconomics

<ul>
<li>The Mahakumbh Mela 2025, hailed as the largest gathering of the Hindu faith, is set to host an estimated 400-450 million devotees from India and around the world.</li>
<li>The event’s estimated budget is INR 6,382 crore (USD 800 Mn) for event management and infrastructure development, 72% higher than the budget allocated in 2019 Kumbh.</li>
<li>Kumbh Mela could generate financial transactions totaling INR 2–2.5 lakh crore (USD 25–30 billion) over 45 days. This accounts for an estimated 0.5–0.8% of the country’s GDP.</li>
</ul>


The Mahakumbh Mela 2025, hailed as the largest gathering of the Hindu faith, is set to host an estimated 400-450 million devotees from India and around the world.
The event’s estimated budget is INR 6,382 crore (USD 800 Mn) for event management and infrastructure development, 72% higher than the budget allocated in 2019 Kumbh.
Kumbh Mela could generate financial transactions totaling INR 2–2.5 lakh crore (USD 25–30 billion) over 45 days. This accounts for an estimated 0.5–0.8% of the country’s GDP.


Maha Kumbh 2025- How Big Is It for Economy?

India

Dabur India Ltd. manufactures soaps, detergents, hair oils, tooth powders, antacids and processed foods. The Company sells its products worldwide.

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Dabur India Ltd (DABUR IN)

India Rural Incomes | The Tide Has Yet to Turn

Agricultural income trends face challenges from declining land and rising costs, but tractor OEMs remain optimistic about growth due to positive...

Pranav Bhavsar

The Religare Controversy: A Corporate Battle

The Delhi High Court denied Rashmi Saluja's request for interim relief to block the upcoming AGM proceedings on 7th February, during which her...

Nimish Maheshwari

96# India Insight: Rashmi Saluja Sues Religare, JSW Energy Revises Capex, Budget 2025 Highlights.

Religare Enterprises CEO sues to block potential takeover, JSW Energy cuts capex target, Union Budget 2025 allocates Rs. 6.81 lakh crore to defence.

Sudarshan Bhandari

Quiddity Leaderboard BSE/SENSEX Jun 25: Two Sensex Changes Could Trigger US$440mn One-Way Flows

IndusInd Bank and Nestle India are expected DELs and Trent and Bharat Electronics are expected ADDs for the SENSEX index in June 2025. However,...

Janaghan Jeyakumar, CFA

Maha Kumbh 2025- How Big Is It for Economy?

The Mahakumbh Mela 2025, expected to draw 400-450 million devotees, and could generate up to INR 2-2.5 lakh crore in financial transactions,...

Nitin Mangal

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52-week Range

Market Cap (USDm)

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India Rural Incomes | The Tide Has Yet to Turn

​Agricultural income trends face challenges from declining land and rising costs, but tractor OEMs remain optimistic about growth due to positive...

Pranav Bhavsar

The Religare Controversy: A Corporate Battle

The Delhi High Court denied Rashmi Saluja's request for interim relief to block the upcoming AGM proceedings on 7th February, during which her...

Nimish Maheshwari

96# India Insight: Rashmi Saluja Sues Religare, JSW Energy Revises Capex, Budget 2025 Highlights.

​Religare Enterprises CEO sues to block potential takeover, JSW Energy cuts capex target, Union Budget 2025 allocates Rs. 6.81 lakh crore to defence.

Sudarshan Bhandari

Quiddity Leaderboard BSE/​​​​SENSEX Jun 25: Two Sensex Changes Could Trigger US$440mn One-Way Flows

IndusInd Bank and Nestle India are expected DELs and Trent and Bharat Electronics are expected ADDs for the SENSEX index in June 2025. However,...

Janaghan Jeyakumar, CFA

Maha Kumbh 2025- How Big Is It for Economy?

​The Mahakumbh Mela 2025, expected to draw 400-450 million devotees, and could generate up to INR 2-2.5 lakh crore in financial transactions,...

Nitin Mangal

Agricultural income trends face challenges from declining land and rising costs, but tractor OEMs remain optimistic about growth due to positive...

Religare Enterprises CEO sues to block potential takeover, JSW Energy cuts capex target, Union Budget 2025 allocates Rs. 6.81 lakh crore to defence.

Quiddity Leaderboard BSE/SENSEX Jun 25: Two Sensex Changes Could Trigger US$440mn One-Way Flows

The Mahakumbh Mela 2025, expected to draw 400-450 million devotees, and could generate up to INR 2-2.5 lakh crore in financial transactions,...