Global Materials | Industrials | Commodities

Rahul Jain

Commodities

<ul>
<li>Supply-Led Rally: Zinc has rebounded ~15% to ~US$3,000/t, driven by mine curtailments, smelter shutdowns, collapsing TCs, and low inventories.</li>
<li>China Stimulus Tailwind: Beijing’s CNY 1tn package lifts sentiment for galvanised steel, which makes up ~60% of zinc demand, reinforcing price momentum.</li>
<li>Valuation Impact: Hindustan Zinc justifies a premium on pure-play exposure, while Vedanta offers cheaper diversified optionality; sustainability of prices above US$3,000/t remains the key investor question.</li>
</ul>


Supply-Led Rally: Zinc has rebounded ~15% to ~US$3,000/t, driven by mine curtailments, smelter shutdowns, collapsing TCs, and low inventories.
China Stimulus Tailwind: Beijing’s CNY 1tn package lifts sentiment for galvanised steel, which makes up ~60% of zinc demand, reinforcing price momentum.
Valuation Impact: Hindustan Zinc justifies a premium on pure-play exposure, while Vedanta offers cheaper diversified optionality; sustainability of prices above US$3,000/t remains the key investor question.


Zinc Rally – Supply-Led Momentum Near US$3,000/T: Can It Last?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-aluminium-co-ltd" target="_blank" data-smartkarma-citation="entities:1770:1" rel="noopener">National Aluminium (NACL IN)</a> has announced a significant INR 30,000 crore capex over the next five years, its largest in recent history, to expand its core smelting, power generation capabilities.</li>
<li>Targeting an almost doubling of its smelting capacity and securing long-term power supply. This is crucial for NALCO to enhance its competitiveness and achieve the coveted "Maharatna" status by 2030.</li>
<li>This expansion, funded by a mix of internal accruals and debt, positions NALCO for an earnings inflection point, contingent on disciplined execution and favorable long-term commodity cycles.</li>
</ul>



National Aluminium (NACL IN) has announced a significant INR 30,000 crore capex over the next five years, its largest in recent history, to expand its core smelting, power generation capabilities.
Targeting an almost doubling of its smelting capacity and securing long-term power supply. This is crucial for NALCO to enhance its competitiveness and achieve the coveted "Maharatna" status by 2030.
This expansion, funded by a mix of internal accruals and debt, positions NALCO for an earnings inflection point, contingent on disciplined execution and favorable long-term commodity cycles.


The Beat Ideas: Nalco's ₹30,000 Crore Expansion

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

WeWork India Management Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a> is looking to raise about US$407m in its upcoming India IPO.</li>
<li>WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



WeWork India Management Ltd (1690124D IN) is looking to raise about US$407m in its upcoming India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
In this note, we talk about the not-so-positive aspects of the deal.


WeWork India Pre-IPO - Lease Mismatch and Structural Strains

<ul>
<li>Silver prices have rallied ~24% over the past 12 months, driven by strong industrial demand (solar, EVs) and renewed investor interest amid inflation concerns.</li>
<li>With a fourth consecutive market deficit and accelerating demand from clean energy applications, the setup points to a multi-year bullish cycle—especially if real rates remain subdued.</li>
<li>This report provides a comprehensive analysis of the silver market’s recent performance, long-term demand-supply dynamics, key producers’ sensitivity to price movements, and valuation-driven investment opportunities.</li>
</ul>


Silver prices have rallied ~24% over the past 12 months, driven by strong industrial demand (solar, EVs) and renewed investor interest amid inflation concerns.
With a fourth consecutive market deficit and accelerating demand from clean energy applications, the setup points to a multi-year bullish cycle—especially if real rates remain subdued.
This report provides a comprehensive analysis of the silver market’s recent performance, long-term demand-supply dynamics, key producers’ sensitivity to price movements, and valuation-driven investment opportunities.


Silver Surges to Multi-Year Highs on Industrial and Monetary Tailwinds

Anthem Biosciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences (1234D IN)</a> is looking to raise about US$397m in its India IPO.</li>
<li>Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.</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.</li>
</ul>



Anthem Biosciences (1234D IN) is looking to raise about US$397m in its India IPO.
Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates.


Anthem Biosciences IPO - D&M Vertical Continues to Drive CRDMO Business

India

Vedanta Limited mines, produces, and exports base metals. The Company mines and distributes metals such as zinc, iron ore, copper, silver, and aluminium, as well as operates power plants. Vedanta markets its products worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Vedanta Ltd (VEDL IN)

Zinc Rally – Supply-Led Momentum Near US$3,000/T: Can It Last?

Zinc prices surge due to supply constraints and China stimulus, impacting Hindustan Zinc and Vedanta valuations. Sustainability above US$3,000/t...

Rahul Jain

The Beat Ideas: Nalco's ₹30,000 Crore Expansion

National Aluminium (NACL IN) plans INR 30,000 crore capex to double smelting capacity and secure long-term power supply, aiming for "Maharatna"...

Sudarshan Bhandari

WeWork India Pre-IPO - Lease Mismatch and Structural Strains

WeWork India Management Ltd is looking to raise about US$407m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Silver Surges to Multi-Year Highs on Industrial and Monetary Tailwinds

Silver prices have surged due to industrial demand and investor interest, signaling a potential multi-year bullish cycle with opportunities for...

Rahul Jain

Anthem Biosciences IPO - D&M Vertical Continues to Drive CRDMO Business

Anthem Biosciences is looking to raise about US$397m in its India IPO. In this note, we will talk about the RHP updates.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Zinc Rally – Supply-Led Momentum Near US$3,000/T: Can It Last?

​Zinc prices surge due to supply constraints and China stimulus, impacting Hindustan Zinc and Vedanta valuations. Sustainability above US$3,000/t...

Rahul Jain

The Beat Ideas: Nalco's ₹30,000 Crore Expansion

​National Aluminium (NACL IN) plans INR 30,000 crore capex to double smelting capacity and secure long-term power supply, aiming for "Maharatna"...

Sudarshan Bhandari

WeWork India Pre-IPO - Lease Mismatch and Structural Strains

WeWork India Management Ltd is looking to raise about US$407m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Silver Surges to Multi-Year Highs on Industrial and Monetary Tailwinds

​Silver prices have surged due to industrial demand and investor interest, signaling a potential multi-year bullish cycle with opportunities for...

Rahul Jain

Anthem Biosciences IPO - D&M Vertical Continues to Drive CRDMO Business

Anthem Biosciences is looking to raise about US$397m in its India IPO. In this note, we will talk about the RHP updates.

Akshat Shah

Zinc prices surge due to supply constraints and China stimulus, impacting Hindustan Zinc and Vedanta valuations. Sustainability above US$3,000/t...

National Aluminium (NACL IN) plans INR 30,000 crore capex to double smelting capacity and secure long-term power supply, aiming for "Maharatna"...

Silver prices have surged due to industrial demand and investor interest, signaling a potential multi-year bullish cycle with opportunities for...