Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

After 18 months of consistent decline, exports recorded a marginal uptrend in June 2016 while the rate of decline in imports slowed. Exports grew 1.3% y-o-y in June 2016 but the trend remains weak having declined 2% y-o-y on a 3-month moving average (3mma) basis in May 2016 compared to a fall of 4.2% y-o-y in May 2016. Imports fell by 7.3% y-o-y in June 2016 compared to a decline of 13.2% y-o-y in May 2016. On a 3mma basis, imports fell 14.9% y-o-y in June 2016 compared to a 20.5 % decline in…

After 18 months of consistent decline, exports recorded a marginal uptrend in June 2016 while the rate of decline in imports slowed. Exports grew 1.3% y-o-y in June 2016 but the trend remains weak having declined 2% y-o-y on a 3-month moving average (3mma) basis in May 2016 compared to a fall of 4.2% y-o-y in May 2016. Imports fell by 7.3% y-o-y in June 2016 compared to a decline of 13.2% y-o-y in May 2016. On a 3mma basis, imports fell 14.9% y-o-y in June 2016 compared to a 20.5 % decline in…

INDIA: Downside Risk to Rupee as Trade Data Remain Weak

Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

Thematic (Sector/Industry)

HDFC has become the first Indian issuer to a masala bond after it raised Rs30bn (US$450m) by selling a 3-year one-month maturity rupee denominated offshore bond (Rupee denominated bonds issued offshore are popularly called masala bonds, just as offshore Yuan denominated bonds are referred to as dim sum bonds; the word masala in Hindi language means spice). HDFC issued the paper at a semi-annual coupon of 7.875% for a tenure of 37 months. Prior to this only IFC had issued Rs110bn worth of…

HDFC has become the first Indian issuer to a masala bond after it raised Rs30bn (US$450m) by selling a 3-year one-month maturity rupee denominated offshore bond (Rupee denominated bonds issued offshore are popularly called masala bonds, just as offshore Yuan denominated bonds are referred to as dim sum bonds; the word masala in Hindi language means spice). HDFC issued the paper at a semi-annual coupon of 7.875% for a tenure of 37 months. Prior to this only IFC had issued Rs110bn worth of…

Masala Bond Market: HDFC Makes a Start; Ride Unlikely to Be Smooth; INR Outlook to Guide This Market

The Index of Industrial Production (IIP) rose by an anemic 1.2% y-o-y in May 2016 after having declined by 1.3% y-o-y in April 2016. However, on a 3 month moving average basis (3mma), production remains stagnant with a growth rate of only 0.1% y-o-y in May 2016 compared to a 0.3% y-o-y rise in April 2016. IIP growth remained weak across sectors.Manufacturing output grew marginally by 0.7% y-o-y in May 2016 compared to a decline of 3.7% y-o-y in April 2016. On a 3mma basis, manufacturing output…

The Index of Industrial Production (IIP) rose by an anemic 1.2% y-o-y in May 2016 after having declined by 1.3% y-o-y in April 2016. However, on a 3 month moving average basis (3mma), production remains stagnant with a growth rate of only 0.1% y-o-y in May 2016 compared to a 0.3% y-o-y rise in April 2016. IIP growth remained weak across sectors.Manufacturing output grew marginally by 0.7% y-o-y in May 2016 compared to a decline of 3.7% y-o-y in April 2016. On a 3mma basis, manufacturing output…

INDIA: IIP Anemic Growth of 1.2% Inconsistent with GDP Growth of over 7%

As the global financial markets grapple with the decision taken by the UK to exit the EU, it is clear that the question of future referendums in other member countries and potential exits will likely dominate the headlines in the coming months. The Indian economy has seen its total exports decline for 18 straight months, hurt by an overvalued exchange rate as well as a weak global economy. The uncertainty that will likely unfold in the major EU countries and especially the Eurozone (EZ) will add…

As the global financial markets grapple with the decision taken by the UK to exit the EU, it is clear that the question of future referendums in other member countries and potential exits will likely dominate the headlines in the coming months. The Indian economy has seen its total exports decline for 18 straight months, hurt by an overvalued exchange rate as well as a weak global economy. The uncertainty that will likely unfold in the major EU countries and especially the Eurozone (EZ) will add…

Headwinds for India – Brexit and Its Impact Via Other Countries

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

Rubicon Research Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rubicon-research-limited" target="_blank" data-smartkarma-citation="entities:43796:1" rel="noopener">Rubicon Research Limited (1453591D IN)</a> raised about US$155m in its India IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.</li>
<li>Rubicon Research (RR) is a pharmaceutical formulations company with a portfolio of specialty products and drug-device combination products targeting regulated markets, particularly, the United States.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Rubicon Research Limited (1453591D IN) raised about US$155m in its India IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.
Rubicon Research (RR) is a pharmaceutical formulations company with a portfolio of specialty products and drug-device combination products targeting regulated markets, particularly, the United States.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas : Rubicon Research IPO Lockup -Shares Have Traded Well; General Atlantic Well in The Money

India

Adani Enterprises is an Indian multinational publicly listed holding company and the flagship entity of the Adani Group. It acts as an incubator for new businesses in core sectors such as energy, logistics, and mining, which are often transitioned into independent listed entities. The company's current portfolio includes interests in airports, roads, solar manufacturing, green hydrogen, and data centers. Adani Enterprises is headquartered in Ahmedabad, India, and was founded on March 2, 1993.

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Adani Enterprises (ADE IN)

INDIA: Downside Risk to Rupee as Trade Data Remain Weak

After 18 months of consistent decline, exports recorded a marginal uptrend in June 2016 while the rate of decline in imports slowed. Exports grew...

Rajan Govil

Masala Bond Market: HDFC Makes a Start; Ride Unlikely to Be Smooth; INR Outlook to Guide This Market

HDFC has become the first Indian issuer to a masala bond after it raised Rs30bn (US$450m) by selling a 3-year one-month maturity rupee denominated...

Asia Advisors

INDIA: IIP Anemic Growth of 1.2% Inconsistent with GDP Growth of over 7%

The Index of Industrial Production (IIP) rose by an anemic 1.2% y-o-y in May 2016 after having declined by 1.3% y-o-y in April 2016. However, on a...

Rajan Govil

Headwinds for India – Brexit and Its Impact Via Other Countries

As the global financial markets grapple with the decision taken by the UK to exit the EU, it is clear that the question of future referendums in...

Rajan Govil

Aequitas : Rubicon Research IPO Lockup -Shares Have Traded Well; General Atlantic Well in The Money

Rubicon Research Limited raised about US$155m in its India IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.

Akshat Shah

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