Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, we looked at a number of upcoming listings in India.</li>
<li>There was a revival in placement flows during the week, after a lull over the past few weeks.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, we looked at a number of upcoming listings in India.
There was a revival in placement flows during the week, after a lull over the past few weeks.


ECM Weekly (26th Aug 2024) - Zomato, Colowide, Star Asia, Yamaha, 99Speed, Hero Fin, Bajaj Housing

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Given the company’s superior positioning and increasing foothold in South India, along with the cost-saving initiatives it has undertaken and synergies with other Adani group companies, the growth momentum is expected to continue.</li><li>Additionally, considering the government's strong focus on infrastructure development and affordable housing, increasing private capex, and robust real estate demand, we anticipate ACL to deliver industry-leading performance moving forward.</li><li>We will evaluate the company on a consolidated basis from Q1FY25 onwards to reflect the overall growth trajectory. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Given the company’s superior positioning and increasing foothold in South India, along with the cost-saving initiatives it has undertaken and synergies with other Adani group companies, the growth momentum is expected to continue.Additionally, considering the government's strong focus on infrastructure development and affordable housing, increasing private capex, and robust real estate demand, we anticipate ACL to deliver industry-leading performance moving forward.We will evaluate the company on a consolidated basis from Q1FY25 onwards to reflect the overall growth trajectory. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ambuja Cements Limited - Weak Quarter; Cost Optimization & New Capacity to Drive Growth

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Demand growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement sales in these months</li><li>The scorching heat further dented demand during Q1FY25 and the industry demand growth is expected to slow down to low single digit YoY</li><li>We estimate the aggregate volumes of our coverage universe will deliver 5% YoY volume growth, implying 8% QoQ volume decline.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Demand growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement sales in these monthsThe scorching heat further dented demand during Q1FY25 and the industry demand growth is expected to slow down to low single digit YoYWe estimate the aggregate volumes of our coverage universe will deliver 5% YoY volume growth, implying 8% QoQ volume decline.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cement (Q1FY25 Results Preview): Weak Pricing Continues to Offset Cost Gains

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

<ul>
<li>Ather Energy to Invest Over Rs 2,000 Crore in Maharashtra Plant</li>
<li>UltraTech Cement to acquire 23% stake in India Cements for Rs 1,885 crore</li>
<li>India's government bonds included in JP Morgan Emerging Market index</li>
</ul>


Ather Energy to Invest Over Rs 2,000 Crore in Maharashtra Plant
UltraTech Cement to acquire 23% stake in India Cements for Rs 1,885 crore
India's government bonds included in JP Morgan Emerging Market index


#20 India Insight: Ultratech Cement Acquisition, India's Bond in JP Morgan, Ather Energy Investment

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Prabhudas Lilladher's research report on Ambuja Cement Ambuja Cement (ACEM) is set to acquire 100% shares of South based unlisted Penna Cement Industries Ltd (PCIL) at an EV of Rs104.2bn.</li><li>Incorporated in 1991, PCIL has 10mtpa operational cement capacity in Andhra Pradesh (5.8mtpa IU), Telangana (3.2mtpa IU) and Maharashtra (1mtpa GU) along with 7.3mtpa clinker capacity.</li><li>It also has 2mtpa under construction capacities at AP and Jodhpur each along with 3mtpa clinker capacity which can be commissioned over next 6-12 months.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prabhudas Lilladher's research report on Ambuja Cement Ambuja Cement (ACEM) is set to acquire 100% shares of South based unlisted Penna Cement Industries Ltd (PCIL) at an EV of Rs104.2bn.Incorporated in 1991, PCIL has 10mtpa operational cement capacity in Andhra Pradesh (5.8mtpa IU), Telangana (3.2mtpa IU) and Maharashtra (1mtpa GU) along with 7.3mtpa clinker capacity.It also has 2mtpa under construction capacities at AP and Jodhpur each along with 3mtpa clinker capacity which can be commissioned over next 6-12 months.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ambuja Cement - Penna to Improve Southern Exposure

India

Ambuja Cements Limited manufactures cement in India. The Company owns specially designed ships and terminals for bulk transportation of its products. Ambuja Cement sells most of its products domestically, but also has a subsidiary that markets the Group's items in Sri Lanka.

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Ambuja Cements (ACEM IN)

ECM Weekly (26th Aug 2024) - Zomato, Colowide, Star Asia, Yamaha, 99Speed, Hero Fin, Bajaj Housing

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Ambuja Cements Limited - Weak Quarter; Cost Optimization & New Capacity to Drive Growth

We are upgrading our rating from HOLD to BUY on the stock, with a target price of Rs 750 per share, implying an upside of 10% from the current...

Axis Direct

Cement (Q1FY25 Results Preview): Weak Pricing Continues to Offset Cost Gains

Demand growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement...

HDFC Securities

#20 India Insight: Ultratech Cement Acquisition, India's Bond in JP Morgan, Ather Energy Investment

Major investments in manufacturing and infrastructure sectors in India, with Ather Energy and UltraTech Cement leading the way, while India's...

Sudarshan Bhandari

Ambuja Cement - Penna to Improve Southern Exposure

Prabhudas Lilladher's research report on Ambuja Cement Ambuja Cement (ACEM) is set to acquire 100% shares of South based unlisted Penna Cement...

Prabhudas Lilladhar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ECM Weekly (26th Aug 2024) - Zomato, Colowide, Star Asia, Yamaha, 99Speed, Hero Fin, Bajaj Housing

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Ambuja Cements Limited - Weak Quarter; Cost Optimization & New Capacity to Drive Growth

We are upgrading our rating from HOLD to BUY on the stock, with a target price of Rs 750 per share, implying an upside of 10% from the current...

Axis Direct

Cement (Q1FY25 Results Preview): Weak Pricing Continues to Offset Cost Gains

Demand growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement...

HDFC Securities

#20 India Insight: Ultratech Cement Acquisition, India's Bond in JP Morgan, Ather Energy Investment

​Major investments in manufacturing and infrastructure sectors in India, with Ather Energy and UltraTech Cement leading the way, while India's...

Sudarshan Bhandari

Ambuja Cement - Penna to Improve Southern Exposure

Prabhudas Lilladher's research report on Ambuja Cement Ambuja Cement (ACEM) is set to acquire 100% shares of South based unlisted Penna Cement...

Prabhudas Lilladhar

Major investments in manufacturing and infrastructure sectors in India, with Ather Energy and UltraTech Cement leading the way, while India's...