India - Politics, Industrials, IT and Large Caps, EMAlpha

Pankaj Sharma

India - Politics, Industrials, IT and Large Caps

Equity Bottom-Up

<h2>Like it or Not, but there are very few like Rajiv Bajaj in India Inc.</h2><p>You may not like everything he does (or rather he says), but you can always trust Rajiv Bajaj of <a href="https://www.smartkarma.com/entities/3613" target="_blank" data-smartkarma-citation="entities:3613:1">Bajaj Auto Ltd (BJAUT IN)</a> to speak candidly what he thinks. For example, how many of the Indian CEOs you remember to call "demonetization" a wrong idea (<a href="https://indianexpress.com/article/business/economy/demonetisation-idea-wrong-dont-blame-its-execution-rajiv-bajaj-4529180/" target="_blank">Source</a>). Rajiv Bajaj was also the one who had taken a call early on that <a href="https://www.smartkarma.com/entities/3613" target="_blank" data-smartkarma-citation="entities:3613:1">Bajaj Auto Ltd (BJAUT IN)</a> will exit the scooters market and will only focus on motor cycles. He also had…</p>

Like it or Not, but there are very few like Rajiv Bajaj in India Inc.You may not like everything he does (or rather he says), but you can always trust Rajiv Bajaj of Bajaj Auto Ltd (BJAUT IN) to speak candidly what he thinks. For example, how many of the Indian CEOs you remember to call "demonetization" a wrong idea (Source). Rajiv Bajaj was also the one who had taken a call early on that Bajaj Auto Ltd (BJAUT IN) will exit the scooters market and will only focus on motor cycles. He also had…

Bajaj Auto Ltd (BJAUT IN): Tough Questions for Management in AGM, but Expect No Change in Strategy

<h2>Royal Enfield is the KEY stock driver for <a href="https://www.smartkarma.com/entities/18316" target="_blank" data-smartkarma-citation="entities:18316:1">Eicher Motors (EIM IN)</a>
</h2><p><a href="https://www.smartkarma.com/entities/18316" target="_blank" data-smartkarma-citation="entities:18316:1">Eicher Motors (EIM IN)</a> was up more than 5% today and it was one of the best performing stocks in the Indian market, among the relatively larger names. But, this surprisingly strong performance doesn't hide the reality that, a) the stock is in red YTD, b) it has been a big underperformer vs. broader markets over previous twelve months. Why that should be the case with a company which is delivering more than 20% volume growth and an…</p>

Royal Enfield is the KEY stock driver for Eicher Motors (EIM IN)
Eicher Motors (EIM IN) was up more than 5% today and it was one of the best performing stocks in the Indian market, among the relatively larger names. But, this surprisingly strong performance doesn't hide the reality that, a) the stock is in red YTD, b) it has been a big underperformer vs. broader markets over previous twelve months. Why that should be the case with a company which is delivering more than 20% volume growth and an…

Eicher Motors (EIM IN)​: Slow Down in Volume Growth for Royal Enfield, Will It Hurt More?

<h2>Big News from the Indian Two Wheeler Space</h2><p>The bad news first. <a href="https://www.smartkarma.com/entities/3613" target="_blank" data-smartkarma-citation="entities:3613:1">Bajaj Auto Ltd (BJAUT IN)</a> has corrected approximately 12% in previous three weeks and its rival in the Indian two wheelers space, <a href="https://www.smartkarma.com/entities/2391" target="_blank" data-smartkarma-citation="entities:2391:1">Hero Motocorp (HMCL IN)</a> has also corrected ~10%. The other significant player in the market is <a href="https://www.smartkarma.com/entities/16123" target="_blank" data-smartkarma-citation="entities:16123:1">Tvs Motor (TVSL IN)</a> and that too has experienced a fall of ~15% during the same period. A large part of this depressed sentiment could be attributed to fears of a full scale price war between two main listed…</p>

Big News from the Indian Two Wheeler SpaceThe bad news first. Bajaj Auto Ltd (BJAUT IN) has corrected approximately 12% in previous three weeks and its rival in the Indian two wheelers space, Hero Motocorp (HMCL IN) has also corrected ~10%. The other significant player in the market is Tvs Motor (TVSL IN) and that too has experienced a fall of ~15% during the same period. A large part of this depressed sentiment could be attributed to fears of a full scale price war between two main listed…

India 2 Wheelers: "Price War" And Its Impact on Hero Motocorp (HMCL IN) And Bajaj Auto (BJAUT IN)​

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Varroc Engineering Ltd / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/27172" target="_blank" data-smartkarma-citation="entities:27172:1">Varroc Engineering Ltd (934734Z IN)</a> plans to raise around US$290m in its IPO via a selldown of secondary shares.</p><p>The company is one of the largest global players in the automotive lighting business and one of the leading suppliers for 2-3 wheeler markets in India. While its Indian business has mostly been built organically, its international business has been stitched together through various acquisitions. </p><p>In effect, the company is essentially two different entities with the business in India being very different from the business outside of India and thus, it should be valued as such. </p>

Varroc Engineering Ltd (934734Z IN) plans to raise around US$290m in its IPO via a selldown of secondary shares.The company is one of the largest global players in the automotive lighting business and one of the leading suppliers for 2-3 wheeler markets in India. While its Indian business has mostly been built organically, its international business has been stitched together through various acquisitions. In effect, the company is essentially two different entities with the business in India being very different from the business outside of India and thus, it should be valued as such. 

Varroc Engineering Limited IPO - A Mixed Bag, in More Ways that One

Independent Research Analyst

Mamta Verma

DC India Research

DC India Research LLP (DCIR) is based out of Mumbai, India.

We specialize in providing customized, independent research across listed and unlisted companies in India across equities and credit including sectoral research. Our customers include India focussed PE funds, special situation funds, domestic AMCs, Wealth Advisory& PMS firms, Rating Agencies & Investment Advisors. 

The DCIR board consists of prominent names from the industry as well as CIO’s of Hedge funds.

<p>Ref Circular from Ministry of Power -<a href="https://powermin.nic.in/sites/default/files/webform/notices/Clarification_on_charging_infrastructure_for_Electric_Vehicles_with_reference_to_the_provisions_of_the_Electrcity_Act_2003.pdf" target="_blank">https://powermin.nic.in/sites/default/files/webform/notices/Clarification_on_charging_infrastructure_for_Electric_Vehicles_with_reference_to_the_provisions_of_the_Electrcity_Act_2003.pdf</a></p><p>Quick summary of above in article published in The Economic Times yesterday -<a href="https://economictimes.indiatimes.com/news/economy/policy/e-vehicles-charging-stations-need-no-licence/articleshow/63785404.cms" target="_blank">https://economictimes.indiatimes.com/news/economy/policy/e-vehicles-charging-stations-need-no-licence/articleshow/63785404.cms</a></p><p><strong>Important takeaways -</strong></p><p>In a landmark move, the Power Ministry, has cleared a…</p>

Ref Circular from Ministry of Power -https://powermin.nic.in/sites/default/files/webform/notices/Clarification_on_charging_infrastructure_for_Electric_Vehicles_with_reference_to_the_provisions_of_the_Electrcity_Act_2003.pdfQuick summary of above in article published in The Economic Times yesterday -https://economictimes.indiatimes.com/news/economy/policy/e-vehicles-charging-stations-need-no-licence/articleshow/63785404.cmsImportant takeaways -In a landmark move, the Power Ministry, has cleared a…

Game Changing Policy - 'E-Vehicles Charging Stations Need No License"

India

Bajaj Auto Limited manufactures and distributes motorized two-wheeled and three-wheeled scooters, motorcycles and mopeds.

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Bajaj Auto Ltd (BJAUT IN)