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

<ul>
<li>The trade remains Long Nifty with a watch on earnings. </li>
<li>
<a href="https://www.smartkarma.com/entities/infosys-ltd" target="_blank" data-smartkarma-citation="entities:267:1" rel="noopener">Infosys Ltd (INFO IN)</a> reported a beat on revenues and a miss on EPS, heading into seasonally weak quarters is the pain now consensus? </li>
<li>Other names discussed include <a href="https://www.smartkarma.com/entities/delta-corp-ltd" target="_blank" data-smartkarma-citation="entities:4627:1" rel="noopener">Delta Corp Ltd (DELTA IN)</a>, <a href="https://www.smartkarma.com/entities/hdfc-asset-management-co-ltd" target="_blank" data-smartkarma-citation="entities:27027:1" rel="noopener">HDFC Asset Management Co Ltd (HDFCAMC IN)</a> and <a href="https://www.smartkarma.com/entities/dmart" target="_blank" data-smartkarma-citation="entities:23656:1" rel="noopener">Avenue Supermarts Ltd (DMART IN)</a>. </li>
</ul>


The trade remains Long Nifty with a watch on earnings. 

Infosys Ltd (INFO IN) reported a beat on revenues and a miss on EPS, heading into seasonally weak quarters is the pain now consensus? 
Other names discussed include Delta Corp Ltd (DELTA IN), HDFC Asset Management Co Ltd (HDFCAMC IN) and Avenue Supermarts Ltd (DMART IN). 


[Week 7] Namaste India 🙏 | Infosys Ltd (INFO IN) | Seasonal Sluggishness Now Consensus

<ul>
<li>We visit the 'City of Joy,' Kolkata, to understand the state of the industry, focusing on microfinance and the status of lenders concentrated in the region.</li>
<li>Multiple factors argue for a cyclical bottom for lenders operating in West Bengal and Assam. </li>
<li>We have been positive on <a href="https://www.smartkarma.com/entities/bandhan-bank-ltd" target="_blank" data-smartkarma-citation="entities:26705:1" rel="noopener">Bandhan Bank Ltd (BANDHAN IN), </a>but it is a play on cyclicality rather than a complete turnaround &amp; transformation of its habits.</li>
</ul>


We visit the 'City of Joy,' Kolkata, to understand the state of the industry, focusing on microfinance and the status of lenders concentrated in the region.
Multiple factors argue for a cyclical bottom for lenders operating in West Bengal and Assam. 
We have been positive on Bandhan Bank Ltd (BANDHAN IN), but it is a play on cyclicality rather than a complete turnaround &amp; transformation of its habits.


Postcard from Kolkata | Can Old Habits Die Easy?

<ul>
<li>ATH for the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a>,  Going ahead, we expect the momentum in the market to continue. </li>
<li>Healthcare and Information Technology remain interesting pockets to watch when it comes to <a href="https://www.smartkarma.com/entities/ishares-msci-india-etf" target="_blank" data-smartkarma-citation="entities:282:1" rel="noopener">iShares MSCI India ETF (INDA US)</a>. </li>
<li>Other names discussed include <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a>, <a href="https://www.smartkarma.com/entities/hindustan-unilever-ltd" target="_blank" data-smartkarma-citation="entities:13828:1" rel="noopener">Hindustan Unilever (HUVR IN)</a>, <a href="https://www.smartkarma.com/entities/bandhan-bank-ltd" target="_blank" data-smartkarma-citation="entities:26705:1" rel="noopener">Bandhan Bank Ltd (BANDHAN IN)</a> and <a href="https://www.smartkarma.com/entities/vedant-fashions-limited" target="_blank" data-smartkarma-citation="entities:34260:1" rel="noopener">Vedant Fashions (MANYAVAR IN)</a>.  </li>
</ul>


ATH for the NIFTY Index (NIFTY INDEX),  Going ahead, we expect the momentum in the market to continue. 
Healthcare and Information Technology remain interesting pockets to watch when it comes to iShares MSCI India ETF (INDA US). 
Other names discussed include Bajaj Auto Ltd (BJAUT IN), Hindustan Unilever (HUVR IN), Bandhan Bank Ltd (BANDHAN IN) and Vedant Fashions (MANYAVAR IN).  


[Week 3] Namaste India 🙏 | Bajaj Auto Ltd (BJAUT IN) | Exports Could Improve Further

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Avenue Supermarts: Revenue grew by 18.1% (four-year CAGR: 19.0%)</li><li>Sales density remains sub-par vis-a-vis the pre-pandemic level (~INR34.2k/sq ft in Q1FY24 vs INR36.7k/sq ft in Q1FY20, in-line)</li><li>Lower discretionary purchases vs pre-pandemic levels (general merchandise’s contribution trending towards pre-pandemic times though) kept underlying profitability/unit economics weak</li></ul><p><em>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.</em></p>

Avenue Supermarts: Revenue grew by 18.1% (four-year CAGR: 19.0%)Sales density remains sub-par vis-a-vis the pre-pandemic level (~INR34.2k/sq ft in Q1FY24 vs INR36.7k/sq ft in Q1FY20, in-line)Lower discretionary purchases vs pre-pandemic levels (general merchandise’s contribution trending towards pre-pandemic times though) kept underlying profitability/unit economics weakContent 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.

HSIE Results Daily: Avenue Supermarts, Bandhan Bank

HSIE Results Daily -  Avenue Supermarts, Bandhan Bank

India

Bandhan Bank Limited operates as a commercial bank. The Bank provides accounts checking, savings deposits, money market, mortgage, and term loans services, as well as card facilities and Internet banking services. Bandhan Bank serves customers in India.

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Bandhan Bank Ltd (BANDHAN IN)

[Week 7] Namaste India 🙏 | Infosys Ltd (INFO IN) | Seasonal Sluggishness Now Consensus

The trade remains long Nifty. Names discussed include INFO, DMART, DELTACORP and HDFCAMC. The next two weeks are going to be busy as the full...

Pranav Bhavsar

Postcard from Kolkata | Can Old Habits Die Easy?

The microfinance industry and lenders in West Bengal and Assam may be reaching a cyclical bottom, with Bandhan Bank Ltd as a potential play on this...

Pranav Bhavsar

[Week 3] Namaste India 🙏 | Bajaj Auto Ltd (BJAUT IN) | Exports Could Improve Further

NIFTY Index hits ATH, market momentum expected to continue. Bajaj Auto, Hindustan Unilever, Bandhan Bank, and Vedant Fashions are names discussed.

Pranav Bhavsar

HSIE Results Daily: Avenue Supermarts, Bandhan Bank

Avenue Supermarts: Revenue grew by 18.1% (four-year CAGR: 19.0%) Sales density remains sub-par vis-a-vis the pre-pandemic level (~INR34.2k/sq ft...

HDFC Securities

HSIE Results Daily - Avenue Supermarts, Bandhan Bank

Avenue Supermarts: Revenue grew by 18.1% (four-year CAGR: 19.0%). Sales density remains sub-par vis-a-vis the pre-pandemic level

HDFC Securities

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[Week 7] Namaste India 🙏 | Infosys Ltd (INFO IN) | Seasonal Sluggishness Now Consensus

The trade remains long Nifty. Names discussed include INFO, DMART, DELTACORP and HDFCAMC. The next two weeks are going to be busy as the full...

Pranav Bhavsar

Postcard from Kolkata | Can Old Habits Die Easy?

The microfinance industry and lenders in West Bengal and Assam may be reaching a cyclical bottom, with Bandhan Bank Ltd as a potential play on this...

Pranav Bhavsar

[Week 3] Namaste India 🙏 | Bajaj Auto Ltd (BJAUT IN) | Exports Could Improve Further

​NIFTY Index hits ATH, market momentum expected to continue. Bajaj Auto, Hindustan Unilever, Bandhan Bank, and Vedant Fashions are names discussed.

Pranav Bhavsar

HSIE Results Daily: Avenue Supermarts, Bandhan Bank

Avenue Supermarts: Revenue grew by 18.1% (four-year CAGR: 19.0%) Sales density remains sub-par vis-a-vis the pre-pandemic level (~INR34.2k/sq ft...

HDFC Securities

HSIE Results Daily - Avenue Supermarts, Bandhan Bank

Avenue Supermarts: Revenue grew by 18.1% (four-year CAGR: 19.0%). Sales density remains sub-par vis-a-vis the pre-pandemic level

HDFC Securities

NIFTY Index hits ATH, market momentum expected to continue. Bajaj Auto, Hindustan Unilever, Bandhan Bank, and Vedant Fashions are names discussed.