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

Thematic (Sector/Industry)

<ul>
<li>The Indian government is actively considering a new wave of PSB consolidation, headlined by a potential merger of Union Bank of India and Bank of India, alongside selective privatisation.</li>
<li>This signals a strategic shift from post-NPA crisis management to building globally competitive banks, which could fundamentally alter the sector's competitive landscape and credit capacity.</li>
<li>With PSBs on their strongest footing in a decade, this consolidation round has a higher chance of success, forcing investors to re-evaluate the long-term structure of Indian banking.</li>
</ul>


The Indian government is actively considering a new wave of PSB consolidation, headlined by a potential merger of Union Bank of India and Bank of India, alongside selective privatisation.
This signals a strategic shift from post-NPA crisis management to building globally competitive banks, which could fundamentally alter the sector's competitive landscape and credit capacity.
With PSBs on their strongest footing in a decade, this consolidation round has a higher chance of success, forcing investors to re-evaluate the long-term structure of Indian banking.


Thematic Report on PSB Consolidation 2.0: UBI-BoI Merger Signals India's Push for Global-Scale Banks

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Shanghai Stock Exchange Composite Index / Technical Analysis

Shanghai Stock Exchange Composite Index (SHCOMP INDEX)

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.</li>
<li>$125-$126 and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.
$125-$126 and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.


China and Japan Breaking Out -- Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

<a href="https://www.smartkarma.com/entities/vodafone-idea-ltd" target="_blank" data-smartkarma-citation="entities:15678:1" rel="noopener">Vodafone Idea (IDEA IN)</a> has been under some significant hardships for quite a while. Since the telecom market disruption caused by Reliance Jio, the company has not been able to walk steadily as it continued reporting operational losses. Further, India's telecom sector has been facing heavy duress ever since the Hon'ble Supreme Court's verdict which upheld the definition of Adjusted Gross Revenues (AGR). The adjusted AGR meant that the telecom operators were liable to pay more than INR 1 trillion to the government as revenue dues by January 24.Lastly, Franklin Templeton's measure to mark down its exposure to the company's debt securities to zero shall be a final nail in the coffin.In the report below, we discuss the highlights and see who faces the maximum heat arising out from the saga.

Vodafone Idea (IDEA IN) has been under some significant hardships for quite a while. Since the telecom market disruption caused by Reliance Jio, the company has not been able to walk steadily as it continued reporting operational losses. Further, India's telecom sector has been facing heavy duress ever since the Hon'ble Supreme Court's verdict which upheld the definition of Adjusted Gross Revenues (AGR). The adjusted AGR meant that the telecom operators were liable to pay more than INR 1 trillion to the government as revenue dues by January 24.Lastly, Franklin Templeton's measure to mark down its exposure to the company's debt securities to zero shall be a final nail in the coffin.In the report below, we discuss the highlights and see who faces the maximum heat arising out from the saga.

Vodafone Idea Ltd- Telco's Debt Bomb Ticking Fast and Louder

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

* The Indian government removed the biggest tail risk at SOE banks with its first tranche re-cap announcement, enabling the sector to take the necessary haircuts on its bloated NPL balances. State Bank of India (SBIN.IN) and Bank of Baroda (BOB.IN) are very well placed.* Another capital infusion is scheduled in FY20 which should further aid in addressing SOE bank provisioning needs. * No announcement of a consolidation plan with the weaker SOE banks came with the capital allocation plan.…

* The Indian government removed the biggest tail risk at SOE banks with its first tranche re-cap announcement, enabling the sector to take the necessary haircuts on its bloated NPL balances. State Bank of India (SBIN.IN) and Bank of Baroda (BOB.IN) are very well placed.* Another capital infusion is scheduled in FY20 which should further aid in addressing SOE bank provisioning needs. * No announcement of a consolidation plan with the weaker SOE banks came with the capital allocation plan.…

Indian SOE Banks – Positive/Massive Front-Ended Re-Cap Occurs

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

Bagmane Prime Office REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bagmane-prime-office-reit" target="_blank" data-smartkarma-citation="entities:46266:1" rel="noopener">Bagmane Prime Office REIT (BPO IN)</a> plans to raise around US$360m in its India IPO, down from its earlier estimated size of US$440m. </li>
<li>The primary portion has been cut to INR23.9bn (US$253m) from INR30bn (US$320m) while the secondary component remains unchanged at INR10bn (US$105m).</li>
<li>The primary portion has been cut to INR23.9bn (US$253m) from INR30bn (US$320m) while the secondary component remains unchanged at INR10bn (US$105m).</li>
</ul>



Bagmane Prime Office REIT (BPO IN) plans to raise around US$360m in its India IPO, down from its earlier estimated size of US$440m. 
The primary portion has been cut to INR23.9bn (US$253m) from INR30bn (US$320m) while the secondary component remains unchanged at INR10bn (US$105m).
The primary portion has been cut to INR23.9bn (US$253m) from INR30bn (US$320m) while the secondary component remains unchanged at INR10bn (US$105m).


Aequitas: Bagmane Prime Office REIT IPO - Stable Growth, Limited Yield Upside

India

Bank of Maharashtra is a premier public sector bank in India, offering a wide range of banking and financial services including retail, MSME, and corporate banking. It provides deposits, loans, digital banking solutions, and services for the agriculture sector. The bank is headquartered in Pune, Maharashtra, and was founded in 1935.

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Maharashtra (BOMH IN)

Thematic Report on PSB Consolidation 2.0: UBI-BoI Merger Signals India's Push for Global-Scale Banks

Indian government mulls PSB consolidation with potential Union Bank of India and Bank of India merger, signaling shift to building globally...

Sudarshan Bhandari

China and Japan Breaking Out -- Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

China's Shanghai Composite and Japan's TOPIX and TOPIX Small indexes Breaking Out -- Buy; Bullish Outlook Intact on global equities $ACWI; U.S....

Vermilion Research

Vodafone Idea Ltd- Telco's Debt Bomb Ticking Fast and Louder

Vodafone Idea (IDEA IN) has been under some significant hardships for quite a while. Since the telecom market disruption caused by Reliance Jio,...

Nitin Mangal

Indian SOE Banks – Positive/Massive Front-Ended Re-Cap Occurs

* The Indian government removed the biggest tail risk at SOE banks with its first tranche re-cap announcement, enabling the sector to take the...

Thomas J. Monaco

Aequitas: Bagmane Prime Office REIT IPO - Stable Growth, Limited Yield Upside

Bagmane Prime Office Reit (BPOR) plans to raise around US$360m in its India IPO, down from its earlier estimated size of US$440m. In this note, we...

Akshat Shah

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Market Cap (USDm)

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Dividend (Yield)

Thematic Report on PSB Consolidation 2.0: UBI-BoI Merger Signals India's Push for Global-Scale Banks

​Indian government mulls PSB consolidation with potential Union Bank of India and Bank of India merger, signaling shift to building globally...

Sudarshan Bhandari

China and Japan Breaking Out -- Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

China's Shanghai Composite and Japan's TOPIX and TOPIX Small indexes Breaking Out -- Buy; Bullish Outlook Intact on global equities $ACWI; U.S....

Vermilion Research

Vodafone Idea Ltd- Telco's Debt Bomb Ticking Fast and Louder

Vodafone Idea (IDEA IN) has been under some significant hardships for quite a while. Since the telecom market disruption caused by Reliance Jio,...

Nitin Mangal

Indian SOE Banks – Positive/Massive Front-Ended Re-Cap Occurs

* The Indian government removed the biggest tail risk at SOE banks with its first tranche re-cap announcement, enabling the sector to take the...

Thomas J. Monaco

Aequitas: Bagmane Prime Office REIT IPO - Stable Growth, Limited Yield Upside

Bagmane Prime Office Reit (BPOR) plans to raise around US$360m in its India IPO, down from its earlier estimated size of US$440m. In this note, we...

Akshat Shah

Indian government mulls PSB consolidation with potential Union Bank of India and Bank of India merger, signaling shift to building globally...