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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bank-of-maharashtra" target="_blank" data-smartkarma-citation="entities:16651:1" rel="noopener">Bank of Maharashtra (BOMH IN)</a> , <a href="https://www.smartkarma.com/entities/samvardhana-motherson-international-ltd" target="_blank" data-smartkarma-citation="entities:10662:1" rel="noopener">Samvardhana Motherson International Ltd (MOTHERSO IN)</a> and <a href="https://www.smartkarma.com/entities/cyient-ltd" target="_blank" data-smartkarma-citation="entities:17956:1" rel="noopener">Cyient Ltd (CYL IN) </a>. have announced major initiatives spanning branch expansion, localization, and semiconductor investments.</li>
<li>Each company is adopting targeted strategies to strengthen funding models, tap into tech-led growth, and diversify revenue streams.</li>
<li>These updates reflect a broad focus on operational efficiency, capital discipline, and long-term growth across sectors like finance, auto, and semiconductors.</li>
</ul>



Bank of Maharashtra (BOMH IN) , Samvardhana Motherson International Ltd (MOTHERSO IN) and Cyient Ltd (CYL IN) . have announced major initiatives spanning branch expansion, localization, and semiconductor investments.
Each company is adopting targeted strategies to strengthen funding models, tap into tech-led growth, and diversify revenue streams.
These updates reflect a broad focus on operational efficiency, capital discipline, and long-term growth across sectors like finance, auto, and semiconductors.


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

<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

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/karnataka-bank-ltd" target="_blank" data-smartkarma-citation="entities:281:1" rel="noopener">Karnataka Bank (KBL IN)</a>'s top two executives resigned under unclear circumstances, with boardroom friction, unauthorized spending, and weak financial performance raising concerns.</li>
<li>Even audit report also suggests some red flags of minuscule amounts in unauthorized expenses, raising governance issues.</li>
<li>The bank’s leadership shakeup and declining financials suggest instability; while governance reforms are needed along with new and strong leadership and governance realignment.</li>
</ul>



Karnataka Bank (KBL IN)'s top two executives resigned under unclear circumstances, with boardroom friction, unauthorized spending, and weak financial performance raising concerns.
Even audit report also suggests some red flags of minuscule amounts in unauthorized expenses, raising governance issues.
The bank’s leadership shakeup and declining financials suggest instability; while governance reforms are needed along with new and strong leadership and governance realignment.


Executive Exodus at Karnataka Bank: More Than Just "Personal Reasons"?

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

Anthem Biosciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences (1234D IN)</a> is looking to raise up to US$400m in its upcoming India IPO.</li>
<li>Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Anthem Biosciences (1234D IN) is looking to raise up to US$400m in its upcoming India IPO.
Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
In this note, we talk about the not-so-positive aspects of the deal.


Anthem Biosciences Pre-IPO - The Negatives- Margins Aren't There Yet

India

Bank of Maharashtra Ltd. provides a full range of banking services throughout India. The Group's activities include retail banking, commercial and personal banking, investment management, treasury & NRI services, cash management and assorted ATM facilities. Bank of Maharashtra also sponsors regional rural banks jointly with the Central Government and State Government.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Bank of Maharashtra (BOMH IN)

#2 Leadership Bytes(08-Apr-25)

Bank of Maharashtra, Samvardhana Motherson International Ltd, and Cyient announce strategic initiatives for branch expansion, localization, and...

Sudarshan Bhandari

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

Executive Exodus at Karnataka Bank: More Than Just "Personal Reasons"?

Karnataka Bank faces leadership turmoil and financial concerns as top executives resign amid boardroom friction and unauthorized spending.

Nimish Maheshwari

Anthem Biosciences Pre-IPO - The Negatives- Margins Aren't There Yet

Anthem Biosciences is looking to raise up to US$400m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

#2 Leadership Bytes(08-Apr-25)

​Bank of Maharashtra, Samvardhana Motherson International Ltd, and Cyient announce strategic initiatives for branch expansion, localization, and...

Sudarshan Bhandari

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

Executive Exodus at Karnataka Bank: More Than Just "Personal Reasons"?

​Karnataka Bank faces leadership turmoil and financial concerns as top executives resign amid boardroom friction and unauthorized spending.

Nimish Maheshwari

Anthem Biosciences Pre-IPO - The Negatives- Margins Aren't There Yet

Anthem Biosciences is looking to raise up to US$400m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Akshat Shah

Bank of Maharashtra, Samvardhana Motherson International Ltd, and Cyient announce strategic initiatives for branch expansion, localization, and...

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

Karnataka Bank faces leadership turmoil and financial concerns as top executives resign amid boardroom friction and unauthorized spending.