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 past month has witnessed a remarkable shift in India-China relations, with multiple high-profile developments signaling the most significant thaw in bilateral ties since 2020.</li>
<li>Despite the expansion in bilateral commerce, India continues to face a significant trade deficit, especially in pharmaceuticals, where dependence on Chinese imports remains high. </li>
<li>At present, the revived engagement seems to offer greater advantages to Chinese companies than to their Indian counterparts.</li>
</ul>


The past month has witnessed a remarkable shift in India-China relations, with multiple high-profile developments signaling the most significant thaw in bilateral ties since 2020.
Despite the expansion in bilateral commerce, India continues to face a significant trade deficit, especially in pharmaceuticals, where dependence on Chinese imports remains high. 
At present, the revived engagement seems to offer greater advantages to Chinese companies than to their Indian counterparts.


Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Shanghai Henlius Biotech initiated Phase 3 U.S. clinical trial for HLX22 for gastroesophageal junction and gastric cancer. CanSino Biologics obtained clinical trial approval in China for polio vaccine.</li>
<li>FDA rejected Nippon Shinyaku’s new drug application for CAP-1002 for DMD. JCR Pharmaceuticals announced license agreement with Acumen Pharmaceuticals to develop Alzheimer’s disease drug using JCR’s BBB -penetrating technology platform.</li>
<li>Mesoblast recorded $13.2M revenue from Ryoncil post-launch March 28 through June 30. Sun Pharma launched Leqselvi in the U.S. for the treatment of adults with severe alopecia areata.</li>
</ul>


Shanghai Henlius Biotech initiated Phase 3 U.S. clinical trial for HLX22 for gastroesophageal junction and gastric cancer. CanSino Biologics obtained clinical trial approval in China for polio vaccine.
FDA rejected Nippon Shinyaku’s new drug application for CAP-1002 for DMD. JCR Pharmaceuticals announced license agreement with Acumen Pharmaceuticals to develop Alzheimer’s disease drug using JCR’s BBB -penetrating technology platform.
Mesoblast recorded $13.2M revenue from Ryoncil post-launch March 28 through June 30. Sun Pharma launched Leqselvi in the U.S. for the treatment of adults with severe alopecia areata.


APAC Healthcare Weekly (July 20) – Henlius Bio, CanSino, Nippon Shinyaku, JCR, Mesoblast, Sun Pharma

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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>Once overlooked, Ozempic (semaglutide) has become a multi-billion-dollar drug, transforming the landscape of weight loss and chronic disease management due to its remarkable efficacy. </li>
<li>With new FDA-approved indications for cardiovascular risk, chronic kidney disease, and obesity, Ozempic is driving massive market growth, set to dominate the GLP-1 receptor agonist sector. 
</li>
<li>While patent protection and high demand fuel growth, the impending expiration in key markets like India and competition from emerging drugs will impact pricing and market dynamics.</li>
</ul>


Once overlooked, Ozempic (semaglutide) has become a multi-billion-dollar drug, transforming the landscape of weight loss and chronic disease management due to its remarkable efficacy. 
With new FDA-approved indications for cardiovascular risk, chronic kidney disease, and obesity, Ozempic is driving massive market growth, set to dominate the GLP-1 receptor agonist sector. 

While patent protection and high demand fuel growth, the impending expiration in key markets like India and competition from emerging drugs will impact pricing and market dynamics.


Thematic Report: Ozempic- Weight Loss Drug Revolution

Sun Pharmaceutical Industries / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sun-pharmaceutical-industries-limited" target="_blank" data-smartkarma-citation="entities:98:1" rel="noopener">Sun Pharmaceutical Industries (SUNP IN)</a> is appointing Kirti Ganorkar as the Managing Director to succeed Dilip Shanghvi, effective September 1, 2025, with the entire business reporting to him.</li>
<li>In another development, Richard Ascroft will be joining as CEO – North America, succeeding Abhay Gandhi. Aalok Shanghvi has been additionally entrusted with the responsibility for the North America business.</li>
<li>Succession plan and management rejig come at a time when SPIL is at an inflection point, with its India business being on a strong foothold and specialty business gaining traction.</li>
</ul>



Sun Pharmaceutical Industries (SUNP IN) is appointing Kirti Ganorkar as the Managing Director to succeed Dilip Shanghvi, effective September 1, 2025, with the entire business reporting to him.
In another development, Richard Ascroft will be joining as CEO – North America, succeeding Abhay Gandhi. Aalok Shanghvi has been additionally entrusted with the responsibility for the North America business.
Succession plan and management rejig come at a time when SPIL is at an inflection point, with its India business being on a strong foothold and specialty business gaining traction.


Sun Pharmaceutical (SUNP IN): Timely Succession Plan to Augur Well for Next-Level of Growth

Torrent Pharmaceuticals / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/torrent-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:15762:1" rel="noopener">Torrent Pharmaceuticals (TRP IN)</a> reported a 11% YoY increase in net profit to INR5B on an 8% YoY growth in revenue to INR28B in Q4FY25. Domestic business drove overall performance.</li>
<li>Revenue from domestic market increased 12% YoY to INR15.5B, led by outperformance in focus therapies, aided by strong new launch performance. Torrent continued to outperform IPM.</li>
<li>The company is expanding margins by 75–100bps historically. With improving traction in U.S., double-digit growth in Brazil, and continued strong performance in India, the trend is expected to continue.</li>
</ul>



Torrent Pharmaceuticals (TRP IN) reported a 11% YoY increase in net profit to INR5B on an 8% YoY growth in revenue to INR28B in Q4FY25. Domestic business drove overall performance.
Revenue from domestic market increased 12% YoY to INR15.5B, led by outperformance in focus therapies, aided by strong new launch performance. Torrent continued to outperform IPM.
The company is expanding margins by 75–100bps historically. With improving traction in U.S., double-digit growth in Brazil, and continued strong performance in India, the trend is expected to continue.


Torrent Pharmaceuticals (TRP IN): India Business Drives 11% PAT Growth in Q4; Margin Levers at Work

India

Cipla Limited manufactures and sells pharmaceutical and personal care products. The Company offers active pharmaceutical ingredients, and formulations in therapeutic areas, such as allergy, analgesic, anti malarial, anti-infectives, cardiology, dermatology and cosmeceuticals, diabetology, gastroenterology, steroids, iron chelators, nutritional products.

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Cipla Ltd (CIPLA IN)

India & China – Rekindling Brotherhood

India-China relations have seen a notable improvement, but India still struggles with trade deficit and dependence on Chinese imports, giving...

Pranav Bhavsar

APAC Healthcare Weekly (July 20) – Henlius Bio, CanSino, Nippon Shinyaku, JCR, Mesoblast, Sun Pharma

Henlius Bio initiates P3 U.S. trial for cancer drug. FDA rejected Nippon Shinyaku’s new drug filing. JCR partners with Acumen to develop...

Tina Banerjee

Thematic Report: Ozempic- Weight Loss Drug Revolution

Ozempic's remarkable efficacy in weight loss and chronic disease management has transformed it into a multi-billion-dollar drug, set to dominate...

Nimish Maheshwari

Sun Pharmaceutical (SUNP IN): Timely Succession Plan to Augur Well for Next-Level of Growth

Sun Pharma appoints Kirti Ganorkar as MD and new CEO for North America business. The company is at an inflection point, with strong India business...

Tina Banerjee

Torrent Pharmaceuticals (TRP IN): India Business Drives 11% PAT Growth in Q4; Margin Levers at Work

Torrent Pharmaceuticals reported strong Q4FY25 results with an 11% YoY increase in net profit and 8% YoY revenue growth driven by domestic...

Tina Banerjee

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India & China – Rekindling Brotherhood

​India-China relations have seen a notable improvement, but India still struggles with trade deficit and dependence on Chinese imports, giving...

Pranav Bhavsar

APAC Healthcare Weekly (July 20) – Henlius Bio, CanSino, Nippon Shinyaku, JCR, Mesoblast, Sun Pharma

Henlius Bio initiates P3 U.S. trial for cancer drug. FDA rejected Nippon Shinyaku’s new drug filing. JCR partners with Acumen to develop...

Tina Banerjee

Thematic Report: Ozempic- Weight Loss Drug Revolution

​Ozempic's remarkable efficacy in weight loss and chronic disease management has transformed it into a multi-billion-dollar drug, set to dominate...

Nimish Maheshwari

Sun Pharmaceutical (SUNP IN): Timely Succession Plan to Augur Well for Next-Level of Growth

​Sun Pharma appoints Kirti Ganorkar as MD and new CEO for North America business. The company is at an inflection point, with strong India business...

Tina Banerjee

Torrent Pharmaceuticals (TRP IN): India Business Drives 11% PAT Growth in Q4; Margin Levers at Work

​Torrent Pharmaceuticals reported strong Q4FY25 results with an 11% YoY increase in net profit and 8% YoY revenue growth driven by domestic...

Tina Banerjee

India-China relations have seen a notable improvement, but India still struggles with trade deficit and dependence on Chinese imports, giving...

Ozempic's remarkable efficacy in weight loss and chronic disease management has transformed it into a multi-billion-dollar drug, set to dominate...

Sun Pharma appoints Kirti Ganorkar as MD and new CEO for North America business. The company is at an inflection point, with strong India business...

Torrent Pharmaceuticals reported strong Q4FY25 results with an 11% YoY increase in net profit and 8% YoY revenue growth driven by domestic...