Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

International Gemological Institute / Equity Capital Markets

International Gemological Institute (IGIL IN)

<ul>
<li>International Gemmological Institute (India) Limited (IGII) is looking to raise about US$500m in its upcoming India IPO.</li>
<li>IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.</li>
<li>In this note, we will look at the company’s past performance and talk about the IPO valuations.</li>
</ul>


International Gemmological Institute (India) Limited (IGII) is looking to raise about US$500m in its upcoming India IPO.
IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.
In this note, we will look at the company’s past performance and talk about the IPO valuations.


IGI (India) IPO - Unique Exposure but Questionable Acquisition, and 4x Returns for PE in 18 Months

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>Our flash checks across a couple of dealers indicate pressure on margins across the industry. <a href="https://www.smartkarma.com/entities/voltas-ltd" target="_blank" data-smartkarma-citation="entities:19924:1" rel="noopener">Voltas Ltd (VOLT IN)</a> is trying hard to gain market share.</li>
<li>Other names discussed include <a href="https://www.smartkarma.com/entities/pnb-housing-finance-ltd" target="_blank" data-smartkarma-citation="entities:23613:1" rel="noopener">PNB Housing Finance Ltd (PNBHOUSI IN)</a>, <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> and <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>. </li>
<li>
<a href="https://www.smartkarma.com/entities/varun-beverages-ltd" target="_blank" data-smartkarma-citation="entities:23653:1" rel="noopener">Varun Beverages (VBL IN)</a> and <a href="https://www.smartkarma.com/entities/schaeffler-india-ltd" target="_blank" data-smartkarma-citation="entities:6434:1" rel="noopener">Schaeffler India (SCHFL IN)</a> show up as interesting ARs to read. </li>
</ul>


Our flash checks across a couple of dealers indicate pressure on margins across the industry. Voltas Ltd (VOLT IN) is trying hard to gain market share.
Other names discussed include PNB Housing Finance Ltd (PNBHOUSI IN), Vedant Fashions (MANYAVAR IN) and Bandhan Bank Ltd (BANDHAN IN). 

Varun Beverages (VBL IN) and Schaeffler India (SCHFL IN) show up as interesting ARs to read. 


[#22] Namaste India 🙏 | Voltas Ltd (VOLT IN) | Margin Pressure to Continue

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>In a recent Insight, <a href="https://www.smartkarma.com/insights/regulating-esg-ratings-in-india-outline-of-sebi-s-proposed-regulatory-framework" target="_blank" data-smartkarma-citation="insights:64468" rel="noopener">Regulating ESG Ratings in India: Outline of SEBI's Proposed Regulatory Framework</a>, I summarised SEBI's proposed regulatory framework for ESG ratings in India. </li>
<li>This Insight goes a bit further, looking at implications of regulation on stocks of ESG ratings providers (ERPs), especially Credit Rating Agencies (CRAs) and Research Analysts (RAs).</li>
<li>Downside risk are minimal for ERPs, but a few scenarios and stipulations related to conflicts of interest and compensation (how ERPs are paid, and by whom) could have an impact.</li>
</ul>


In a recent Insight, Regulating ESG Ratings in India: Outline of SEBI's Proposed Regulatory Framework, I summarised SEBI's proposed regulatory framework for ESG ratings in India. 
This Insight goes a bit further, looking at implications of regulation on stocks of ESG ratings providers (ERPs), especially Credit Rating Agencies (CRAs) and Research Analysts (RAs).
Downside risk are minimal for ERPs, but a few scenarios and stipulations related to conflicts of interest and compensation (how ERPs are paid, and by whom) could have an impact.


Credit Rating Agency Stocks Most Impacted by SEBI Regulation of ESG Ratings in India

<ul>
<li>On 25 January, the Securities and Exchange Board of India (SEBI) issued a consultation paper regarding a regulatory framework governing ESG ratings and ratings providers in India.</li>
<li>SEBI's framework aims to standardise ESG ratings, increase transparency, and reduce conflicts of interest to improve the quality and usefulness of ESG ratings and derivative products.</li>
<li>SEBI-Registered Credit Rating Agencies such as <a href="https://www.smartkarma.com/entities/crisil-ltd" target="_blank" data-smartkarma-citation="entities:15699:1" rel="noopener">CRISIL (CRISIL IN)</a> and <a href="https://www.smartkarma.com/entities/icra-ltd" target="_blank" data-smartkarma-citation="entities:12560:1" rel="noopener">ICRA (ICRA IN)</a> are the focus, but other entities and products (e.g., ESG indexes/indexers) are under its purview.</li>
</ul>


On 25 January, the Securities and Exchange Board of India (SEBI) issued a consultation paper regarding a regulatory framework governing ESG ratings and ratings providers in India.
SEBI's framework aims to standardise ESG ratings, increase transparency, and reduce conflicts of interest to improve the quality and usefulness of ESG ratings and derivative products.
SEBI-Registered Credit Rating Agencies such as CRISIL (CRISIL IN) and ICRA (ICRA IN) are the focus, but other entities and products (e.g., ESG indexes/indexers) are under its purview.


Regulating ESG Ratings in India: Outline of SEBI's Proposed Regulatory Framework

India Financials

Saumya Agarwal

<p>CRISIL, India’s largest credit rating agency, reported its September quarter (Q3 2020) results. All the three segments- Ratings, Research and Advisory were adversely impacted by the weak economic activity and subdued capital market issuances. This was partly offset by the ‘Greenwich’ business, which CRISIL acquired in Q1 2020</p>

CRISIL, India’s largest credit rating agency, reported its September quarter (Q3 2020) results. All the three segments- Ratings, Research and Advisory were adversely impacted by the weak economic activity and subdued capital market issuances. This was partly offset by the ‘Greenwich’ business, which CRISIL acquired in Q1 2020

CRISIL Q3 2020 Results: Ratings and Advisory Revenue Shrink but Research Grows, Led by Greenwich

India

CRISIL is a global analytical company offering ratings, research, and risk and policy advisory services. It provides independent credit ratings, industry and economic research, risk management tools, ESG analytics, and customized advisory solutions to financial institutions, corporations, investors, and governments worldwide. CRISIL was founded in 1987 and is headquartered in Mumbai, India.

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CRISIL (CRISIL IN)

IGI (India) IPO - Unique Exposure but Questionable Acquisition, and 4x Returns for PE in 18 Months

International Gemmological Institute (India) Limited (IGII) is looking to raise about US$500m in its upcoming India IPO. In this note, we look at...

Sumeet Singh

[#22] Namaste India 🙏 | Voltas Ltd (VOLT IN) | Margin Pressure to Continue

Industry margins under pressure, Voltas Ltd striving for market share. Other companies discussed include PNB Housing Finance Ltd, Vedant Fashions,...

Pranav Bhavsar

Credit Rating Agency Stocks Most Impacted by SEBI Regulation of ESG Ratings in India

The potential impacts of SEBI's proposed framework for regulating ESG ratings are unclear at this stage, but a few things (related to conflicts of...

Kyle Rudden

Regulating ESG Ratings in India: Outline of SEBI's Proposed Regulatory Framework

SEBI's framework for regulating ESG ratings in India aims to improve the quality of ESG ratings and related investment products, and to create an...

Kyle Rudden

CRISIL Q3 2020 Results: Ratings and Advisory Revenue Shrink but Research Grows, Led by Greenwich

CRISIL, India’s largest credit rating agency, saw all its three segments- Ratings, Research and Advisory, getting adversely impacted by the...

Saumya Agarwal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

IGI (India) IPO - Unique Exposure but Questionable Acquisition, and 4x Returns for PE in 18 Months

International Gemmological Institute (India) Limited (IGII) is looking to raise about US$500m in its upcoming India IPO. In this note, we look at...

Sumeet Singh

[#22] Namaste India 🙏 | Voltas Ltd (VOLT IN) | Margin Pressure to Continue

​Industry margins under pressure, Voltas Ltd striving for market share. Other companies discussed include PNB Housing Finance Ltd, Vedant Fashions,...

Pranav Bhavsar

Credit Rating Agency Stocks Most Impacted by SEBI Regulation of ESG Ratings in India

The potential impacts of SEBI's proposed framework for regulating ESG ratings are unclear at this stage, but a few things (related to conflicts of...

Kyle Rudden

Regulating ESG Ratings in India: Outline of SEBI's Proposed Regulatory Framework

SEBI's framework for regulating ESG ratings in India aims to improve the quality of ESG ratings and related investment products, and to create an...

Kyle Rudden

CRISIL Q3 2020 Results: Ratings and Advisory Revenue Shrink but Research Grows, Led by Greenwich

CRISIL, India’s largest credit rating agency, saw all its three segments- Ratings, Research and Advisory, getting adversely impacted by the...

Saumya Agarwal

Industry margins under pressure, Voltas Ltd striving for market share. Other companies discussed include PNB Housing Finance Ltd, Vedant Fashions,...