Global Commodities, Mint Finance

Srinidhi Raghavendra

Global Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Thematic (Sector/Industry)

<ul>
<li>Inflation Reduction Act is by far the largest legislation to positively influence climate change and emissions control.</li>
<li>IRA is packed with subsidies, and loans totaling up to USD 369 billion over the next ten years on renewables, EVs, hydrogen hubs, carbon capture &amp; storage, among others.</li>
<li>By 2035, IRA will drive reduction of greenhouse gas emissions by up to 48% relative to 2005 emissions levels.</li>
</ul>


Inflation Reduction Act is by far the largest legislation to positively influence climate change and emissions control.
IRA is packed with subsidies, and loans totaling up to USD 369 billion over the next ten years on renewables, EVs, hydrogen hubs, carbon capture &amp; storage, among others.
By 2035, IRA will drive reduction of greenhouse gas emissions by up to 48% relative to 2005 emissions levels.


Many Aren’t Aware of the Inflation Reduction Act; and That’s Good News for Investors

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

<ul>
<li>Global equities (MSCI ACWI) have marginally broken above the top-end of our anticipated 2023 trading range of $93 on ACWI-US.</li>
<li>In our 4/18/23 Int’l MacroVision we acknowledged that a break above $93 and a reach to $96-$97 was also possible – and so far, this is what has played out.</li>
<li>We will continue to watch the $93 level for a potential false breakout, but as long as the ACWI-US is above $90.50, we cannot be bearish.</li>
</ul>


Global equities (MSCI ACWI) have marginally broken above the top-end of our anticipated 2023 trading range of $93 on ACWI-US.
In our 4/18/23 Int’l MacroVision we acknowledged that a break above $93 and a reach to $96-$97 was also possible – and so far, this is what has played out.
We will continue to watch the $93 level for a potential false breakout, but as long as the ACWI-US is above $90.50, we cannot be bearish.


MSCI EM Improving; Buys in Value & Large-Cap EM; Remain Overweight Japan, India, Taiwan, and Greece

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

Dr Agarwal's Health Care Ltd / Equity Capital Markets

Dr Agarwal's Health Care Ltd (8140044Z IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-agarwal-s-health-care-ltd" target="_blank" data-smartkarma-citation="entities:43984:1" rel="noopener">Dr Agarwal's Health Care Ltd (8140044Z IN)</a> raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Dr Agarwal's Health Care Ltd (8140044Z IN) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
In this note, we will talk about the lockup dynamics and possible placement.


Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

Juniper Green Energy Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/juniper-green-energy-ltd" target="_blank" data-smartkarma-citation="entities:45455:1" rel="noopener">Juniper Green Energy Ltd (1831458D IN) </a>raised about US$187m in its India IPO.</li>
<li>Juniper Green Energy Limited (JGEL) is an independent power producer (IPP) engaged in the development, construction, operation, and maintenance of utility-scale renewable energy projects.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Juniper Green Energy Ltd (1831458D IN) raised about US$187m in its India IPO.
Juniper Green Energy Limited (JGEL) is an independent power producer (IPP) engaged in the development, construction, operation, and maintenance of utility-scale renewable energy projects.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Juniper Green Energy IPO Trading - Subdued Demand

<ul>
<li>We are seeing signs that suggest this pullback may have run its course, as several global market indexes and Sectors appear to be making a higher low near logical support.</li>
<li>This includes the S&amp;P 500, Russell 2000, MSCI ACWI (local currency), TOPIX/TOPIX Small/Nikkei 225, MSCI ACWI Technology (IXN-US), Consumer Discretionary (RXI-US), Financials (IXG-US), Industrials and (EXI-US) -- add exposure.</li>
<li>While our overall outlook remains neutral, we continue to see a plethora of attractive buying opportunities in the new leaders.</li>
</ul>


We are seeing signs that suggest this pullback may have run its course, as several global market indexes and Sectors appear to be making a higher low near logical support.
This includes the S&amp;P 500, Russell 2000, MSCI ACWI (local currency), TOPIX/TOPIX Small/Nikkei 225, MSCI ACWI Technology (IXN-US), Consumer Discretionary (RXI-US), Financials (IXG-US), Industrials and (EXI-US) -- add exposure.
While our overall outlook remains neutral, we continue to see a plethora of attractive buying opportunities in the new leaders.


Pullback Complete?; Commodities Heading Lower; Buying Growth/Cyclicals & A Few Utilities

India

Cummins India Limited manufactures internal combustion engines, including diesel, reciprocating piston, gas turbine and gasoline engines. The Company also manufactures generating sets and public transport-type passenger motor vehicles, including luxury coaches and air-field buses.  In addition, Cummins India Ltd. operates a computerized and fully-equipped research and development facility.

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

Cummins India (KKC IN)

Many Aren’t Aware of the Inflation Reduction Act; and That’s Good News for Investors

Two in three Americans know little about IRA. The Inflation Reduction Act (“IRA”) took years in the making and will have material implications...

Mint Finance

MSCI EM Improving; Buys in Value & Large-Cap EM; Remain Overweight Japan, India, Taiwan, and Greece

MSCI EM Improving; Buys in Value & Large-Cap EM $TSM #Samsung $BABA; Remain Overweight Japan, India, Taiwan, and Greece. $ACWI break above $93 and...

Vermilion Research

Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

TPG and Temasek are selling part of their stakes , around 11% of Dr Agarwal Health Care's existing share capital, to raise around US$183m, at a...

Akshat Shah

Aequitas: Juniper Green Energy IPO Trading - Subdued Demand

Juniper Green Energy Ltd (JGEL) raised about US$187m in its India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

Pullback Complete?; Commodities Heading Lower; Buying Growth/Cyclicals & A Few Utilities

Signs suggest this pullback may have run its course, as several global market indexes & Sectors appear to be making a higher low near logical...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)