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 market seems to be dancing to its own tune and is likely to continue.</li>
<li>EUREKAFO's distributors are dissatisfied, MANYAVAR's reported numbers failed to match up to the on-ground optimism. </li>
<li>LTFH's "strong" retail playbook keeps performing, and SGMART's website raises concerns about its operations. </li>
</ul>


The market seems to be dancing to its own tune and is likely to continue.
EUREKAFO's distributors are dissatisfied, MANYAVAR's reported numbers failed to match up to the on-ground optimism. 
LTFH's "strong" retail playbook keeps performing, and SGMART's website raises concerns about its operations. 


[#19] Namaste India 🙏 | Eureka Forbes, Manyavar, L&T Finance, SG Mart, Cello

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

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, we looked at <a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> refiling and <a href="https://www.smartkarma.com/entities/xiaocaiyuan-international-holding-ltd" target="_blank" data-smartkarma-citation="entities:40688:1" rel="noopener">Xiaocaiyuan International Holding</a> .</li>
<li>For placements, it was an action packed week in India, again, with Australia joining in as well.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, we looked at Trial Holdings (5882 JP) refiling and Xiaocaiyuan International Holding .
For placements, it was an action packed week in India, again, with Australia joining in as well.


ECM Weekly (26th Feb 2024) - Trial Holdings, Juniper, Xiaocaiyuan, Union Bank, Orica, Azure

<ul>
<li>We visited the core of the Hindi Hinterland, the "City of Patna," the capital and largest city of Bihar, the country's third most populous state.</li>
<li>While the trip paints an opportunistic and optimistic picture of Bihar, the situation of unemployment is something that still warrants attention.</li>
<li>Focus companies: <a href="https://www.smartkarma.com/entities/aditya-vision-ltd" target="_blank" data-smartkarma-citation="entities:40299:1" rel="noopener">Aditya Vision (AVL IN)</a> , <a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)</a>  , <a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a> and <a href="https://www.smartkarma.com/entities/fino-payments-bank-ltd" target="_blank" data-smartkarma-citation="entities:35042:1" rel="noopener">Fino Payments Bank Ltd (FINOPB IN)</a>. </li>
</ul>


We visited the core of the Hindi Hinterland, the "City of Patna," the capital and largest city of Bihar, the country's third most populous state.
While the trip paints an opportunistic and optimistic picture of Bihar, the situation of unemployment is something that still warrants attention.
Focus companies: Aditya Vision (AVL IN) , Eicher Motors (EIM IN)  , Hero Motocorp (HMCL IN) and Fino Payments Bank Ltd (FINOPB IN). 


Postcard from Patna | Breaking Sterotypes

<ul>
<li>The Indian Market (~$4 trillion) has now overtaken Hong Kong as the 4th most-valued stock market after the US, China, and Japan. </li>
<li>We recently concluded an exploratory trip to Patna, the capital, and also the largest city of the state of Bihar, Summarized thoughts on companies focused in this insight. </li>
<li>Multiple stocks covered in the Insight. The future of <a href="https://www.smartkarma.com/entities/easy-trip-planners-ltd" target="_blank" data-smartkarma-citation="entities:34149:1" rel="noopener">Easy Trip Planners (EASEMYTR IN)</a>, especially if it's banking on franchisee expansion, could go the other way around.</li>
</ul>


The Indian Market (~$4 trillion) has now overtaken Hong Kong as the 4th most-valued stock market after the US, China, and Japan. 
We recently concluded an exploratory trip to Patna, the capital, and also the largest city of the state of Bihar, Summarized thoughts on companies focused in this insight. 
Multiple stocks covered in the Insight. The future of Easy Trip Planners (EASEMYTR IN), especially if it's banking on franchisee expansion, could go the other way around.


[Week 14] Namaste India 🙏 | EASEMYTR IN | Easy Trip's Ghost Franchise?

India

Eureka Forbes Limited provides pollution control equipment. The Company offers water purification devices, vacuum cleaners, air purification systems, and home security products. Eureka Forbes serves customers worldwide.

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Eureka Forbes (EUREKAFO IN)

[#19] Namaste India 🙏 | Eureka Forbes, Manyavar, L&T Finance, SG Mart, Cello

The market continues to march to its own beat as EUREKAFO and MANYAVAR disappoint, while LTFH and SGMART show contrasting performances.

Pranav Bhavsar

ECM Weekly (26th Feb 2024) - Trial Holdings, Juniper, Xiaocaiyuan, Union Bank, Orica, Azure

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Postcard from Patna | Breaking Sterotypes

Visited Patna, the capital of Bihar, showcasing its potential but highlighting the issue of unemployment. Focus companies: Aditya Vision, Eicher...

Pranav Bhavsar

[Week 14] Namaste India 🙏 | EASEMYTR IN | Easy Trip's Ghost Franchise?

Indian stock market surpasses Hong Kong to become the 4th most valuable market. Insight on Easy Trip Planners suggests franchisee expansion may...

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[#19] Namaste India 🙏 | Eureka Forbes, Manyavar, L&T Finance, SG Mart, Cello

​The market continues to march to its own beat as EUREKAFO and MANYAVAR disappoint, while LTFH and SGMART show contrasting performances.

Pranav Bhavsar

ECM Weekly (26th Feb 2024) - Trial Holdings, Juniper, Xiaocaiyuan, Union Bank, Orica, Azure

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Postcard from Patna | Breaking Sterotypes

​Visited Patna, the capital of Bihar, showcasing its potential but highlighting the issue of unemployment. Focus companies: Aditya Vision, Eicher...

Pranav Bhavsar

[Week 14] Namaste India 🙏 | EASEMYTR IN | Easy Trip's Ghost Franchise?

​Indian stock market surpasses Hong Kong to become the 4th most valuable market. Insight on Easy Trip Planners suggests franchisee expansion may...

Pranav Bhavsar

The market continues to march to its own beat as EUREKAFO and MANYAVAR disappoint, while LTFH and SGMART show contrasting performances.

Visited Patna, the capital of Bihar, showcasing its potential but highlighting the issue of unemployment. Focus companies: Aditya Vision, Eicher...

Indian stock market surpasses Hong Kong to become the 4th most valuable market. Insight on Easy Trip Planners suggests franchisee expansion may...