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

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RIL IN)</a> faces a $2.81 billion demand in a gas dispute, plans to challenge Delhi High Court ruling in Supreme Court.</li>
<li>Haldiram's stake sale faces delays as market downturn prompts <a href="https://www.smartkarma.com/entities/blackstone-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone (BX US)</a> to exit, citing high valuations; <a href="https://www.smartkarma.com/entities/temasek-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:28816:1" rel="noopener">Temasek Holdings Pte Ltd (TMSK SP)</a> interest continues.</li>
<li>SEBI’s new open interest rules may impact BSE’s trading volumes, prompting <a href="https://www.smartkarma.com/entities/goldman-sachs-group-inc" target="_blank" data-smartkarma-citation="entities:785:1" rel="noopener">Goldman Sachs Group (GS US)</a> to cut its target price to Rs. 4,880.</li>
</ul>



Reliance Industries (RIL IN) faces a $2.81 billion demand in a gas dispute, plans to challenge Delhi High Court ruling in Supreme Court.
Haldiram's stake sale faces delays as market downturn prompts Blackstone (BX US) to exit, citing high valuations; Temasek Holdings Pte Ltd (TMSK SP) interest continues.
SEBI’s new open interest rules may impact BSE’s trading volumes, prompting Goldman Sachs Group (GS US) to cut its target price to Rs. 4,880.


#113 India Insight: Reliance Fights $2.81B Demand, Haldiram’s Deal Stalls, SEBI Hits BSE Volumes.

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>Weekly data for US banks shows good loan acceleration continuing in February, with less LLR, less large time deposits</li>
<li>The profit outlook for US banks is positive during 1Q25 given trends in high frequency data on loans, loan loss reserves, jumbo time deposits</li>
<li>Banks are seeing sharply higher growth rates in residential mortgage loans, where flow-through to economy is typically +ve</li>
</ul>


Weekly data for US banks shows good loan acceleration continuing in February, with less LLR, less large time deposits
The profit outlook for US banks is positive during 1Q25 given trends in high frequency data on loans, loan loss reserves, jumbo time deposits
Banks are seeing sharply higher growth rates in residential mortgage loans, where flow-through to economy is typically +ve


US Banks - Loan Acceleration Into February, Less LLR, Large Time Deposits: +ve Profit Outlook

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

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.

Commodities

<ul>
<li>For the week ending 31/Jan, US crude inventories increased by 8.7m barrels, exceeding expectations of a 2.4m barrel build. Gasoline stockpiles unexpectedly rose, while distillate stocks fell more than expected.</li>
<li>US natural gas inventories fell by 174 Bcf for the week ending 31/Jan, beating analyst expectations of a 167 Bcf drawdown. Inventories are 4.4% below the 5-year seasonal average.</li>
<li>TotalEnergies’ Q4 adjusted earnings rose 8.1% QoQ and beat estimates by 4.8% led by robust growth in the LNG and Integrated Power divisions.</li>
</ul>


For the week ending 31/Jan, US crude inventories increased by 8.7m barrels, exceeding expectations of a 2.4m barrel build. Gasoline stockpiles unexpectedly rose, while distillate stocks fell more than expected.
US natural gas inventories fell by 174 Bcf for the week ending 31/Jan, beating analyst expectations of a 167 Bcf drawdown. Inventories are 4.4% below the 5-year seasonal average.
TotalEnergies’ Q4 adjusted earnings rose 8.1% QoQ and beat estimates by 4.8% led by robust growth in the LNG and Integrated Power divisions.


[ETP 2025/06] WTI Pressured by Macroeconomic Uncertainty; Henry Hub Rebounds on Colder Forecasts

<ul>
<li>For the week ending 10/Jan, US crude inventories fell by 2m barrels, missing expectations of a 3.5m barrel decrease. Gasoline and distillate stockpiles rose more than expected.</li>
<li>US natural gas inventories fell by 258 Bcf for the week ending 10/Jan, slightly missing analyst expectations of a 260 Bcf drawdown. Inventories are 2.5% above the 5-year seasonal average.</li>
<li>BP forecasts tepid Q4 earnings on low refining margins and upstream output, while TotalEnergies expects higher production and gas prices to offset lower oil prices.</li>
</ul>


For the week ending 10/Jan, US crude inventories fell by 2m barrels, missing expectations of a 3.5m barrel decrease. Gasoline and distillate stockpiles rose more than expected.
US natural gas inventories fell by 258 Bcf for the week ending 10/Jan, slightly missing analyst expectations of a 260 Bcf drawdown. Inventories are 2.5% above the 5-year seasonal average.
BP forecasts tepid Q4 earnings on low refining margins and upstream output, while TotalEnergies expects higher production and gas prices to offset lower oil prices.


[ETP 2025/03] WTI Rises on Falling Stockpiles, Henry Hub Fluctuates on Volatile Weather Forecasts

Equity Bottom-Up

<ul>
<li>BAC shows strong growth of its core income in the period YoY, almost accounting for 100% of its full net profit delta YoY</li>
<li>The bank is showing greater strength in corporate lending YoY and QoQ, and this can be more powerful of a statement for economic health</li>
<li>NCO figures are coming down in corporate lending, while residential mortgages is seeing strong new originations - both are a good view on US economy</li>
</ul>


BAC shows strong growth of its core income in the period YoY, almost accounting for 100% of its full net profit delta YoY
The bank is showing greater strength in corporate lending YoY and QoQ, and this can be more powerful of a statement for economic health
NCO figures are coming down in corporate lending, while residential mortgages is seeing strong new originations - both are a good view on US economy


BAC - Almost All of Net Profit Delta YoY Is Core Income, with Strong Corporate Lending in QoQ

United States

The Goldman Sachs Group, Inc., a bank holding company, is a global investment banking and securities firm specializing in investment banking, trading and principal investments, asset management and securities services.  The Company provides services to corporations, financial institutions, governments, and high-net worth individuals.

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Goldman Sachs Group (GS US)

#113 India Insight: Reliance Fights $2.81B Demand, Haldiram’s Deal Stalls, SEBI Hits BSE Volumes.

Reliance Industries challenges $2.81 billion gas dispute ruling, Haldiram's stake sale delayed as Blackstone exits, SEBI rules impact BSE trading...

Sudarshan Bhandari

US Banks - Loan Acceleration Into February, Less LLR, Large Time Deposits: +ve Profit Outlook

US banks are seeing accelerating loan growth with lower loan loss reserves and less large time deposits, in HFD during Jan and Feb. The...

Daniel Tabbush

[ETP 2025/06] WTI Pressured by Macroeconomic Uncertainty; Henry Hub Rebounds on Colder Forecasts

US oil inventories surged, with crude up by 8.7m barrels and gasoline stocks rising, while natural gas inventories fell more than expected. TTE's...

Mint Finance

[ETP 2025/03] WTI Rises on Falling Stockpiles, Henry Hub Fluctuates on Volatile Weather Forecasts

US crude inventories fell less than expected, while gasoline and distillate stockpiles rose. Nat-gas inventories fall for ninth week straight. BP...

Mint Finance

BAC - Almost All of Net Profit Delta YoY Is Core Income, with Strong Corporate Lending in QoQ

BAC is showing most all of its net profit delta in the past year coming from core income, which is positive. Its corporate lending appears strong,...

Daniel Tabbush

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

#113 India Insight: Reliance Fights $2.81B Demand, Haldiram’s Deal Stalls, SEBI Hits BSE Volumes.

​Reliance Industries challenges $2.81 billion gas dispute ruling, Haldiram's stake sale delayed as Blackstone exits, SEBI rules impact BSE trading...

Sudarshan Bhandari

US Banks - Loan Acceleration Into February, Less LLR, Large Time Deposits: +ve Profit Outlook

US banks are seeing accelerating loan growth with lower loan loss reserves and less large time deposits, in HFD during Jan and Feb. The...

Daniel Tabbush

[ETP 2025/06] WTI Pressured by Macroeconomic Uncertainty; Henry Hub Rebounds on Colder Forecasts

​US oil inventories surged, with crude up by 8.7m barrels and gasoline stocks rising, while natural gas inventories fell more than expected. TTE's...

Mint Finance

[ETP 2025/03] WTI Rises on Falling Stockpiles, Henry Hub Fluctuates on Volatile Weather Forecasts

​US crude inventories fell less than expected, while gasoline and distillate stockpiles rose. Nat-gas inventories fall for ninth week straight. BP...

Mint Finance

BAC - Almost All of Net Profit Delta YoY Is Core Income, with Strong Corporate Lending in QoQ

BAC is showing most all of its net profit delta in the past year coming from core income, which is positive. Its corporate lending appears strong,...

Daniel Tabbush

Reliance Industries challenges $2.81 billion gas dispute ruling, Haldiram's stake sale delayed as Blackstone exits, SEBI rules impact BSE trading...

US oil inventories surged, with crude up by 8.7m barrels and gasoline stocks rising, while natural gas inventories fell more than expected. TTE's...

US crude inventories fell less than expected, while gasoline and distillate stockpiles rose. Nat-gas inventories fall for ninth week straight. BP...