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.


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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-aluminium-co-ltd" target="_blank" data-smartkarma-citation="entities:1770:1" rel="noopener">National Aluminium (NACL IN)</a> has announced a significant INR 30,000 crore capex over the next five years, its largest in recent history, to expand its core smelting, power generation capabilities.</li>
<li>Targeting an almost doubling of its smelting capacity and securing long-term power supply. This is crucial for NALCO to enhance its competitiveness and achieve the coveted "Maharatna" status by 2030.</li>
<li>This expansion, funded by a mix of internal accruals and debt, positions NALCO for an earnings inflection point, contingent on disciplined execution and favorable long-term commodity cycles.</li>
</ul>



National Aluminium (NACL IN) has announced a significant INR 30,000 crore capex over the next five years, its largest in recent history, to expand its core smelting, power generation capabilities.
Targeting an almost doubling of its smelting capacity and securing long-term power supply. This is crucial for NALCO to enhance its competitiveness and achieve the coveted "Maharatna" status by 2030.
This expansion, funded by a mix of internal accruals and debt, positions NALCO for an earnings inflection point, contingent on disciplined execution and favorable long-term commodity cycles.


The Beat Ideas: Nalco's ₹30,000 Crore Expansion

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

Jiaxin International Resources Investment Limited / Equity Capital Markets

Jiaxin International Resources Investment Limited

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiaxin-international-resources-investment-limited" target="_blank" data-smartkarma-citation="entities:45065:1" rel="noopener">Jiaxin International Resources Investment Limited</a>(JIRI) raised around US$153m in its Hong Kong IPO.</li>
<li>Jiaxin International owns exclusive rights to a globally significant tungsten asset, supported by Jiangxi Copper. Commercial production began in April 2025, with full ramp-up expected by 2027</li>
<li>We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.</li>
</ul>



Jiaxin International Resources Investment Limited(JIRI) raised around US$153m in its Hong Kong IPO.
Jiaxin International owns exclusive rights to a globally significant tungsten asset, supported by Jiangxi Copper. Commercial production began in April 2025, with full ramp-up expected by 2027
We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.


Jiaxin International Resources Investment IPO Trading - Decent Demand, Despite Lack of Track Record

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiaxin-international-resources-investment-limited" target="_blank" data-smartkarma-citation="entities:45065:1" rel="noopener">Jiaxin International Resources Investment Limited</a> (JIRI) is looking to raise around US$153m in its upcoming Hong Kong IPO.</li>
<li>Jiaxin International owns exclusive rights to a globally significant tungsten asset, supported by Jiangxi Copper. Commercial production began in April 2025, with full ramp-up expected by 2027.</li>
<li>We have looked at the company’s background in our earlier note, in this note we talk about the deal pricing.</li>
</ul>



Jiaxin International Resources Investment Limited (JIRI) is looking to raise around US$153m in its upcoming Hong Kong IPO.
Jiaxin International owns exclusive rights to a globally significant tungsten asset, supported by Jiangxi Copper. Commercial production began in April 2025, with full ramp-up expected by 2027.
We have looked at the company’s background in our earlier note, in this note we talk about the deal pricing.


Jiaxin International Resources Investment IPO - No Track Record, Government Supported

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Hindalco’s Indian operations stood robust, offsetting Novelis's impacted profitability.</li><li>Consolidated Revenue stood at Rs 64,232 Cr (up 13% but down 1% QoQ), in line with our estimate.</li><li>EBITDA stood at Rs 8,075 Cr (up 6% YoY, but down 16% QoQ), a 10% beat vs. our estimate and 3% ahead of consensus, led by strong Aluminium performance.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hindalco’s Indian operations stood robust, offsetting Novelis's impacted profitability.Consolidated Revenue stood at Rs 64,232 Cr (up 13% but down 1% QoQ), in line with our estimate.EBITDA stood at Rs 8,075 Cr (up 6% YoY, but down 16% QoQ), a 10% beat vs. our estimate and 3% ahead of consensus, led by strong Aluminium performance.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Top Conviction Ideas - “Metals & Mining”

India

Hindalco Industries Limited is an integrated aluminum manufacturer. The Company mines bauxite and refines it into alumina. The Company's other operations include the smelting of alumina into aluminum, the manufacture of semi-fabricated rolled and extruded products. The Company's products include aluminum ingots, steel rods and rolled flat steel products.

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Hindalco Industries (HNDL 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

The Beat Ideas: Nalco's ₹30,000 Crore Expansion

National Aluminium (NACL IN) plans INR 30,000 crore capex to double smelting capacity and secure long-term power supply, aiming for "Maharatna"...

Sudarshan Bhandari

Jiaxin International Resources Investment IPO Trading - Decent Demand, Despite Lack of Track Record

Jiaxin International Resources Investment Limited(JIRI) raised around US$153m in its Hong Kong IPO. In this note, we talk about the deal dynamics.

Sumeet Singh

Jiaxin International Resources Investment IPO - No Track Record, Government Supported

Jiaxin International Resources Investment Limited (JIRI) is looking to raise around US$153m in its upcoming Hong Kong IPO. In this note, we talk...

Sumeet Singh

Top Conviction Ideas - “Metals & Mining”

Hindalco’s Indian operations stood robust, offsetting Novelis's impacted profitability. Consolidated Revenue stood at Rs 64,232 Cr (up 13% but down...

Axis Direct

Price Gauge

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

The Beat Ideas: Nalco's ₹30,000 Crore Expansion

​National Aluminium (NACL IN) plans INR 30,000 crore capex to double smelting capacity and secure long-term power supply, aiming for "Maharatna"...

Sudarshan Bhandari

Jiaxin International Resources Investment IPO Trading - Decent Demand, Despite Lack of Track Record

Jiaxin International Resources Investment Limited(JIRI) raised around US$153m in its Hong Kong IPO. In this note, we talk about the deal dynamics.

Sumeet Singh

Jiaxin International Resources Investment IPO - No Track Record, Government Supported

Jiaxin International Resources Investment Limited (JIRI) is looking to raise around US$153m in its upcoming Hong Kong IPO. In this note, we talk...

Sumeet Singh

Top Conviction Ideas - “Metals & Mining”

Hindalco’s Indian operations stood robust, offsetting Novelis's impacted profitability. Consolidated Revenue stood at Rs 64,232 Cr (up 13% but down...

Axis Direct

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

National Aluminium (NACL IN) plans INR 30,000 crore capex to double smelting capacity and secure long-term power supply, aiming for "Maharatna"...