Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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.

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Forensic Accounting

<ul>
<li>The investigative analysis highlights a deceptive and confusing saga involving the Vedanta Group's semiconductor venture in India. </li>
<li>The group skillfully blurred the lines between <a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a>  and <a href="https://www.smartkarma.com/entities/vedanta-resources-ltd" target="_blank" data-smartkarma-citation="entities:22202:1" rel="noopener">Vedanta Resources (VED LN)</a>, creating an impression that the semiconductor business was under Vedanta Limited, despite previous clarifications. </li>
<li>Eventually, regulatory authorities penalized Vedanta for disclosure lapses, exposing governance concerns and a lack of transparency in this complex corporate maneuver.</li>
</ul>


The investigative analysis highlights a deceptive and confusing saga involving the Vedanta Group's semiconductor venture in India. 
The group skillfully blurred the lines between Vedanta Ltd (VEDL IN)  and Vedanta Resources (VED LN), creating an impression that the semiconductor business was under Vedanta Limited, despite previous clarifications. 
Eventually, regulatory authorities penalized Vedanta for disclosure lapses, exposing governance concerns and a lack of transparency in this complex corporate maneuver.


Vedanta's Sweet Semiconductor Saga: A Sour Tale of Deception and Governance

APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Hindustan Aeronautics / Equity Capital Markets

<ul>
<li>The Government of India (GoI) aims to raise around US$372m (INR30.7bn) via an offer for sale of <a href="https://www.smartkarma.com/entities/hindustan-aeronautics-ltd" target="_blank" data-smartkarma-citation="entities:26747:1" rel="noopener">Hindustan Aeronautics Ltd (HNAL IN)</a> stock. </li>
<li>The floor price of INR2,450 / share is set at approximately 6.7% to Wednesday’s (22nd Mar 2023) last close. The deal represents 10.5 days of ADV. </li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


The Government of India (GoI) aims to raise around US$372m (INR30.7bn) via an offer for sale of Hindustan Aeronautics Ltd (HNAL IN) stock. 
The floor price of INR2,450 / share is set at approximately 6.7% to Wednesday’s (22nd Mar 2023) last close. The deal represents 10.5 days of ADV. 
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Hindustan Aeronautics Placement - Still Running Hot on Defence Spending Focus

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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.

Equity Bottom-Up

<ul><li>Hindustan Zinc’s (HZ) revenue at INR79b (down 2% YoY and 6% QoQ) in 3QFY23 was in line with our estimate.</li><li>Revenue was marginally lower YoY, on the back of lower LME prices coupled with lower refined metal volumes.</li><li>EBITDA at INR37b (down 15% YoY and 16% QoQ) was in line with our estimates.</li></ul><p><em>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.</em></p>

Hindustan Zinc’s (HZ) revenue at INR79b (down 2% YoY and 6% QoQ) in 3QFY23 was in line with our estimate.Revenue was marginally lower YoY, on the back of lower LME prices coupled with lower refined metal volumes.EBITDA at INR37b (down 15% YoY and 16% QoQ) was in line with our estimates.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.

Hindustan Zinc - Revenue in Line; Power and Input Costs Drag PAT

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>The Government of India (GoI) aims to raise around US$500m via selling a 1.4% stake in <a href="https://www.smartkarma.com/entities/axis-bank-ltd" target="_blank" data-smartkarma-citation="entities:768:1" rel="noopener">Axis Bank Ltd (AXSB IN)</a>. </li>
<li>This won’t be the first selldown by GoI as it has been reducing its stake since 2019. We have covered a number of the past deals in the name.</li>
<li>In this note, we will run the deal through our ECM framework and comment on other deal dynamics.</li>
</ul>


The Government of India (GoI) aims to raise around US$500m via selling a 1.4% stake in Axis Bank Ltd (AXSB IN). 
This won’t be the first selldown by GoI as it has been reducing its stake since 2019. We have covered a number of the past deals in the name.
In this note, we will run the deal through our ECM framework and comment on other deal dynamics.


Axis Bank Placement - Second Deal for the Month but This Is Very Well Flagged

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Vedanta Limited decided to delist its ADRs last autumn. They were delisted but the process of unwinding them comes down to selling the unconverted ADR underlying shares. </li>
<li>Citi is conducting an offering to sell those underlying shares. This will aid in setting the unwind price for existing but unsettled listed ADR derivatives (yay).</li>
<li>The offering itself is just over 1% of shares out, 4% of float, and 12% of foreign portfolio investor holdings. Not huge, but the trend vs peers gives one pause.</li>
</ul>


Vedanta Limited decided to delist its ADRs last autumn. They were delisted but the process of unwinding them comes down to selling the unconverted ADR underlying shares. 
Citi is conducting an offering to sell those underlying shares. This will aid in setting the unwind price for existing but unsettled listed ADR derivatives (yay).
The offering itself is just over 1% of shares out, 4% of float, and 12% of foreign portfolio investor holdings. Not huge, but the trend vs peers gives one pause.


India

Hindustan Zinc is an Indian integrated mining and resources producer, specializing in zinc, lead, and silver, and is the world's second-largest zinc producer and among the top five silver producers globally. The company also engages in captive power generation and manufactures phosphatic fertilizers. Hindustan Zinc is headquartered in Udaipur, Rajasthan, India, and was founded in 1966.

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Hindustan Zinc (HZ IN)

Vedanta's Sweet Semiconductor Saga: A Sour Tale of Deception and Governance

Investigation reveals deceptive tactics by Vedanta Group in India's semiconductor venture, leading to regulatory penalties and exposing governance...

Nimish Maheshwari

Hindustan Aeronautics Placement - Still Running Hot on Defence Spending Focus

The Government of India (GoI) aims to raise around US$372m (INR30.7bn) via an offer for sale of Hindustan Aeronautics Ltd (HNAL IN) stock.

Ethan Aw

Hindustan Zinc - Revenue in Line; Power and Input Costs Drag PAT

Hindustan Zinc’s (HZ) revenue at INR79b (down 2% YoY and 6% QoQ) in 3QFY23 was in line with our estimate. Revenue was marginally lower YoY

Motilal Oswal

Axis Bank Placement - Second Deal for the Month but This Is Very Well Flagged

The Government of India (GoI) aims to raise around US$500m via selling a 1.4% stake in Axis Bank Ltd (AXSB IN). This isn't the first selldown by...

Sumeet Singh

Vedanta ADR Clean-Up Offering

The Vedanta Offering to unwind the remaining ADR underlyings has been launched. It is US$160mm. Not huge, but not tiny. The fundamentals and...

Travis Lundy

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52-week Range

Market Cap (USDm)

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Vedanta's Sweet Semiconductor Saga: A Sour Tale of Deception and Governance

​Investigation reveals deceptive tactics by Vedanta Group in India's semiconductor venture, leading to regulatory penalties and exposing governance...

Nimish Maheshwari

Hindustan Aeronautics Placement - Still Running Hot on Defence Spending Focus

The Government of India (GoI) aims to raise around US$372m (INR30.7bn) via an offer for sale of Hindustan Aeronautics Ltd (HNAL IN) stock.

Ethan Aw

Hindustan Zinc - Revenue in Line; Power and Input Costs Drag PAT

Hindustan Zinc’s (HZ) revenue at INR79b (down 2% YoY and 6% QoQ) in 3QFY23 was in line with our estimate. Revenue was marginally lower YoY

Motilal Oswal

Axis Bank Placement - Second Deal for the Month but This Is Very Well Flagged

The Government of India (GoI) aims to raise around US$500m via selling a 1.4% stake in Axis Bank Ltd (AXSB IN). This isn't the first selldown by...

Sumeet Singh

Vedanta ADR Clean-Up Offering

The Vedanta Offering to unwind the remaining ADR underlyings has been launched. It is US$160mm. Not huge, but not tiny. The fundamentals and...

Travis Lundy

Investigation reveals deceptive tactics by Vedanta Group in India's semiconductor venture, leading to regulatory penalties and exposing governance...