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.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>ICICI Securities Shareholders will consider delisting proposal at the end of March-24 which will decide its fate</li>
<li>Swap Ratio based on current prices offers limited downside for I-Sec Shareholders if delisting goes through.</li>
<li>There could be potential upside of 20% if delisting fails.</li>
</ul>


ICICI Securities Shareholders will consider delisting proposal at the end of March-24 which will decide its fate
Swap Ratio based on current prices offers limited downside for I-Sec Shareholders if delisting goes through.
There could be potential upside of 20% if delisting fails.


ICICI Securities : A Special Situation Play with Limited Downside

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-securities-depository-ltd-nsdl" target="_blank" data-smartkarma-citation="entities:39939:1" rel="noopener">NSDL (NSDL IN)</a> is looking to raise around US$460m in its upcoming India IPO.</li>
<li>It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.</li>
<li>In this note, we undertake a peer comparison and talk about valuations.</li>
</ul>



NSDL (NSDL IN) is looking to raise around US$460m in its upcoming India IPO.
It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
In this note, we undertake a peer comparison and talk about valuations.


National Securities Depository Limited (NSDL) IPO - Peer Comparison and Thoughts on Valuation

HDB Financial Services Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services</a> is looking to raise around US$1.5bn in its upcoming India IPO.</li>
<li>HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



HDB Financial Services is looking to raise around US$1.5bn in its upcoming India IPO.
HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.
We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.


HDB Financial Services IPO - Parent Brand and Easing Macros Should See It Through

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Thematic (Sector/Industry)

<ul>
<li>India's exports are set to surpass $1 trillion by FY26, driven by trade diversification, FTAs, and robust sector growth.</li>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> warns of rare earth magnet shortage impacting India's EV production by July, urging quick approval for imports.</li>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services Ltd (0117739D IN)</a> is close to SEBI approval for a $1.5 bn IPO, set to become India's largest shadow bank listing.</li>
</ul>


India's exports are set to surpass $1 trillion by FY26, driven by trade diversification, FTAs, and robust sector growth.

Bajaj Auto Ltd (BJAUT IN) warns of rare earth magnet shortage impacting India's EV production by July, urging quick approval for imports.

HDB Financial Services Ltd (0117739D IN) is close to SEBI approval for a $1.5 bn IPO, set to become India's largest shadow bank listing.


#156 India Insight: India's Exports to Hit $1T in FY26, EV Production Setback, HDB Financial's IPO

<ul>
<li>Retail investor activity and demat additions slowed sharply in early 2025, with new account openings falling to a multi-year low of 2.3Mn in February.</li>
<li>This signals a broader sentiment reset after a 5-month market correction and FPI outflows, impacting brokers, depositories like CDSL, and exchange volumes.</li>
<li>The euphoria phase is cooling, but the long-term equity culture remains intact. Investors should expect near-term consolidation, with stronger players gaining share.</li>
</ul>


Retail investor activity and demat additions slowed sharply in early 2025, with new account openings falling to a multi-year low of 2.3Mn in February.
This signals a broader sentiment reset after a 5-month market correction and FPI outflows, impacting brokers, depositories like CDSL, and exchange volumes.
The euphoria phase is cooling, but the long-term equity culture remains intact. Investors should expect near-term consolidation, with stronger players gaining share.


India’s Capital Markets in Early 2025: Retail Activity Cools Amid Shifting Currents

India

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. ICICI Securities serves customers in India.

Price Gauge
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ICICI Securities Ltd (ISEC IN)

ICICI Securities : A Special Situation Play with Limited Downside

ICICI Securities Delisting is a Special Situation Play with a potential upside of 20% and limited downside risk offering a short-term bet.

Nimish Maheshwari

National Securities Depository Limited (NSDL) IPO - Peer Comparison and Thoughts on Valuation

NSDL (NSDL IN) is looking to raise around US$460m in its upcoming India IPO. In this note we undertake a peer comparison and talk about valuations.

Sumeet Singh

HDB Financial Services IPO - Parent Brand and Easing Macros Should See It Through

HDB Financial Services is looking to raise around US$1.5bn in its upcoming India IPO. In this note, we talk about the IPO pricing.

Sumeet Singh

#156 India Insight: India's Exports to Hit $1T in FY26, EV Production Setback, HDB Financial's IPO

India's export growth to exceed $1 trillion by FY26, Bajaj Auto warns of rare earth magnet shortage for EVs, HDB Financial Services nears SEBI...

Sudarshan Bhandari

India’s Capital Markets in Early 2025: Retail Activity Cools Amid Shifting Currents

Retail investor activity in early 2025 slows sharply, with new demat account openings hitting a multi-year low of 2.3Mn in Feb, signaling a...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ICICI Securities : A Special Situation Play with Limited Downside

​ICICI Securities Delisting is a Special Situation Play with a potential upside of 20% and limited downside risk offering a short-term bet.

Nimish Maheshwari

National Securities Depository Limited (NSDL) IPO - Peer Comparison and Thoughts on Valuation

NSDL (NSDL IN) is looking to raise around US$460m in its upcoming India IPO. In this note we undertake a peer comparison and talk about valuations.

Sumeet Singh

HDB Financial Services IPO - Parent Brand and Easing Macros Should See It Through

HDB Financial Services is looking to raise around US$1.5bn in its upcoming India IPO. In this note, we talk about the IPO pricing.

Sumeet Singh

#156 India Insight: India's Exports to Hit $1T in FY26, EV Production Setback, HDB Financial's IPO

​India's export growth to exceed $1 trillion by FY26, Bajaj Auto warns of rare earth magnet shortage for EVs, HDB Financial Services nears SEBI...

Sudarshan Bhandari

India’s Capital Markets in Early 2025: Retail Activity Cools Amid Shifting Currents

​Retail investor activity in early 2025 slows sharply, with new demat account openings hitting a multi-year low of 2.3Mn in Feb, signaling a...

Nimish Maheshwari

ICICI Securities Delisting is a Special Situation Play with a potential upside of 20% and limited downside risk offering a short-term bet.

India's export growth to exceed $1 trillion by FY26, Bajaj Auto warns of rare earth magnet shortage for EVs, HDB Financial Services nears SEBI...

Retail investor activity in early 2025 slows sharply, with new demat account openings hitting a multi-year low of 2.3Mn in Feb, signaling a...