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

Thematic (Sector/Industry)

<ul>
<li>With gold up sharply YoY, retailers are nudging consumers toward studded (diamond/LGD) and lower-karat, light-weight gold.</li>
<li>This demand is looking structural in nature(even if gold cools off), given changes in business mix(focus on studded/LGD) and promotion across retailers.</li>
<li>Detailed analysis of all retailers on change in demand as well as new frontier of growth in LGD and Studded jewellery segment.</li>
</ul>


With gold up sharply YoY, retailers are nudging consumers toward studded (diamond/LGD) and lower-karat, light-weight gold.
This demand is looking structural in nature(even if gold cools off), given changes in business mix(focus on studded/LGD) and promotion across retailers.
Detailed analysis of all retailers on change in demand as well as new frontier of growth in LGD and Studded jewellery segment.


How Rising Gold Prices Are Driving Growth of Lab-Grown Diamond and Studded Jewellery in India?

<ul>
<li>The global lab-grown diamond (LGD) market, dominated by the US, is rapidly expanding with a projected CAGR of 8.64%, driven by affordability and sustainability.</li>
<li>India, already a major production hub with <strong>15% global share</strong>, aims for robust growth through government incentives and rising domestic consumer demand and premiumisation.</li>
<li>Consumer preference is notably shifting towards LGDs ,decreasing the gap between sales share of Natural and LGD’s driven by affordability, customization, and ethical considerations</li>
</ul>


The global lab-grown diamond (LGD) market, dominated by the US, is rapidly expanding with a projected CAGR of 8.64%, driven by affordability and sustainability.
India, already a major production hub with 15% global share, aims for robust growth through government incentives and rising domestic consumer demand and premiumisation.
Consumer preference is notably shifting towards LGDs ,decreasing the gap between sales share of Natural and LGD’s driven by affordability, customization, and ethical considerations


Thematic Report- India's Lab Grown Diamond Industry: Poised to Outpace the Natural Diamond Industry?

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>2024 marked our ninth year covering Equity Capital Markets in Asia-Pacific. In 2024, IPO volumes were mainly driven by India, even as Hong Kong showed signs of turning a corner.</li>
<li>We ended 2024 with an accuracy rate of 79.4% across 68 IPOs that we covered and 68.8% across 109 placements.</li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2024 marked our ninth year covering Equity Capital Markets in Asia-Pacific. In 2024, IPO volumes were mainly driven by India, even as Hong Kong showed signs of turning a corner.
We ended 2024 with an accuracy rate of 79.4% across 68 IPOs that we covered and 68.8% across 109 placements.
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2024 IPOs and Placements Performance Review-India Driving Volumes as HK Shows Signs of Life

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, all of the India listings managed to do well, while <a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> managed to provide steady returns as well.</li>
<li>On the placements front, there were only a few deals in India, led by <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a>. </li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, all of the India listings managed to do well, while Kioxia Holdings (285A JP) managed to provide steady returns as well.
On the placements front, there were only a few deals in India, led by Mankind Pharma. 


ECM Weekly (22nd Dec 2024) - LG CNS, Kioxia, Vishal Mega, IGI, Sai Life, Ventive, Paras

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Ventive Hospitality Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ventive-hospitality-ltd" target="_blank" data-smartkarma-citation="entities:43933:1" rel="noopener">Ventive Hospitality Ltd (0807075D IN)</a> is looking to raise about US$188m in its India IPO. The deal, a fresh issue of shares, is downsized from an earlier size of ~US$240m.</li>
<li>Ventive Hospitality Limited (VHL) is the largest hospitality asset owner amongst public listed market peers, focused primarily on luxury offerings across business and leisure in India and Maldives.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Ventive Hospitality Ltd (0807075D IN) is looking to raise about US$188m in its India IPO. The deal, a fresh issue of shares, is downsized from an earlier size of ~US$240m.
Ventive Hospitality Limited (VHL) is the largest hospitality asset owner amongst public listed market peers, focused primarily on luxury offerings across business and leisure in India and Maldives.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Ventive Hospitality IPO - Quick Thoughts on Peer Comp and Valuation

India

International Gemmological Institute (India) Limited (IGI) provides grading and accreditation services. The Company grades and appraises natural and lab grown diamonds, gem-stones, and jewelry products. IGI serves customers worldwide.

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IGI (India) Limited (IGIL IN)

How Rising Gold Prices Are Driving Growth of Lab-Grown Diamond and Studded Jewellery in India?

Retailers are steering consumers towards studded and lower-karat gold jewelry as demand shifts, even as gold prices rise.

Nimish Maheshwari

Thematic Report- India's Lab Grown Diamond Industry: Poised to Outpace the Natural Diamond Industry?

India is the 2nd largest player in lab grown diamond market and growing with much faster than usual natural diamond market. This report include...

Nimish Maheshwari

Aequitas 2024 IPOs and Placements Performance Review-India Driving Volumes as HK Shows Signs of Life

2024 marked our ninth year covering Equity Capital Markets in Asia-Pacific. We had an accuracy rate of 79.4% for IPOs and 68.8% for placements in...

Sumeet Singh

ECM Weekly (22nd Dec 2024) - LG CNS, Kioxia, Vishal Mega, IGI, Sai Life, Ventive, Paras

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Ventive Hospitality IPO - Quick Thoughts on Peer Comp and Valuation

Ventive Hospitality is looking to raise about US$188m in its India IPO. In this note, we will undertake a quick peer comparison and talk about the...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

How Rising Gold Prices Are Driving Growth of Lab-Grown Diamond and Studded Jewellery in India?

​Retailers are steering consumers towards studded and lower-karat gold jewelry as demand shifts, even as gold prices rise.

Nimish Maheshwari

Thematic Report- India's Lab Grown Diamond Industry: Poised to Outpace the Natural Diamond Industry?

India is the 2nd largest player in lab grown diamond market and growing with much faster than usual natural diamond market. This report include...

Nimish Maheshwari

Aequitas 2024 IPOs and Placements Performance Review-India Driving Volumes as HK Shows Signs of Life

2024 marked our ninth year covering Equity Capital Markets in Asia-Pacific. We had an accuracy rate of 79.4% for IPOs and 68.8% for placements in...

Sumeet Singh

ECM Weekly (22nd Dec 2024) - LG CNS, Kioxia, Vishal Mega, IGI, Sai Life, Ventive, Paras

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Ventive Hospitality IPO - Quick Thoughts on Peer Comp and Valuation

Ventive Hospitality is looking to raise about US$188m in its India IPO. In this note, we will undertake a quick peer comparison and talk about the...

Akshat Shah

Retailers are steering consumers towards studded and lower-karat gold jewelry as demand shifts, even as gold prices rise.