Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Thematic (Sector/Industry)

* RBI Failure To Think Through Moratorium Leads To Continued Uncertainty for India: On September 3, 2020, the Supreme Court of India held a hearing on interest rate waivers for loans under moratorium granted by the Reserve Bank of India (RBI). On September 10th, the Supreme Court clarified: a) the matter under discussion is related to interest on interest payments and not on the interest payments themselves; and b) that banks should not classify loans as NPL for another two month period, if they were not classified NPLs on August 31st.; and   *Dissatisfied Borrowers: The Supreme Court has now disposed of the 'interest on interest waiver' related petitions where borrowers were satisfied with the interest on interest waiver measures implemented by the RBI and the financial sector. However, there remain other borrowers (ie. power companies) who aren’t satisfied and have proposed further modifications to the RBI’s restructuring scheme.

* RBI Failure To Think Through Moratorium Leads To Continued Uncertainty for India: On September 3, 2020, the Supreme Court of India held a hearing on interest rate waivers for loans under moratorium granted by the Reserve Bank of India (RBI). On September 10th, the Supreme Court clarified: a) the matter under discussion is related to interest on interest payments and not on the interest payments themselves; and b) that banks should not classify loans as NPL for another two month period, if they were not classified NPLs on August 31st.; and   *Dissatisfied Borrowers: The Supreme Court has now disposed of the 'interest on interest waiver' related petitions where borrowers were satisfied with the interest on interest waiver measures implemented by the RBI and the financial sector. However, there remain other borrowers (ie. power companies) who aren’t satisfied and have proposed further modifications to the RBI’s restructuring scheme. 

Reserve Bank of India – The Fun Never Stops

APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

Bharat Coking Coal Limited (BCCL) / Equity Capital Markets

Bharat Coking Coal Limited (BCCL) (7535956Z IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bharat-coking-coal-limited-bccl" target="_blank" data-smartkarma-citation="entities:45272:1" rel="noopener">Bharat Coking Coal Limited (BCCL) (7535956Z IN)</a> raised around US$119m in its all-secondary India IPO. BCCL is a subsidiary of Coal India Limited engaged primarily in mining of coking coal. </li>
<li>It produces various grades of coking coal, non-coking coal, and washed coal, primarily for use in the steel and power sectors.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Bharat Coking Coal Limited (BCCL) (7535956Z IN) raised around US$119m in its all-secondary India IPO. BCCL is a subsidiary of Coal India Limited engaged primarily in mining of coking coal. 
It produces various grades of coking coal, non-coking coal, and washed coal, primarily for use in the steel and power sectors.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: BCCL Ltd IPO Trading - Robust Demand for First IPO of 2026

Jain Resource Recycling / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jain-resource-recycling" target="_blank" data-smartkarma-citation="entities:45058:1" rel="noopener">Jain Resource Recycling (2300699D IN)</a>  raised about US$142m in its India IPO.</li>
<li>The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Jain Resource Recycling (2300699D IN)  raised about US$142m in its India IPO.
The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Jain Resource Recycling IPO Trading - Decent Anchor; Tepid Overall Demand

Knowledge Realty Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/knowledge-realty-trust" target="_blank" data-smartkarma-citation="entities:44486:1" rel="noopener">Knowledge Realty Trust (258259D IN)</a> is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier estimated deal size of about US$712m.</li>
<li>Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between FY16-9M24, as per the CBRE report.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Knowledge Realty Trust (258259D IN) is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier estimated deal size of about US$712m.
Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between FY16-9M24, as per the CBRE report.
In this note, we talk about the not-so-positive aspects of the deal.


Knowledge Realty Trust Pre-IPO - The Negatives - Not All Assets Have Been Doing Well

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The <a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a> has announced a list of 45 stocks that will be added to the Futures &amp; Options (F&amp;O) segment of the market from 29 November.</li>
<li>There will be changes to the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a>, <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index</a>, <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX Index</a> and the CNXIT Index over the next couple of rebalances.</li>
<li>There are some interesting situations out there, including a change to the universe for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a> that could lead to more changes. </li>
</ul>


The National Stock Exchange (NSEIN IN) has announced a list of 45 stocks that will be added to the Futures &amp; Options (F&amp;O) segment of the market from 29 November.
There will be changes to the NIFTY Index, NSE Nifty Next 50 Index, S&amp;P BSE SENSEX Index and the CNXIT Index over the next couple of rebalances.
There are some interesting situations out there, including a change to the universe for the NSE Nifty Next 50 Index (NIFTYJR INDEX) that could lead to more changes. 


INDIA: Index Changes Due to the 45 New Additions to the F&O Segment

India

Indian Railway Finance Corporation (IRFC) is the dedicated funding arm of Indian Railways, mobilizing funds from domestic and overseas markets. The company primarily finances the acquisition of rolling stock assets and infrastructure projects, which are then leased to Indian Railways and related entities. IRFC was established in December 1986 and is headquartered in New Delhi, India.

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Indian Railway Finance (IRFC IN)

Reserve Bank of India – The Fun Never Stops

RESERVE BANK OF INDIA: Certain Borrowers Are Dis-Satisfied With "Interest On Interest Waiver" And Proposed Additional Modifications To RBI...

Thomas J. Monaco

Aequitas: BCCL Ltd IPO Trading - Robust Demand for First IPO of 2026

Bharat Coking Coal Ltd raised around US$119m in its all-secondary India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

Jain Resource Recycling IPO Trading - Decent Anchor; Tepid Overall Demand

Jain Resource Recycling raised about US$142m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Knowledge Realty Trust Pre-IPO - The Negatives - Not All Assets Have Been Doing Well

Knowledge Realty Trust (KRT) is planning to raise about US$558m through its upcoming India IPO. In this note, we talk about the not-so-positive...

Akshat Shah

INDIA: Index Changes Due to the 45 New Additions to the F&O Segment

Futures & Options start trading on 45 new stocks in India today. Things could get interesting in the 3 Adani names where the stock prices have been...

Brian Freitas

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