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

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a> acquires Aditya Birla’s pulp &amp; paper unit in an all-cash INR 3,498 Cr deal, boosting its market dominance in specialty paperboards and 60% capacity expansion.</li>
<li>GOI hikes APM gas rates by 4% after two years, making CNG and piped cooking gas costlier, impacting households and transport.</li>
<li>
<a href="https://www.smartkarma.com/entities/hindustan-aeronautics-ltd" target="_blank" data-smartkarma-citation="entities:26747:1" rel="noopener">Hindustan Aeronautics (HNAL IN)</a> signs India’s biggest defence deal of Rs. 62,700 Cr to supply 156 Light Combat Helicopters, sending its stock soaring 7%.</li>
</ul>



ITC Ltd (ITC IN) acquires Aditya Birla’s pulp &amp; paper unit in an all-cash INR 3,498 Cr deal, boosting its market dominance in specialty paperboards and 60% capacity expansion.
GOI hikes APM gas rates by 4% after two years, making CNG and piped cooking gas costlier, impacting households and transport.

Hindustan Aeronautics (HNAL IN) signs India’s biggest defence deal of Rs. 62,700 Cr to supply 156 Light Combat Helicopters, sending its stock soaring 7%.


#131 India Insight: ITC’s 3.5k Paper Unit Acquisition, GOI 4% AMP Gas Hike, HAL’s Huge Defence Win

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

Anthem Biosciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences (1234D IN)</a> is looking to raise up to US$400m in its upcoming India IPO.</li>
<li>Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Anthem Biosciences (1234D IN) is looking to raise up to US$400m in its upcoming India IPO.
Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
In this note, we talk about the not-so-positive aspects of the deal.


Anthem Biosciences Pre-IPO - The Negatives- Margins Aren't There Yet

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bank-of-baroda" target="_blank" data-smartkarma-citation="entities:545:1" rel="noopener">Bank Of Baroda (BOB IN)</a> is looking to raise about INR 85bn (US$980m) in its upcoming qualified institutional placement (QIP).</li>
<li>In an announcement released on Feb 13, 2025, BOB mentioned its board’s approval to raise upto INR85bn via various modes including a QIP. Since then, the shares have corrected 1.2%.</li>
<li>The deal would be a relatively large one to digest at 39 days of three month ADV. The company’s last fundraise did not do well.</li>
</ul>



Bank Of Baroda (BOB IN) is looking to raise about INR 85bn (US$980m) in its upcoming qualified institutional placement (QIP).
In an announcement released on Feb 13, 2025, BOB mentioned its board’s approval to raise upto INR85bn via various modes including a QIP. Since then, the shares have corrected 1.2%.
The deal would be a relatively large one to digest at 39 days of three month ADV. The company’s last fundraise did not do well.


Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

Travel Food Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/travel-food-services-ltd" target="_blank" data-smartkarma-citation="entities:44175:1" rel="noopener">Travel Food Services Ltd (1450229D IN)</a> is looking to raise about US$238m in its upcoming India IPO.</li>
<li>Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Travel Food Services Ltd (1450229D IN) is looking to raise about US$238m in its upcoming India IPO.
Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
In this note, we talk about the company’s historical performance.


Travel Food Services Pre-IPO - Flourishing Takeoff and Takeout Services

<ul>
<li>India is adapting to tougher US sanctions on Russian oil by rebuilding supply chains with non-sanctioned merchants, tankers, and insurance providers. </li>
<li>
<a href="https://www.smartkarma.com/entities/unilever-plc-9bad7ce3-0d24-469f-831a-14bf19340303" target="_blank" data-smartkarma-citation="entities:28467:1" rel="noopener">Unilever (UL US)</a>  plans to invest in India’s beauty and wellness sector, expecting improved demand conditions mid-term after fiscal stimulus.</li>
<li>
<a href="https://www.smartkarma.com/entities/british-american-tobacco-plc" target="_blank" data-smartkarma-citation="entities:21828:1" rel="noopener">British American Tobacco (BATS LN)</a> will divest its 15% stake in ITC Hotels at the "best moment," aiming to maximize shareholder value, following ITC Hotels demerger from <a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a>  earlier.</li>
</ul>


India is adapting to tougher US sanctions on Russian oil by rebuilding supply chains with non-sanctioned merchants, tankers, and insurance providers. 

Unilever (UL US)  plans to invest in India’s beauty and wellness sector, expecting improved demand conditions mid-term after fiscal stimulus.

British American Tobacco (BATS LN) will divest its 15% stake in ITC Hotels at the "best moment," aiming to maximize shareholder value, following ITC Hotels demerger from ITC Ltd (ITC IN)  earlier.


#103 India Insight: India Adapts to US Sanctions, Unilever Invests in Beauty, BAT to Divest

India

ITC Limited, a member of BAT Group of UK, is a holding company, which has a diversified presence in Cigarettes, Hotels, Paperboards & Specialty Papers, Packaging, Agri Business, Packaged Foods & Confectionery, Branded Apparel, Greeting Cards and other FMCG products.

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ITC Ltd (ITC IN)

#131 India Insight: ITC’s 3.5k Paper Unit Acquisition, GOI 4% AMP Gas Hike, HAL’s Huge Defence Win

ITC Ltd expands market dominance with acquisition, GOI hikes gas rates impacting households, Hindustan Aeronautics signs major defence deal...

Sudarshan Bhandari

Anthem Biosciences Pre-IPO - The Negatives- Margins Aren't There Yet

Anthem Biosciences is looking to raise up to US$400m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Akshat Shah

Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

Bank of Baroda (BOB IN) is looking to raise upto INR85bn (US$980m) in its upcoming QIP. In Feb 2025's filing, it mentioned its board’s approval to...

Akshat Shah

Travel Food Services Pre-IPO - Flourishing Takeoff and Takeout Services

Travel Food Services is looking to raise about US$238m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

#103 India Insight: India Adapts to US Sanctions, Unilever Invests in Beauty, BAT to Divest

India adapts to US sanctions on Russian oil by rebuilding supply chains; Unilever eyes investment in India's beauty sector; British American...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

#131 India Insight: ITC’s 3.5k Paper Unit Acquisition, GOI 4% AMP Gas Hike, HAL’s Huge Defence Win

​ITC Ltd expands market dominance with acquisition, GOI hikes gas rates impacting households, Hindustan Aeronautics signs major defence deal...

Sudarshan Bhandari

Anthem Biosciences Pre-IPO - The Negatives- Margins Aren't There Yet

Anthem Biosciences is looking to raise up to US$400m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Akshat Shah

Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

Bank of Baroda (BOB IN) is looking to raise upto INR85bn (US$980m) in its upcoming QIP. In Feb 2025's filing, it mentioned its board’s approval to...

Akshat Shah

Travel Food Services Pre-IPO - Flourishing Takeoff and Takeout Services

Travel Food Services is looking to raise about US$238m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

#103 India Insight: India Adapts to US Sanctions, Unilever Invests in Beauty, BAT to Divest

​India adapts to US sanctions on Russian oil by rebuilding supply chains; Unilever eyes investment in India's beauty sector; British American...

Sudarshan Bhandari

ITC Ltd expands market dominance with acquisition, GOI hikes gas rates impacting households, Hindustan Aeronautics signs major defence deal...

India adapts to US sanctions on Russian oil by rebuilding supply chains; Unilever eyes investment in India's beauty sector; British American...