Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

<p>The Index of Industrial Production (IIP) rose by an anemic 1.2% y-o-y in May 2016 after having declined by 1.3% y-o-y in April 2016. However, on a 3 month moving average basis (3mma), production remains stagnant with a growth rate of only 0.1% y-o-y in May 2016 compared to a 0.3% y-o-y rise in April 2016. IIP growth remained weak across sectors.</p><p>Manufacturing output grew marginally by 0.7% y-o-y in May 2016 compared to a decline of 3.7% y-o-y in April 2016. On a 3mma basis, manufacturing output…</p>

The Index of Industrial Production (IIP) rose by an anemic 1.2% y-o-y in May 2016 after having declined by 1.3% y-o-y in April 2016. However, on a 3 month moving average basis (3mma), production remains stagnant with a growth rate of only 0.1% y-o-y in May 2016 compared to a 0.3% y-o-y rise in April 2016. IIP growth remained weak across sectors.Manufacturing output grew marginally by 0.7% y-o-y in May 2016 compared to a decline of 3.7% y-o-y in April 2016. On a 3mma basis, manufacturing output…

INDIA: IIP Anemic Growth of 1.2% Inconsistent with GDP Growth of over 7%

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>In this Insight, we aim to understand the current demand, environment, competition, and margin trends for major air conditioner manufacturers in India.</li>
<li>Dealers remain optimistic despite a slower seasonal start, anticipating accelerated growth in this season. While there have been price increases, competition, and cost inflation may not translate into margins. </li>
<li>Some of the companies in Focus include <a href="https://www.smartkarma.com/entities/voltas-ltd" target="_blank" data-smartkarma-citation="entities:19924:1" rel="noopener">Voltas Ltd (VOLT IN)</a>, <a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN)</a>, <a href="https://www.smartkarma.com/entities/johnson-controls-hitachi-air-conditioning-india-ltd" target="_blank" data-smartkarma-citation="entities:6172:1" rel="noopener">Johnson Controls-Hitachi Air Conditioning India (JCHAC IN).</a>
</li>
</ul>


In this Insight, we aim to understand the current demand, environment, competition, and margin trends for major air conditioner manufacturers in India.
Dealers remain optimistic despite a slower seasonal start, anticipating accelerated growth in this season. While there have been price increases, competition, and cost inflation may not translate into margins. 
Some of the companies in Focus include Voltas Ltd (VOLT IN), Havells India (HAVL IN), Johnson Controls-Hitachi Air Conditioning India (JCHAC IN).



India Air Conditioners | Who's Chilling How

<ul>
<li>This Insight focuses on Industrials, particularly those that derive a significant portion of their revenue from Air Conditioners (ACs).</li>
<li>Companies in focus are <a href="https://www.smartkarma.com/entities/voltas-ltd" target="_blank" data-smartkarma-citation="entities:19924:1" rel="noopener">Voltas Ltd (VOLT IN)</a>, <a href="https://www.smartkarma.com/entities/johnson-controls-hitachi-air-conditioning-india-ltd" target="_blank" data-smartkarma-citation="entities:6172:1" rel="noopener">Johnson Controls-Hitachi Air Conditioning India (JCHAC IN)</a>,</li>
<li>
<a href="https://www.smartkarma.com/entities/blue-star-ltd" target="_blank" data-smartkarma-citation="entities:5162:1" rel="noopener">Blue Star Ltd (BLSTR IN)</a> and <a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN)</a> </li>
</ul>


This Insight focuses on Industrials, particularly those that derive a significant portion of their revenue from Air Conditioners (ACs).
Companies in focus are Voltas Ltd (VOLT IN), Johnson Controls-Hitachi Air Conditioning India (JCHAC IN),

Blue Star Ltd (BLSTR IN) and Havells India (HAVL IN) 


Narrative and Numbers | Industrials (VOLT, JCHAC, HAVL, BLSTR) | FY24

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

Renesas Electronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitsubishi-electric-corp" target="_blank" data-smartkarma-citation="entities:11171:1" rel="noopener">Mitsubishi Electric (6503 JP)</a> is looking to raise approximately US$800m through an accelerated secondary block deal, via selling 50.71m shares (2.6% of TSO) of <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a> stock. </li>
<li>The deal will be an easy one to digest at only three days of three month ADV.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Mitsubishi Electric (6503 JP) is looking to raise approximately US$800m through an accelerated secondary block deal, via selling 50.71m shares (2.6% of TSO) of Renesas Electronics (6723 JP) stock. 
The deal will be an easy one to digest at only three days of three month ADV.
In this note, we will talk about the placement and run the deal through our ECM framework.


Renesas Electronics Block - Smaller than Recent Deals but Still Likely Well Flagged

Johnson Controls-Hitachi Air Conditioning India / Equity Bottom-Up

Johnson Controls-Hitachi Air Conditioning India (JCHAC IN)

Johnson Controls-Hitachi Air Conditioning India

<ul>
<li>Our channel interactions continue to suggest, <a href="https://www.smartkarma.com/entities/johnson-controls-hitachi-air-conditioning-india-ltd" target="_blank" data-smartkarma-citation="entities:6172:1" rel="noopener">Johnson Controls-Hitachi Air Conditioning India (JCHAC IN)</a> will not be able to recover market share over the next two years. </li>
<li>More disappointment in line with what we have seen in Q2 remains a strong probability. </li>
<li>Other annual report concerns also warrant attention, best to AVOID in spite of a sharp correction in stock price. </li>
</ul>


Our channel interactions continue to suggest, Johnson Controls-Hitachi Air Conditioning India (JCHAC IN) will not be able to recover market share over the next two years. 
More disappointment in line with what we have seen in Q2 remains a strong probability. 
Other annual report concerns also warrant attention, best to AVOID in spite of a sharp correction in stock price. 


Johnson Hitachi (JCHAC IN) | Losing Its "Cool"

India

Johnson Controls-Hitachi Air Conditioning India Limited manufactures air conditioning products. The Company offers commercial air conditioning and refrigeration, absorption and centrifugal chillers, compressors, and environmental testing products. Johnson Controls-Hitachi Air Conditioning operates worldwide.

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Johnson Controls-Hitachi Air Conditioning India (JCHAC IN)

INDIA: IIP Anemic Growth of 1.2% Inconsistent with GDP Growth of over 7%

The Index of Industrial Production (IIP) rose by an anemic 1.2% y-o-y in May 2016 after having declined by 1.3% y-o-y in April 2016. However, on a...

Rajan Govil

India Air Conditioners | Who's Chilling How

Indian air conditioner manufacturers are facing price increases, competition, and cost inflation, but dealers are optimistic about accelerated...

Pranav Bhavsar

Narrative and Numbers | Industrials (VOLT, JCHAC, HAVL, BLSTR) | FY24

Insight on Industrials focusing on companies like Voltas, Johnson Controls-Hitachi, Blue Star, and Havells in the AC sector.

Pranav Bhavsar

Renesas Electronics Block - Smaller than Recent Deals but Still Likely Well Flagged

Mitsubishi Electric (6503 JP) is looking to raise approximately US$800m through an accelerated secondary block deal, via selling 50.71m shares...

Ethan Aw

Johnson Hitachi (JCHAC IN) | Losing Its "Cool"

In spite of a sharp correction in price, Johnson Hitachi (JCHAC IN) is best an AVOID. Product quality issues and loss in market share imply more...

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

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INDIA: IIP Anemic Growth of 1.2% Inconsistent with GDP Growth of over 7%

The Index of Industrial Production (IIP) rose by an anemic 1.2% y-o-y in May 2016 after having declined by 1.3% y-o-y in April 2016. However, on a...

Rajan Govil

India Air Conditioners | Who's Chilling How

​Indian air conditioner manufacturers are facing price increases, competition, and cost inflation, but dealers are optimistic about accelerated...

Pranav Bhavsar

Narrative and Numbers | Industrials (VOLT, JCHAC, HAVL, BLSTR) | FY24

​Insight on Industrials focusing on companies like Voltas, Johnson Controls-Hitachi, Blue Star, and Havells in the AC sector.

Pranav Bhavsar

Renesas Electronics Block - Smaller than Recent Deals but Still Likely Well Flagged

Mitsubishi Electric (6503 JP) is looking to raise approximately US$800m through an accelerated secondary block deal, via selling 50.71m shares...

Ethan Aw

Johnson Hitachi (JCHAC IN) | Losing Its "Cool"

In spite of a sharp correction in price, Johnson Hitachi (JCHAC IN) is best an AVOID. Product quality issues and loss in market share imply more...

Pranav Bhavsar

Indian air conditioner manufacturers are facing price increases, competition, and cost inflation, but dealers are optimistic about accelerated...

Insight on Industrials focusing on companies like Voltas, Johnson Controls-Hitachi, Blue Star, and Havells in the AC sector.