Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

<a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a>'s delisting has been one of the hot topics for the last couple of weeks given it approached the timeline for the reverse book building issue that was approved by its shareholders. However, the delisting event has deemed to have been failed according to the announcement filed by the company on October 10th. As a result, the stock had crashed by over 20% on Monday.This insight does not engage in the technicalities of the delisting, but rather we try to dwell on the increasing visibility of the shareholder activism in the country, one of the factors opposing the delisting in the first place.

Vedanta Ltd (VEDL IN)'s delisting has been one of the hot topics for the last couple of weeks given it approached the timeline for the reverse book building issue that was approved by its shareholders. However, the delisting event has deemed to have been failed according to the announcement filed by the company on October 10th. As a result, the stock had crashed by over 20% on Monday.This insight does not engage in the technicalities of the delisting, but rather we try to dwell on the increasing visibility of the shareholder activism in the country, one of the factors opposing the delisting in the first place.

Vedanta Delisting Failure: The Upsurge of Shareholder Activism in India?

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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vedanta-power-limited" target="_blank" data-smartkarma-citation="entities:48849:1" rel="noopener">Vedanta Power (TSPL IN)</a> has emerged as a separate listed power entity after the Vedanta demerger, giving investors a cleaner pure-play thermal power vehicle.</li>
<li>India’s peak demand has continued to set new records, and thermal power still forms the core source of reliable baseload supply during demand peaks.</li>
<li>The valuation case is less about the demerger event now and more about execution: Sakti Unit 2, coal-cost reduction, and free-cash-flow delivery.</li>
</ul>



Vedanta Power (TSPL IN) has emerged as a separate listed power entity after the Vedanta demerger, giving investors a cleaner pure-play thermal power vehicle.
India’s peak demand has continued to set new records, and thermal power still forms the core source of reliable baseload supply during demand peaks.
The valuation case is less about the demerger event now and more about execution: Sakti Unit 2, coal-cost reduction, and free-cash-flow delivery.


Vedanta Power: A Defensive Play from Vedanta Franchise

Thematic (Sector/Industry)

The year 2019 has witnessed a roller-coaster ride for the Indian stock market, specially lot of companies were questioned on corporate governance, accounting engineering. We have provided critical views on few of the companies on these two aspects. There are few hits and misses, we have witnessed in the last year. Going forward, we will continue to provide critical views on the companies especially in our core area of corporate governance and forensic research, however, we will also look into few companies where books of accounts are relatively clean and there are possibilities of turnaround.

The year 2019 has witnessed a roller-coaster ride for the Indian stock market, specially lot of companies were questioned on corporate governance, accounting engineering. We have provided critical views on few of the companies on these two aspects. There are few hits and misses, we have witnessed in the last year. Going forward, we will continue to provide critical views on the companies especially in our core area of corporate governance and forensic research, however, we will also look into few companies where books of accounts are relatively clean and there are possibilities of turnaround.

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Vedanta, Hindustan Petroleum, Bharat Petroleum, Grasim Industries, Hindalco Industries, HDFC Bank.</li>
</ul>


We analysed the earning revision of component stocks of MS-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Vedanta, Hindustan Petroleum, Bharat Petroleum, Grasim Industries, Hindalco Industries, HDFC Bank.


MS-India Index Earning Revision (May): Vedanta, Hindustan Petroleum, Bharat Petroleum, HDFC Bank

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>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, we had a look at the probable US$10-15bn ADR issuance by <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> </li>
<li>There were a number of placements over the past week and we also had a look at some of the planned GDR offerings. </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, we had a look at the probable US$10-15bn ADR issuance by SK Hynix (000660 KS) 
There were a number of placements over the past week and we also had a look at some of the planned GDR offerings. 


Aequitas ECM Weekly (25 May 2026)-SK Hynix, Kokusai, Hulic, GO, Human Made, Powerchip, Quanta, Dajin

India

JSW Energy Limited is an Indian power company primarily engaged in power generation, transmission, and trading. The company operates a diversified portfolio of thermal, hydro, wind, and solar power assets, and is expanding into new energy frontiers like green hydrogen and battery energy storage systems. JSW Energy was founded in 1994 and is headquartered in Mumbai, Maharashtra, India.

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JSW Energy (JSW IN)

Vedanta Delisting Failure: The Upsurge of Shareholder Activism in India?

Vedanta's delisting failure has led us to believe that shareholder activism, which was once muted, has taken an emerging path in India. We also...

Nitin Mangal

Vedanta Power: A Defensive Play from Vedanta Franchise

Vedanta Power (TSPL IN) offers investors a pure-play thermal power opportunity post-demerger, with focus on execution and coal-cost reduction for...

Sudarshan Bhandari

Review Of The Year 2019

The year 2019 has witnessed a roller-coaster ride for the Indian stock market, specially lot of companies were questioned on corporate governance,...

Nitin Mangal

MS-India Index Earning Revision (May): Vedanta, Hindustan Petroleum, Bharat Petroleum, HDFC Bank

We analyzed MS-India's consensus for May 2026 and highlighted changes of EPS in Vedanta, Hindustan Petroleum, Bharat Petroleum, Grasim Industries,...

Ke Yan, CFA, FRM

Aequitas ECM Weekly (25 May 2026)-SK Hynix, Kokusai, Hulic, GO, Human Made, Powerchip, Quanta, Dajin

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Vedanta Delisting Failure: The Upsurge of Shareholder Activism in India?

Vedanta's delisting failure has led us to believe that shareholder activism, which was once muted, has taken an emerging path in India. We also...

Nitin Mangal

Vedanta Power: A Defensive Play from Vedanta Franchise

​Vedanta Power (TSPL IN) offers investors a pure-play thermal power opportunity post-demerger, with focus on execution and coal-cost reduction for...

Sudarshan Bhandari

Review Of The Year 2019

The year 2019 has witnessed a roller-coaster ride for the Indian stock market, specially lot of companies were questioned on corporate governance,...

Nitin Mangal

MS-India Index Earning Revision (May): Vedanta, Hindustan Petroleum, Bharat Petroleum, HDFC Bank

We analyzed MS-India's consensus for May 2026 and highlighted changes of EPS in Vedanta, Hindustan Petroleum, Bharat Petroleum, Grasim Industries,...

Ke Yan, CFA, FRM

Aequitas ECM Weekly (25 May 2026)-SK Hynix, Kokusai, Hulic, GO, Human Made, Powerchip, Quanta, Dajin

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

Vedanta Power (TSPL IN) offers investors a pure-play thermal power opportunity post-demerger, with focus on execution and coal-cost reduction for...