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>The index seems to be finding support at 19,500 for the second consecutive week. Bullish momentum could resume when we close above 19,800 on the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> .</li>
<li>Names discussed include <a href="https://www.smartkarma.com/entities/titan-co-ltd" target="_blank" data-smartkarma-citation="entities:12630:1" rel="noopener">Titan Co Ltd (TTAN IN)</a>, <a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN)</a> and <a href="https://www.smartkarma.com/entities/metro-brands" target="_blank" data-smartkarma-citation="entities:35289:1" rel="noopener">Metro Brands (METROBRA IN)</a>.  </li>
<li>We also introduce the Earnings Diary which will be part of the publication, tracking estimates and narratives around over coverage. </li>
</ul>


The index seems to be finding support at 19,500 for the second consecutive week. Bullish momentum could resume when we close above 19,800 on the NIFTY Index (NIFTY INDEX) .
Names discussed include Titan Co Ltd (TTAN IN), Maruti Suzuki India (MSIL IN) and Metro Brands (METROBRA IN).  
We also introduce the Earnings Diary which will be part of the publication, tracking estimates and narratives around over coverage. 


[Week 6] Namaste India 🙏 | TTAN's Glittery Update and Earnings Workbook

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/fsn-e-commerce-ventures-nykaa" target="_blank" data-smartkarma-citation="entities:33796:1" rel="noopener">FSN E-Commerce Ventures (Nykaa) (1003622D IN)</a> provides e-retailing of beauty and fashion products through two verticals Nykaa (beauty and personal care) and Nykaa Fashion (apparel and accessories). Nykaa is the largest speciality beauty and personal care platform in India as measured by the value of products sold in the FY21 and in 5MFY22 (five months ending August), according to RedSeer.   </p></div><div>
<p>Nykaa will launch its IPO on 28 October. The IPO comprises a primary raise of Rs6,300 million ($84 million) with the remainder 42.0 million secondary shares. At the indicative price range of Rs1,085-1,125 per share, the gross proceeds are Rs51.8-53.2 billion ($691-714 million). An anchor placement of up to Rs23.4 billion ($312 million) will open on 27 October, and the IPO will close on 1 November. </p>
<p>In <a href="https://www.smartkarma.com/insights/nykaa-ipo-initiation-beauty-parade" target="_blank" data-smartkarma-citation="insights:58791" rel="noopener">Nykaa IPO Initiation: Beauty Parade</a>, we stated that Nykaa has a strong positioning in India’s e-commerce beauty products industry, underpinned by the strong brand recognition of the ‘Nykaa’ brand. The financial performance is solid with strong growth, rising margins and cash generation. These characteristics should enable Nykaa to hold its own against intensifying competition. We concluded that Nykaa has attractive fundamentals.</p>
</div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/nykaa-ipo-on-trend" target="_blank" data-smartkarma-citation="insights:59407" rel="noopener">Nykaa IPO: On Trend</a>, we stated that the recent results from the updated prospectus reinforce our view that Nykaa has the ability to deliver strong profitable growth. Our valuation analysis suggests that the IPO price range is attractive.</p></div></div>

FSN E-Commerce Ventures (Nykaa) (1003622D IN) provides e-retailing of beauty and fashion products through two verticals Nykaa (beauty and personal care) and Nykaa Fashion (apparel and accessories). Nykaa is the largest speciality beauty and personal care platform in India as measured by the value of products sold in the FY21 and in 5MFY22 (five months ending August), according to RedSeer.   
Nykaa will launch its IPO on 28 October. The IPO comprises a primary raise of Rs6,300 million ($84 million) with the remainder 42.0 million secondary shares. At the indicative price range of Rs1,085-1,125 per share, the gross proceeds are Rs51.8-53.2 billion ($691-714 million). An anchor placement of up to Rs23.4 billion ($312 million) will open on 27 October, and the IPO will close on 1 November. 
In Nykaa IPO Initiation: Beauty Parade, we stated that Nykaa has a strong positioning in India’s e-commerce beauty products industry, underpinned by the strong brand recognition of the ‘Nykaa’ brand. The financial performance is solid with strong growth, rising margins and cash generation. These characteristics should enable Nykaa to hold its own against intensifying competition. We concluded that Nykaa has attractive fundamentals.
In Nykaa IPO: On Trend, we stated that the recent results from the updated prospectus reinforce our view that Nykaa has the ability to deliver strong profitable growth. Our valuation analysis suggests that the IPO price range is attractive.

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

<p>About the stock: Just Dial (JDL) generates revenues from advertisers on various subscription and fee-based packages.</p><ul><li>Reliance Retail Ventures Ltd will acquire 40.95% stake in JDL</li><li>JDL’s launch of B2B platform will be a key revenue driver in the long run</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

About the stock: Just Dial (JDL) generates revenues from advertisers on various subscription and fee-based packages.Reliance Retail Ventures Ltd will acquire 40.95% stake in JDLJDL’s launch of B2B platform will be a key revenue driver in the long runContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Just Dial: Change of Hands, Digital Trend Key Positive

External broker reports(aggregated public sources), SMC Global

SMC Online

<p>retail loan growth may see good boost but overall loan may see mute performance. AUM may see moderate improvement. Disclaimer: This Research Report is for the personal information of the authorized recipient and doesn't construe to be any investment, legal or taxation advice to the investor. It is only for private circulation and use. The Research Report is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

retail loan growth may see good boost but overall loan may see mute performance. AUM may see moderate improvement. Disclaimer: This Research Report is for the personal information of the authorized recipient and doesn't construe to be any investment, legal or taxation advice to the investor. It is only for private circulation and use. The Research Report is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Estimated Result Impact April to June (2021)

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Forensic Accounting

<p>We had written about this largest 'B2B Market-Leader' back when it got listed in 2019. Since listing, <a href="https://www.smartkarma.com/entities/indiamart-intermesh-limited" target="_blank" data-smartkarma-citation="entities:27733:1" rel="noopener">IndiaMart (INMART IN)</a> has attracted a lot of eyes in the market, but the numbers in the last two years especially have been in line with our expectations of a slowdown. When it comes to the nitty-gritty of the operations, we have uncovered several operational discomforts that question whether the company is really growing? Or is it just reporting growth? Horrors of slowdown and de-growth which has been evident recently, is starting to haunt the company.</p>
<p>In this insight, we highlight several fundamental issues with the balance sheet and reported metrics (updated with the F21 results) that lead us to believe that company is no-where a giant of a growth company that the management believes. </p>
<p>IndiaMART may have reported a constant upsurge in the buyers and enquiries, alongside a formidable growth in PAT, but a closer look at the numbers, especially unreasonable trends in revenue growth, platform growth, collection and employee costs, tell us something else and leads us to believe that a slowdown was evident. Also as more and more financial information is available our core belief of reported accounts not reflecting reality is strengthened.</p>

We had written about this largest 'B2B Market-Leader' back when it got listed in 2019. Since listing, IndiaMart (INMART IN) has attracted a lot of eyes in the market, but the numbers in the last two years especially have been in line with our expectations of a slowdown. When it comes to the nitty-gritty of the operations, we have uncovered several operational discomforts that question whether the company is really growing? Or is it just reporting growth? Horrors of slowdown and de-growth which has been evident recently, is starting to haunt the company.
In this insight, we highlight several fundamental issues with the balance sheet and reported metrics (updated with the F21 results) that lead us to believe that company is no-where a giant of a growth company that the management believes. 
IndiaMART may have reported a constant upsurge in the buyers and enquiries, alongside a formidable growth in PAT, but a closer look at the numbers, especially unreasonable trends in revenue growth, platform growth, collection and employee costs, tell us something else and leads us to believe that a slowdown was evident. Also as more and more financial information is available our core belief of reported accounts not reflecting reality is strengthened.

IndiaMart InterMesh Ltd: Audible Phantom Notes

India

Just Dial Ltd. operates a local search engine that provides comprehensive updated information. The Company offers a search engine that includes a variety of categories such as movies, hotels and resorts, taxis and car rentals, insurance, bars, and nightclubs. Just Dial markets its search engine to users throughout India.

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Just Dial Ltd (JUST IN)

[Week 6] Namaste India 🙏 | TTAN's Glittery Update and Earnings Workbook

Bullish momentum may resume if NIFTY Index closes above 19,800. Names discussed Titan Co Ltd, Maruti Suzuki India, and Metro Brands. Earnings...

Pranav Bhavsar

Nykaa IPO: Valuation Insights

Nykaa will launch its IPO on 28 October to raise gross proceeds of $691-714 million. Our valuation analysis suggests that the IPO price range is...

Arun George

Just Dial: Change of Hands, Digital Trend Key Positive

Just Dial (JDL) generates revenues from advertisers on various subscription and fee-based packages. Reliance Retail Ventures Ltd will acquire...

ICICI Securities Limited

Estimated Result Impact April to June (2021)

retail loan growth may see good boost but overall loan may see mute performance. AUM may see moderate improvement. Disclaimer: This Research Report...

SMC Online

IndiaMart InterMesh Ltd: Audible Phantom Notes

IndiaMART may have reported a constant upsurge in the buyers and enquiries, alongside a formidable growth in PAT, but a closer look at the numbers...

Nitin Mangal

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[Week 6] Namaste India 🙏 | TTAN's Glittery Update and Earnings Workbook

​Bullish momentum may resume if NIFTY Index closes above 19,800. Names discussed Titan Co Ltd, Maruti Suzuki India, and Metro Brands. Earnings...

Pranav Bhavsar

Nykaa IPO: Valuation Insights

Nykaa will launch its IPO on 28 October to raise gross proceeds of $691-714 million. Our valuation analysis suggests that the IPO price range is...

Arun George

Just Dial: Change of Hands, Digital Trend Key Positive

Just Dial (JDL) generates revenues from advertisers on various subscription and fee-based packages. Reliance Retail Ventures Ltd will acquire...

ICICI Securities Limited

Estimated Result Impact April to June (2021)

retail loan growth may see good boost but overall loan may see mute performance. AUM may see moderate improvement. Disclaimer: This Research Report...

SMC Online

IndiaMart InterMesh Ltd: Audible Phantom Notes

IndiaMART may have reported a constant upsurge in the buyers and enquiries, alongside a formidable growth in PAT, but a closer look at the numbers...

Nitin Mangal

Bullish momentum may resume if NIFTY Index closes above 19,800. Names discussed Titan Co Ltd, Maruti Suzuki India, and Metro Brands. Earnings...