Ex-Buyside Principal, now doing Independent Secondary Research on Indian Equities

Pawan Sachdeva

Thematic (Sector/Industry)

This work has been done to look at:<ol><li>How finances of state of Karnataka have moved over last decade ?</li><li>Detailed Break Up of Revenue, Expenditure, Capital Expenditure and subsidies  </li><li>Key Budget Comments on Drinking Water, Energy etc.</li></ol>Who will have have interest in reading this presentation<ul><li>Some one who follows Indian Economy</li><li>Some one looking at Karnataka State as “area of operation” in any field.</li></ul>

This work has been done to look at:How finances of state of Karnataka have moved over last decade ?Detailed Break Up of Revenue, Expenditure, Capital Expenditure and subsidies  Key Budget Comments on Drinking Water, Energy etc.Who will have have interest in reading this presentationSome one who follows Indian EconomySome one looking at Karnataka State as “area of operation” in any field.

A close look at the Financials and Budget of Karnataka State

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

Raajmarg Infra Investment Trust / Equity Capital Markets

Raajmarg Infra Investment Trust (RIIT IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raajmarg-infra-investment-trust" target="_blank" data-smartkarma-citation="entities:47598:1" rel="noopener">Raajmarg Infra Investment Trust (RIIT IN)</a> is planning to raise about US$652m through its India IPO.</li>
<li>RIIT owns and manages a portfolio of five highway assets in India spread across six cities, like Tamil Nadu, Karnataka, Jharkhand, and Andhra Pradesh, as per the CARE Industry Report.</li>
<li>In this note, we talk about the company’s historical performance, peer comparison and IPO valuations.</li>
</ul>



Raajmarg Infra Investment Trust (RIIT IN) is planning to raise about US$652m through its India IPO.
RIIT owns and manages a portfolio of five highway assets in India spread across six cities, like Tamil Nadu, Karnataka, Jharkhand, and Andhra Pradesh, as per the CARE Industry Report.
In this note, we talk about the company’s historical performance, peer comparison and IPO valuations.


Aequitas: Raajmarg InvIT IPO - Stable Assets in a Small Portfolio, but Limited Immediate Appeal

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/karnataka-bank-ltd" target="_blank" data-smartkarma-citation="entities:281:1" rel="noopener">Karnataka Bank (KBL IN)</a>'s top two executives resigned under unclear circumstances, with boardroom friction, unauthorized spending, and weak financial performance raising concerns.</li>
<li>Even audit report also suggests some red flags of minuscule amounts in unauthorized expenses, raising governance issues.</li>
<li>The bank’s leadership shakeup and declining financials suggest instability; while governance reforms are needed along with new and strong leadership and governance realignment.</li>
</ul>



Karnataka Bank (KBL IN)'s top two executives resigned under unclear circumstances, with boardroom friction, unauthorized spending, and weak financial performance raising concerns.
Even audit report also suggests some red flags of minuscule amounts in unauthorized expenses, raising governance issues.
The bank’s leadership shakeup and declining financials suggest instability; while governance reforms are needed along with new and strong leadership and governance realignment.


Executive Exodus at Karnataka Bank: More Than Just "Personal Reasons"?

India Financials

Saumya Agarwal

Equity Bottom-Up

Karnataka Bank kicked-off the Q3FY21 earnings season for Indian Banks. With the asset quality standstill benefit lapsing now, Q3 saw a spike in write-offs even as the overall gross NPA’s trended lower, for Karnataka Bank. The Bank has been re-balancing its advances portfolio and improving its collection efficiency to offset the impact but reigning in Write-offs crucial

Karnataka Bank kicked-off the Q3FY21 earnings season for Indian Banks. With the asset quality standstill benefit lapsing now, Q3 saw a spike in write-offs even as the overall gross NPA’s trended lower, for Karnataka Bank. The Bank has been re-balancing its advances portfolio and improving its collection efficiency to offset the impact but reigning in Write-offs crucial

Karnataka Bank Q3FY21: Re-Shuffling Loans and Improved Recoveries Positive but Write-Offs Spike

City Union Bank, the oldest Private sector Bank in India, has been focused on providing credit to the small and medium businesses in South India. Despite being a regional bank, its stock commands premium valuation vis-à-vis many other private sector banks. What is driving the superior valuation for this South- India focused Bank?

City Union Bank, the oldest Private sector Bank in India, has been focused on providing credit to the small and medium businesses in South India. Despite being a regional bank, its stock commands premium valuation vis-à-vis many other private sector banks. What is driving the superior valuation for this South- India focused Bank?

City Union Bank: What Is Driving Premium Valuation for This Oldest Private Sector Bank?

India

Karnataka Bank Ltd is a full-service bank. The Bank accepts deposits, makes loans and provides other services for the public.

Price Gauge
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Karnataka Bank (KBL IN)

A close look at the Financials and Budget of Karnataka State

This work has been done to look at: How finances of state of Karnataka have moved over last decade ? Detailed Break Up of Revenue, Expenditure,...

Pawan Sachdeva

Aequitas: Raajmarg InvIT IPO - Stable Assets in a Small Portfolio, but Limited Immediate Appeal

Raajmarg Infra Investment Trust (RIIT) is planning to raise about US$652m through its India IPO. In this note, we talk about the company’s...

Akshat Shah

Executive Exodus at Karnataka Bank: More Than Just "Personal Reasons"?

Karnataka Bank faces leadership turmoil and financial concerns as top executives resign amid boardroom friction and unauthorized spending.

Nimish Maheshwari

Karnataka Bank Q3FY21: Re-Shuffling Loans and Improved Recoveries Positive but Write-Offs Spike

With the asset quality standstill benefit lapsing in Q3FY21, how did Karnataka Bank fare on asset quality and what is its strategy to manage it

Saumya Agarwal

City Union Bank: What Is Driving Premium Valuation for This Oldest Private Sector Bank?

City Union Bank, the oldest Private sector Bank in India has been commanding premium valuation vis-à-vis many other private sector banks. What is...

Saumya Agarwal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A close look at the Financials and Budget of Karnataka State

This work has been done to look at: How finances of state of Karnataka have moved over last decade ? Detailed Break Up of Revenue, Expenditure,...

Pawan Sachdeva

Aequitas: Raajmarg InvIT IPO - Stable Assets in a Small Portfolio, but Limited Immediate Appeal

Raajmarg Infra Investment Trust (RIIT) is planning to raise about US$652m through its India IPO. In this note, we talk about the company’s...

Akshat Shah

Executive Exodus at Karnataka Bank: More Than Just "Personal Reasons"?

​Karnataka Bank faces leadership turmoil and financial concerns as top executives resign amid boardroom friction and unauthorized spending.

Nimish Maheshwari

Karnataka Bank Q3FY21: Re-Shuffling Loans and Improved Recoveries Positive but Write-Offs Spike

With the asset quality standstill benefit lapsing in Q3FY21, how did Karnataka Bank fare on asset quality and what is its strategy to manage it

Saumya Agarwal

City Union Bank: What Is Driving Premium Valuation for This Oldest Private Sector Bank?

City Union Bank, the oldest Private sector Bank in India has been commanding premium valuation vis-à-vis many other private sector banks. What is...

Saumya Agarwal

Karnataka Bank faces leadership turmoil and financial concerns as top executives resign amid boardroom friction and unauthorized spending.