IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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

Tata Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a>, the largest India-based ER&amp;D (engineering research and development) service provider, is seeking to raise up to US$600 million, according to press reports.</li>
<li>In <strong><em><a href="https://www.smartkarma.com/insights/tata-technologies-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:101409" rel="noopener">Tata Technologies IPO: The Bull Case</a></em></strong>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The key elements of the bear case rest on below-peer revenue growth, high contract assets, growth reliant on VinFast, mid-tier profitability, and high attrition rates.   </li>
</ul>



Tata Technologies (TATATECH IN), the largest India-based ER&amp;D (engineering research and development) service provider, is seeking to raise up to US$600 million, according to press reports.
In Tata Technologies IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The key elements of the bear case rest on below-peer revenue growth, high contract assets, growth reliant on VinFast, mid-tier profitability, and high attrition rates.   


<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a>, the largest India-based ER&amp;D service provider, is seeking to raise up to US$600 million, according to press reports.</li>
<li>Tata Technologies ranked first among India service providers and third globally among rated service providers for automotive ER&amp;D services, according to Zinnov.</li>
<li>The key elements of the bull case rest on its automotive leadership positioning, solid performance of the core business, high repeat rates, rising margin and cash generation. </li>
</ul>



Tata Technologies (TATATECH IN), the largest India-based ER&amp;D service provider, is seeking to raise up to US$600 million, according to press reports.
Tata Technologies ranked first among India service providers and third globally among rated service providers for automotive ER&amp;D services, according to Zinnov.
The key elements of the bull case rest on its automotive leadership positioning, solid performance of the core business, high repeat rates, rising margin and cash generation. 


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

<ul>
<li>The review period for the NIFTY 100 Index ended on 31 Jan. The rebalance will be effective after the close on 30 March and the announcement will come end February.</li>
<li>Potential inclusions are <a href="https://www.smartkarma.com/entities/zomato-media-pvt" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a>, <a href="https://www.smartkarma.com/entities/mindtree-ltd" target="_blank" data-smartkarma-citation="entities:7297:1" rel="noopener">Mindtree Ltd (MTCL IN)</a>, <a href="https://www.smartkarma.com/entities/srf-ltd" target="_blank" data-smartkarma-citation="entities:3601:1" rel="noopener">SRF Ltd (SRF IN)</a>, <a href="https://www.smartkarma.com/entities/indian-railway-catering-and-tourism-corporation-limited" target="_blank" data-smartkarma-citation="entities:33951:1" rel="noopener">Indian Railway Catering and Tourism (IRCTC IN)</a> and <a href="https://www.smartkarma.com/entities/tata-power-co-ltd" target="_blank" data-smartkarma-citation="entities:15618:1" rel="noopener">Tata Power (TPWR IN)</a>. </li>
<li>Potential deletions are <a href="https://www.smartkarma.com/entities/yes-bank-ltd" target="_blank" data-smartkarma-citation="entities:767:1" rel="noopener">Yes Bank (YES IN)</a>, <a href="https://www.smartkarma.com/entities/indraprastha-gas-ltd" target="_blank" data-smartkarma-citation="entities:6969:1" rel="noopener">Indraprastha Gas (IGL IN)</a>, <a href="https://www.smartkarma.com/entities/jindal-steel-power-ltd" target="_blank" data-smartkarma-citation="entities:6614:1" rel="noopener">Jindal Steel &amp; Power (JSP IN)</a>, <a href="https://www.smartkarma.com/entities/aurobindo-pharma-ltd" target="_blank" data-smartkarma-citation="entities:19974:1" rel="noopener">Aurobindo Pharma (ARBP IN)</a> and <a href="https://www.smartkarma.com/entities/hindustan-petroleum-corp" target="_blank" data-smartkarma-citation="entities:19342:1" rel="noopener">Hindustan Petroleum (HPCL IN)</a>. </li>
</ul>


The review period for the NIFTY 100 Index ended on 31 Jan. The rebalance will be effective after the close on 30 March and the announcement will come end February.
Potential inclusions are Zomato (ZOMATO IN), Mindtree Ltd (MTCL IN), SRF Ltd (SRF IN), Indian Railway Catering and Tourism (IRCTC IN) and Tata Power (TPWR IN). 
Potential deletions are Yes Bank (YES IN), Indraprastha Gas (IGL IN), Jindal Steel &amp; Power (JSP IN), Aurobindo Pharma (ARBP IN) and Hindustan Petroleum (HPCL IN). 


NIFTY100/NIFTY NEXT50 Index Rebalance Preview: Five Potential Changes in March

Event-Driven

<p>Late Monday evening, <a href="https://www.smartkarma.com/entities/2499" target="_blank" data-smartkarma-citation="entities:2499:1">Larsen &amp; Toubro (LT IN)</a> launched India’s first ever hostile takeover in the tech sector. L&amp;T is seeking to acquire a 20.3-66.3% stake in <a href="https://www.smartkarma.com/entities/7297" target="_blank" data-smartkarma-citation="entities:7297:1">Mindtree Ltd (MTCL IN)</a> through a three-step transaction. Mindtree's founders/promoters together have a 13.3% stake and staunchly oppose the takeover. L&amp;T’s open offer presents an opportunity for longstanding large shareholders to partially or fully exit their stakes at a reasonable price. </p><div class="content-highlight"><p>L&amp;T’s open offer is less enticing for minority shareholders due to the small premium. Minority shareholders hope that a bidding battle will drive up bid premiums. However, we believe that minority shareholders should stick with their holdings as Mindtree’s fundamentals remain solid, but a chance of a material bump to L&amp;T’s open offer is low.</p></div>

Late Monday evening, Larsen &amp; Toubro (LT IN) launched India’s first ever hostile takeover in the tech sector. L&amp;T is seeking to acquire a 20.3-66.3% stake in Mindtree Ltd (MTCL IN) through a three-step transaction. Mindtree's founders/promoters together have a 13.3% stake and staunchly oppose the takeover. L&amp;T’s open offer presents an opportunity for longstanding large shareholders to partially or fully exit their stakes at a reasonable price. L&amp;T’s open offer is less enticing for minority shareholders due to the small premium. Minority shareholders hope that a bidding battle will drive up bid premiums. However, we believe that minority shareholders should stick with their holdings as Mindtree’s fundamentals remain solid, but a chance of a material bump to L&amp;T’s open offer is low.

Mindtree (MTCL IN): L&T’s Hostile Takeover Offer Is an Awkward Opening Gambit

India

L&T Technology Services (LTTS) is an Indian multinational technology company specializing in Engineering Research and Development (ER&D) services. It offers consultancy, design, development, and testing services across various industries including automotive, medical devices, telecom, and industrial products. LTTS is headquartered in Vadodara, India, and was founded in 2012.

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L&T Technology Services (LTTS IN)

Tata Technologies IPO: The Bear Case

The key elements of the bear case rest on below-peer revenue growth, high contract assets, growth reliant on VinFast, mid-tier profitability, and...

Arun George

Tata Technologies IPO: The Bull Case

The key elements of the bull case rest on its automotive leadership positioning, solid performance of the core business, high repeat rates, rising...

Arun George

NIFTY100/NIFTY NEXT50 Index Rebalance Preview: Five Potential Changes in March

There could be 5 changes to the NIFTY100 Index at the March rebalance. Plus there will be 2 migrations between the NIFTY and NIFTY NEXT50 indices....

Brian Freitas

Mindtree (MTCL IN): L&T’s Hostile Takeover Offer Is an Awkward Opening Gambit

Late Monday evening, Larsen & Toubro (LT IN) launched India’s first ever hostile takeover in the tech sector. L&T is seeking to acquire a...

Arun George

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