Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

After 18 months of consistent decline, exports recorded a marginal uptrend in June 2016 while the rate of decline in imports slowed. Exports grew 1.3% y-o-y in June 2016 but the trend remains weak having declined 2% y-o-y on a 3-month moving average (3mma) basis in May 2016 compared to a fall of 4.2% y-o-y in May 2016. Imports fell by 7.3% y-o-y in June 2016 compared to a decline of 13.2% y-o-y in May 2016. On a 3mma basis, imports fell 14.9% y-o-y in June 2016 compared to a 20.5 % decline in…

After 18 months of consistent decline, exports recorded a marginal uptrend in June 2016 while the rate of decline in imports slowed. Exports grew 1.3% y-o-y in June 2016 but the trend remains weak having declined 2% y-o-y on a 3-month moving average (3mma) basis in May 2016 compared to a fall of 4.2% y-o-y in May 2016. Imports fell by 7.3% y-o-y in June 2016 compared to a decline of 13.2% y-o-y in May 2016. On a 3mma basis, imports fell 14.9% y-o-y in June 2016 compared to a 20.5 % decline in…

INDIA: Downside Risk to Rupee as Trade Data Remain Weak

Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

Thematic (Sector/Industry)

HDFC has become the first Indian issuer to a masala bond after it raised Rs30bn (US$450m) by selling a 3-year one-month maturity rupee denominated offshore bond (Rupee denominated bonds issued offshore are popularly called masala bonds, just as offshore Yuan denominated bonds are referred to as dim sum bonds; the word masala in Hindi language means spice). HDFC issued the paper at a semi-annual coupon of 7.875% for a tenure of 37 months. Prior to this only IFC had issued Rs110bn worth of…

HDFC has become the first Indian issuer to a masala bond after it raised Rs30bn (US$450m) by selling a 3-year one-month maturity rupee denominated offshore bond (Rupee denominated bonds issued offshore are popularly called masala bonds, just as offshore Yuan denominated bonds are referred to as dim sum bonds; the word masala in Hindi language means spice). HDFC issued the paper at a semi-annual coupon of 7.875% for a tenure of 37 months. Prior to this only IFC had issued Rs110bn worth of…

Masala Bond Market: HDFC Makes a Start; Ride Unlikely to Be Smooth; INR Outlook to Guide This Market

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…

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%

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Larsen &amp; Toubro Infotech (LTI) plans to raise up to US$184m in its IPO through a sell down by its parent, <a href="https://www.smartkarma.com/entities/2499" target="_blank" data-smartkarma-citation="entities:2499:1">Larsen &amp; Toubro Ltd</a>.In our earlier insight, <a href="https://www.smartkarma.com/insights/l-t-infotech-pre-ipo-review-doesn-t-stand-out-from-the-pack" target="_blank">L&amp;T Infotech Pre-IPO Review - Doesn’t Stand Out from the Pack</a>, we had a look at the company fundamentals. In this insight, we run the deal through our framework, analyse the updates from the Red Herring and comment on valuation.

Larsen &amp; Toubro Infotech (LTI) plans to raise up to US$184m in its IPO through a sell down by its parent, Larsen &amp; Toubro Ltd.In our earlier insight, L&amp;T Infotech Pre-IPO Review - Doesn’t Stand Out from the Pack, we had a look at the company fundamentals. In this insight, we run the deal through our framework, analyse the updates from the Red Herring and comment on valuation. 

L&T Infotech IPO - Inexpensive but Unexciting

As the global financial markets grapple with the decision taken by the UK to exit the EU, it is clear that the question of future referendums in other member countries and potential exits will likely dominate the headlines in the coming months. The Indian economy has seen its total exports decline for 18 straight months, hurt by an overvalued exchange rate as well as a weak global economy. The uncertainty that will likely unfold in the major EU countries and especially the Eurozone (EZ) will add…

As the global financial markets grapple with the decision taken by the UK to exit the EU, it is clear that the question of future referendums in other member countries and potential exits will likely dominate the headlines in the coming months. The Indian economy has seen its total exports decline for 18 straight months, hurt by an overvalued exchange rate as well as a weak global economy. The uncertainty that will likely unfold in the major EU countries and especially the Eurozone (EZ) will add…

Headwinds for India – Brexit and Its Impact Via Other Countries

India

Larsen & Toubro Ltd manufactures engineering equipment, undertakes large scale engineering projects, and acts as the Indian representative for a number of overseas manufacturers of heavy machinery. The Company's products include bulldozers, road rollers, dairy machinery, chemical and pharmaceutical plants, switchgears, food processing machinery and feed milling plants.

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Larsen & Toubro (LT IN)

INDIA: Downside Risk to Rupee as Trade Data Remain Weak

After 18 months of consistent decline, exports recorded a marginal uptrend in June 2016 while the rate of decline in imports slowed. Exports grew...

Rajan Govil

Masala Bond Market: HDFC Makes a Start; Ride Unlikely to Be Smooth; INR Outlook to Guide This Market

HDFC has become the first Indian issuer to a masala bond after it raised Rs30bn (US$450m) by selling a 3-year one-month maturity rupee denominated...

Asia Advisors

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

L&T Infotech IPO - Inexpensive but Unexciting

Larsen & Toubro Infotech (LTI) plans to raise up to US$184m in its IPO through a sell down by its parent, Larsen & Toubro Ltd.In our...

Sumeet Singh

Headwinds for India – Brexit and Its Impact Via Other Countries

As the global financial markets grapple with the decision taken by the UK to exit the EU, it is clear that the question of future referendums in...

Rajan Govil

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