Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>So far, global markets remain optimistic that the damage from the war in Iran will be repaired relatively soon; however, that will change as the war enters its second month.</li>
<li>Asian countries are highly dependent on oil and gas shipments from the Middle East, with airlines, petrochemical companies, and gas distribution companies all negatively affected.</li>
<li>Iran now controls when the flow of energy from the Middle East starts and thereby when the war stops. Gulf countries will not allow Iran to be the Straits gatekeeper.</li>
</ul>


So far, global markets remain optimistic that the damage from the war in Iran will be repaired relatively soon; however, that will change as the war enters its second month.
Asian countries are highly dependent on oil and gas shipments from the Middle East, with airlines, petrochemical companies, and gas distribution companies all negatively affected.
Iran now controls when the flow of energy from the Middle East starts and thereby when the war stops. Gulf countries will not allow Iran to be the Straits gatekeeper.


OIL: When a Short-Term Spike Becomes Long-Term Reality

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

Thematic (Sector/Industry)

<ul>
<li>Middle East tensions have increased the risk of Brent crude moving toward USD 85-90 per barrel in the near term.</li>
<li>For India, every USD 10 rise in crude can add around 30 bps to inflation and widen the current account deficit.</li>
<li>The impact will vary by sector. Upstream oil companies benefit, while oil-intensive sectors face margin pressure if prices stay elevated.</li>
</ul>


Middle East tensions have increased the risk of Brent crude moving toward USD 85-90 per barrel in the near term.
For India, every USD 10 rise in crude can add around 30 bps to inflation and widen the current account deficit.
The impact will vary by sector. Upstream oil companies benefit, while oil-intensive sectors face margin pressure if prices stay elevated.


Event Driven- Middle East Volatility: How Indian Sectors Respond to Higher Crude

<ul>
<li>India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.</li>
<li>The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.</li>
<li>If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.</li>
</ul>


India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.
The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.
If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.


Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Natural gas may be brought under GST at 18%, replacing fragmented state taxes and excise duties.</li>
<li>Uniform GST boosts cost efficiency, increases gas competitiveness, and benefits companies’ margins.</li>
<li>A simpler, uniform tax regime accelerates natural gas adoption, driving long-term industry growth and profitability.</li>
</ul>


Natural gas may be brought under GST at 18%, replacing fragmented state taxes and excise duties.
Uniform GST boosts cost efficiency, increases gas competitiveness, and benefits companies’ margins.
A simpler, uniform tax regime accelerates natural gas adoption, driving long-term industry growth and profitability.


Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

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

<ul>
<li>Shares of city gas distribution players such as MAHGL, IGL, GUJGA and IRMENERG are down in the last one month.</li>
<li>This comes after the government's decision to reduce APM gas allocation towards CNG from 70% to 50%. </li>
<li>MAHGL, IGL due to high concentration towards CNG would be most impacted and would need price hikes. GUJGA and IRMENERG are less exposed due to high proportion of Industrial demand.</li>
</ul>


Shares of city gas distribution players such as MAHGL, IGL, GUJGA and IRMENERG are down in the last one month.
This comes after the government's decision to reduce APM gas allocation towards CNG from 70% to 50%. 
MAHGL, IGL due to high concentration towards CNG would be most impacted and would need price hikes. GUJGA and IRMENERG are less exposed due to high proportion of Industrial demand.


CGD Allocation Reduction- Decoding the Impact

India

Mahanagar Gas Limited (MGL) is an Indian city gas distribution (CGD) company that provides clean energy solutions. It is the sole authorized distributor of Compressed Natural Gas (CNG) for vehicles and Piped Natural Gas (PNG) for domestic, commercial, and industrial use in Mumbai, its adjoining areas, and the Raigad district in Maharashtra, India. The company was founded on May 8, 1995, and is headquartered in Mumbai, Maharashtra, India.

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Mahanagar Gas (MAHGL IN)

OIL: When a Short-Term Spike Becomes Long-Term Reality

So far, global markets remain optimistic that the damage from the war in Iran will be repaired relatively soon; however, that will change as the...

David Mudd

Event Driven- Middle East Volatility: How Indian Sectors Respond to Higher Crude

Middle East tensions may push Brent crude towards $85-90/barrel, posing inflation and current account deficit risks for India, with varying...

Sudarshan Bhandari

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

Impact of Bringing Natural Gas Under GST

Proposed inclusion of natural gas in GST at 18% could enhance cost efficiency, competitiveness, and industry growth due to higher demand.

Nimish Maheshwari

CGD Allocation Reduction- Decoding the Impact

Shares of CGD players are down due to government reducing APM gas allocation for CNG, impacting MAHGL and IGL the most while GUJGA and IRMENERG...

Nitin Mangal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

OIL: When a Short-Term Spike Becomes Long-Term Reality

So far, global markets remain optimistic that the damage from the war in Iran will be repaired relatively soon; however, that will change as the...

David Mudd

Event Driven- Middle East Volatility: How Indian Sectors Respond to Higher Crude

​Middle East tensions may push Brent crude towards $85-90/barrel, posing inflation and current account deficit risks for India, with varying...

Sudarshan Bhandari

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

​India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

Impact of Bringing Natural Gas Under GST

​Proposed inclusion of natural gas in GST at 18% could enhance cost efficiency, competitiveness, and industry growth due to higher demand.

Nimish Maheshwari

CGD Allocation Reduction- Decoding the Impact

​Shares of CGD players are down due to government reducing APM gas allocation for CNG, impacting MAHGL and IGL the most while GUJGA and IRMENERG...

Nitin Mangal

Middle East tensions may push Brent crude towards $85-90/barrel, posing inflation and current account deficit risks for India, with varying...

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Proposed inclusion of natural gas in GST at 18% could enhance cost efficiency, competitiveness, and industry growth due to higher demand.

Shares of CGD players are down due to government reducing APM gas allocation for CNG, impacting MAHGL and IGL the most while GUJGA and IRMENERG...