Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Global growth stocks that have significantly outperformed since the October 2023 lows are starting to pull back, and we believe a continued pause/pullback is likely in these growth areas.</li>
<li>Meanwhile, we are seeing a clear shift into value and defensives, and we recommend adding exposure to these areas. This type of Sector rotation is common during bull markets.</li>
<li>Major supports continue to hold, including $98-99 on MSCI ACWI (ACWI-US), 4600 on the S&amp;P 500, 4400 on the EURO STOXX 50, and 2300 on the TOPIX</li>
</ul>


Global growth stocks that have significantly outperformed since the October 2023 lows are starting to pull back, and we believe a continued pause/pullback is likely in these growth areas.
Meanwhile, we are seeing a clear shift into value and defensives, and we recommend adding exposure to these areas. This type of Sector rotation is common during bull markets.
Major supports continue to hold, including $98-99 on MSCI ACWI (ACWI-US), 4600 on the S&amp;P 500, 4400 on the EURO STOXX 50, and 2300 on the TOPIX


Buys Within Global Energy, Health Care, and Utilities; Bullish Outlook Intact on Global Equities

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indo-mim-ltd" target="_blank" data-smartkarma-citation="entities:45956:1" rel="noopener">Indo-MIM Ltd (1666551D IN)</a> raised about US$395m in its India IPO. IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding (MIM) technology. </li>
<li>IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Indo-MIM Ltd (1666551D IN) raised about US$395m in its India IPO. IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding (MIM) technology. 
IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Indo-MIM IPO Trading - Strong Overall Demand

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

Equity Bottom-Up

<ul>
<li>Sudeep Pharma, a mineral excipients and speciality ingredients maker, delivered FY26 revenue of INR 642.3 crore and PAT of INR 174.3 crore, though EBITDA margin declined.</li>
<li>Specialty Ingredients now contributes 44% of revenue, while Nandesari expansion, NSS Europe integration and Dahej battery-materials plant create the next growth levers.</li>
<li>Future performance depends on margin recovery, working-capital control, faster customer approvals at Nandesari and execution of the INR 300 crore battery materials project.</li>
</ul>


Sudeep Pharma, a mineral excipients and speciality ingredients maker, delivered FY26 revenue of INR 642.3 crore and PAT of INR 174.3 crore, though EBITDA margin declined.
Specialty Ingredients now contributes 44% of revenue, while Nandesari expansion, NSS Europe integration and Dahej battery-materials plant create the next growth levers.
Future performance depends on margin recovery, working-capital control, faster customer approvals at Nandesari and execution of the INR 300 crore battery materials project.


Sudeep Pharma: Building From Specialty Ingredients to Battery Materials

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Manipal Health Enterprises Ltd / Equity Capital Markets

Manipal Health Enterprises Ltd (1217834D IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/manipal-health-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:48013:1" rel="noopener">Manipal Health Enterprises</a> (MHEL) is looking to raise about US$1bn in its upcoming India IPO. </li>
<li>MHEL operates a pan‑India network of multispecialty hospitals delivering a range of care services, from outpatient services to complex tertiary and quaternary interventions.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Manipal Health Enterprises (MHEL) is looking to raise about US$1bn in its upcoming India IPO. 
MHEL operates a pan‑India network of multispecialty hospitals delivering a range of care services, from outpatient services to complex tertiary and quaternary interventions.
In this note, we talk about the not-so-positive aspects of the deal.


Aequitas: Manipal Hospitals Pre-IPO - The Negatives - Growth Mostly Via Acquisitons

<ul>
<li>
<a href="https://www.smartkarma.com/entities/manipal-health-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:48013:1" rel="noopener">Manipal Health</a> (MHEL) is looking to raise about US$1bn in its upcoming India IPO. </li>
<li>MHEL operates a pan‑India network of multispecialty hospitals delivering a range of care services, from outpatient services to complex tertiary and quaternary interventions.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Manipal Health (MHEL) is looking to raise about US$1bn in its upcoming India IPO. 
MHEL operates a pan‑India network of multispecialty hospitals delivering a range of care services, from outpatient services to complex tertiary and quaternary interventions.
In this note, we talk about the positive aspects of the deal.


Aequitas: Manipal Hospitals Pre-IPO - The Positives - Strong Earnings Growth

India

Mankind Pharma is an Indian multinational pharmaceutical and healthcare company that develops, manufactures, and markets a diverse range of pharmaceutical formulations across various therapeutic areas, including anti-infectives, cardiovascular, gastrointestinal, and dermatology. The company also offers consumer healthcare products such as condoms, pregnancy test kits, and emergency contraceptives. It is headquartered in New Delhi, India, and was founded in 1991, with active operations commencing in 1995.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Dividend (Yield)	0.00

Mankind Pharma (MANKIND IN)

Buys Within Global Energy, Health Care, and Utilities; Bullish Outlook Intact on Global Equities

Seeing a clear shift into value and defensives, and we recommend adding exposure to these areas globally. Constructive if supports hold: $98-99 on...

Vermilion Research

Aequitas: Indo-MIM IPO Trading - Strong Overall Demand

Indo-MIM Ltd (IML) raised about US$395m in its India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

Sudeep Pharma: Building From Specialty Ingredients to Battery Materials

Sudeep Pharma reports strong FY26 revenue and PAT, with focus on specialty ingredients and growth levers for the future. Margin recovery and...

Sudarshan Bhandari

Aequitas: Manipal Hospitals Pre-IPO - The Negatives - Growth Mostly Via Acquisitons

Manipal Health Enterprises (MHEL) is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the not-so-positive...

Sumeet Singh

Aequitas: Manipal Hospitals Pre-IPO - The Positives - Strong Earnings Growth

Manipal Health (MHEL) is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Buys Within Global Energy, Health Care, and Utilities; Bullish Outlook Intact on Global Equities

Seeing a clear shift into value and defensives, and we recommend adding exposure to these areas globally. Constructive if supports hold: $98-99 on...

Vermilion Research

Aequitas: Indo-MIM IPO Trading - Strong Overall Demand

Indo-MIM Ltd (IML) raised about US$395m in its India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

Sudeep Pharma: Building From Specialty Ingredients to Battery Materials

​Sudeep Pharma reports strong FY26 revenue and PAT, with focus on specialty ingredients and growth levers for the future. Margin recovery and...

Sudarshan Bhandari

Aequitas: Manipal Hospitals Pre-IPO - The Negatives - Growth Mostly Via Acquisitons

Manipal Health Enterprises (MHEL) is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the not-so-positive...

Sumeet Singh

Aequitas: Manipal Hospitals Pre-IPO - The Positives - Strong Earnings Growth

Manipal Health (MHEL) is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Sudeep Pharma reports strong FY26 revenue and PAT, with focus on specialty ingredients and growth levers for the future. Margin recovery and...