Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

Average loan growth for India's banks is now at unprecedented low levels: 0.3% as at December 2016 compared with March 2016. The figures have been coming down for some time, and suggest to that the cycle remains poor. Economists like to argue about loan growth begetting GDP growth, or GDP growth begetting loan growth; it’s probably a bit of both depending on where we are in the cycle. But the reality is that companies are not getting credit, with demand a more likely driver than supply.India…

Average loan growth for India's banks is now at unprecedented low levels: 0.3% as at December 2016 compared with March 2016. The figures have been coming down for some time, and suggest to that the cycle remains poor. Economists like to argue about loan growth begetting GDP growth, or GDP growth begetting loan growth; it’s probably a bit of both depending on where we are in the cycle. But the reality is that companies are not getting credit, with demand a more likely driver than supply.India…

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

Event-Driven

Multi Commodity Exchange of India / Event-Driven

Multi Commodity Exchange of India (MCX IN)

<ul>
<li>NSE launched GOLD10G, a SEBI-approved 10-gram gold futures contract with compulsory delivery, on March 16, 2026, directly targeting retail participants underserved by MCX's larger lot structures.</li>
<li>MCX controls ~98% of India's commodity futures market and 100% of precious metals derivatives. NSE's entry is the most credible structural challenge to that dominance  of MCX's existence.</li>
<li>MCX's smaller gold contracts already suffer from thin liquidity; NSE's GOLD10G targets the same retail gap. </li>
</ul>


NSE launched GOLD10G, a SEBI-approved 10-gram gold futures contract with compulsory delivery, on March 16, 2026, directly targeting retail participants underserved by MCX's larger lot structures.
MCX controls ~98% of India's commodity futures market and 100% of precious metals derivatives. NSE's entry is the most credible structural challenge to that dominance  of MCX's existence.
MCX's smaller gold contracts already suffer from thin liquidity; NSE's GOLD10G targets the same retail gap. 


NSE's GOLD10G: A Structural Crack in MCX's Bullion Kingdom

Equity Bottom-Up

Metropolitan Stock Exchange of India / Equity Bottom-Up

Metropolitan Stock Exchange of India (MSEI IN)

<ul>
<li>MSEI is a SEBI-approved stock exchange that provides an electronic trading platform for equities, derivatives, currency, and debt instruments, aiming to offer an alternative to NSE and BSE.</li>
<li>After decades of near-monopoly by NSE and BSE, MSEI’s structured liquidity push could catalyze deeper competition, improved spreads and innovation in Indian capital markets.</li>
<li>MSEI’s revival is a meaningful competitive experiment; structural sustainability over months matters far more than short-term sentiment rallies.</li>
</ul>


MSEI is a SEBI-approved stock exchange that provides an electronic trading platform for equities, derivatives, currency, and debt instruments, aiming to offer an alternative to NSE and BSE.
After decades of near-monopoly by NSE and BSE, MSEI’s structured liquidity push could catalyze deeper competition, improved spreads and innovation in Indian capital markets.
MSEI’s revival is a meaningful competitive experiment; structural sustainability over months matters far more than short-term sentiment rallies.


Can MSEI Become India’s Third Major Stock Exchange Amid NSE-BSE Dominance?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

National Securities Depository / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-securities-depository-ltd-nsdl" target="_blank" data-smartkarma-citation="entities:39939:1" rel="noopener">NSDL (NSDL IN)</a> raised around US$460m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



NSDL (NSDL IN) raised around US$460m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.
It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: NSDL IPO Lockup - US$1.6bn Lockup Release with Most Sitting on 10x Gains

Equity Capital Markets

<ul>
<li>Pine Labs raised around US$450m in its India IPO. Overall demand was weak.</li>
<li>Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>


Pine Labs raised around US$450m in its India IPO. Overall demand was weak.
Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.


India

National Stock Exchange of India Ltd. provides securities exchange and market infrastructure services. The Company offers trading, clearing-related services, market data, indexes, listings, and investor education. The company serves investors, brokers, listed companies, financial institutions, and market participants in India.

National Stock Exchange of India (NSE IN)

Price Gauge
52-week Range	0.00 - 0.00
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National Stock Exchange of India (NSE IN)

Cratering Loan Growth in India

Average loan growth for India's banks is now at unprecedented low levels: 0.3% as at December 2016 compared with March 2016. The figures have been...

Daniel Tabbush

NSE's GOLD10G: A Structural Crack in MCX's Bullion Kingdom

NSE challenges MCX's dominance in India's commodity futures market with GOLD10G, a 10-gram gold futures contract aimed at retail participants.

Nimish Maheshwari

Can MSEI Become India’s Third Major Stock Exchange Amid NSE-BSE Dominance?

MSEI aims to challenge NSE and BSE with electronic trading platform, structured liquidity push could deepen competition and drive innovation in...

Nimish Maheshwari

Aequitas: NSDL IPO Lockup - US$1.6bn Lockup Release with Most Sitting on 10x Gains

NSDL (NSDL IN) raised around US$460m in its India IPO. The lockup on its pre-IPO investors is set to expire soon, who are all sitting on at least...

Sumeet Singh

Pine Labs IPO Trading - Low/No Demand

Pine Labs raised around US$450m in its India IPO. Overall demand was weak. In this note we talk about the trading dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Cratering Loan Growth in India

Average loan growth for India's banks is now at unprecedented low levels: 0.3% as at December 2016 compared with March 2016. The figures have been...

Daniel Tabbush

NSE's GOLD10G: A Structural Crack in MCX's Bullion Kingdom

​NSE challenges MCX's dominance in India's commodity futures market with GOLD10G, a 10-gram gold futures contract aimed at retail participants.

Nimish Maheshwari

Can MSEI Become India’s Third Major Stock Exchange Amid NSE-BSE Dominance?

​MSEI aims to challenge NSE and BSE with electronic trading platform, structured liquidity push could deepen competition and drive innovation in...

Nimish Maheshwari

Aequitas: NSDL IPO Lockup - US$1.6bn Lockup Release with Most Sitting on 10x Gains

NSDL (NSDL IN) raised around US$460m in its India IPO. The lockup on its pre-IPO investors is set to expire soon, who are all sitting on at least...

Sumeet Singh

Pine Labs IPO Trading - Low/No Demand

Pine Labs raised around US$450m in its India IPO. Overall demand was weak. In this note we talk about the trading dynamics.

Sumeet Singh

NSE challenges MCX's dominance in India's commodity futures market with GOLD10G, a 10-gram gold futures contract aimed at retail participants.

MSEI aims to challenge NSE and BSE with electronic trading platform, structured liquidity push could deepen competition and drive innovation in...