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>GIPCL is executing a 2,375 MW renewable energy park at Khavda, marking a major shift from thermal to green energy. </li>
<li>This transition is expected to improve EBITDA margins through lower operating costs and recurring O&amp;M income. </li>
<li>The shift enhances long-term visibility and positions GIPCL as a key player in Gujarat’s clean energy future, boosting investor confidence.</li>
</ul>


GIPCL is executing a 2,375 MW renewable energy park at Khavda, marking a major shift from thermal to green energy. 
This transition is expected to improve EBITDA margins through lower operating costs and recurring O&amp;M income. 
The shift enhances long-term visibility and positions GIPCL as a key player in Gujarat’s clean energy future, boosting investor confidence.


The Beat Ideas: GIPCL's Strategic Shift - A New Dawn for Gujarat's Energy Sector

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

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> is looking to raise about US$255m in its upcoming India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a>, <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index</a>, <a href="https://www.smartkarma.com/entities/nse-nifty-bank-index" target="_blank" data-smartkarma-citation="entities:26811:1" rel="noopener">Nifty Bank Index</a>, <a href="https://www.smartkarma.com/entities/nifty-it-index" target="_blank" data-smartkarma-citation="entities:36059:1" rel="noopener">Nifty IT Index</a>, Nifty Midcap 150 Index, Nifty100 Low Volatility30 Index and the <a href="https://www.smartkarma.com/entities/cpse-etf" target="_blank" data-smartkarma-citation="entities:28191:1" rel="noopener">CPSE ETF</a> rebalance at the close today.</li>
<li>The round-trip trade across the indices is US$2.6bn and there are 26 stocks with over 1 day of ADV to trade from passive trackers.</li>
<li>Stocks with the largest impact are <a href="https://www.smartkarma.com/entities/britannia-industries-ltd" target="_blank" data-smartkarma-citation="entities:16495:1" rel="noopener">Britannia Industries</a>, <a href="https://www.smartkarma.com/entities/bharat-petroleum-corp-ltd" target="_blank" data-smartkarma-citation="entities:10222:1" rel="noopener">Bharat Petroleum</a>, <a href="https://www.smartkarma.com/entities/adani-total-gas-ltd" target="_blank" data-smartkarma-citation="entities:28352:1" rel="noopener">Adani Total Gas</a>, <a href="https://www.smartkarma.com/entities/indian-hotels-co-ltd" target="_blank" data-smartkarma-citation="entities:5774:1" rel="noopener">Indian Hotels</a>, <a href="https://www.smartkarma.com/entities/jio-financial-services-limited" target="_blank" data-smartkarma-citation="entities:40042:1" rel="noopener">Jio Financial</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">IRCTC</a>, <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato</a>, <a href="https://www.smartkarma.com/entities/federal-bank-ltd" target="_blank" data-smartkarma-citation="entities:11784:1" rel="noopener">Federal Bank</a>, <a href="https://www.smartkarma.com/entities/union-bank-of-india" target="_blank" data-smartkarma-citation="entities:546:1" rel="noopener">Union Bank Of India</a> and <a href="https://www.smartkarma.com/entities/crompton-greaves-ltd" target="_blank" data-smartkarma-citation="entities:6248:1" rel="noopener">Crompton Greaves</a>.</li>
</ul>


The NIFTY Index, Nifty Next 50 Index, Nifty Bank Index, Nifty IT Index, Nifty Midcap 150 Index, Nifty100 Low Volatility30 Index and the CPSE ETF rebalance at the close today.
The round-trip trade across the indices is US$2.6bn and there are 26 stocks with over 1 day of ADV to trade from passive trackers.
Stocks with the largest impact are Britannia Industries, Bharat Petroleum, Adani Total Gas, Indian Hotels, Jio Financial, IRCTC, Zomato, Federal Bank, Union Bank Of India and Crompton Greaves.


NIFTY Indices: Flows (Post Capping) At the Close Today; Round-Trip US$2.6bn

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> and <a href="https://www.smartkarma.com/entities/jio-financial-services-limited" target="_blank" data-smartkarma-citation="entities:40042:1" rel="noopener">Jio Financial Services (JIOFIN IN)</a>'s stock prices have taken a beating this year, but they still make it into the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> in March.</li>
<li>
<a href="https://www.smartkarma.com/entities/bharat-petroleum-corp-ltd" target="_blank" data-smartkarma-citation="entities:10222:1" rel="noopener">Bharat Petroleum (BPCL IN)</a> and <a href="https://www.smartkarma.com/entities/britannia-industries-ltd" target="_blank" data-smartkarma-citation="entities:16495:1" rel="noopener">Britannia Industries (BRIT IN)</a> will be out of the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> but will be added to the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next50 Index (NIFTYJR INDEX)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India (HYUNDAI IN)</a> will be added to a global index on 28 February and will then be added to the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next50 Index (NIFTYJR INDEX)</a> in March.</li>
</ul>



Zomato (ZOMATO IN) and Jio Financial Services (JIOFIN IN)'s stock prices have taken a beating this year, but they still make it into the NIFTY Index (NIFTY INDEX) in March.

Bharat Petroleum (BPCL IN) and Britannia Industries (BRIT IN) will be out of the NIFTY Index (NIFTY INDEX) but will be added to the NSE Nifty Next50 Index (NIFTYJR INDEX). 

Hyundai Motor India (HYUNDAI IN) will be added to a global index on 28 February and will then be added to the NSE Nifty Next50 Index (NIFTYJR INDEX) in March.


NIFTY50/NEXT50 Index Rebalance: Zomato, JioFin Slide In as BPCL, Britannia Drop Out; US$3.3bn Trade

<ul>
<li>There are 17 changes a side for the NIFTY Midcap 150 Index at the March rebalance. There are many stocks with flows from passive trackers of other indices.</li>
<li>Estimated one-way turnover is 9.2% resulting in a round-trip trade of INR 15.9bn (US$184m). With over US$40bn tracking the index actively, the impact on the stocks will be much larger.</li>
<li>There are many stocks with opposing flows from <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index</a> trackers. <a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a> will have inflows from multiple index trackers over the next month.</li>
</ul>


There are 17 changes a side for the NIFTY Midcap 150 Index at the March rebalance. There are many stocks with flows from passive trackers of other indices.
Estimated one-way turnover is 9.2% resulting in a round-trip trade of INR 15.9bn (US$184m). With over US$40bn tracking the index actively, the impact on the stocks will be much larger.
There are many stocks with opposing flows from NSE Nifty Next 50 Index trackers. Ola Electric (OLAELEC IN) will have inflows from multiple index trackers over the next month.


NIFTY MIDCAP150 Index Rebalance: 17 Changes a Side; Lots of Overlap with Other Index Flow

India

NHPC Ltd is a hydro-power development company based in India. The Company has constructed approximately 11 hydro-power projects in India and abroad with a total installed capacity of 2554.35 MW.

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NHPC (NHPC IN)

The Beat Ideas: GIPCL's Strategic Shift - A New Dawn for Gujarat's Energy Sector

GIPCL shifts to green energy with 2,375 MW renewable energy park at Khavda, improving margins and boosting investor confidence.

Sudarshan Bhandari

Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Belrise Industries Limited is looking to raise about US$252m in its upcoming India IPO. In this note, we will talk about the IPO valuations.

Akshat Shah

NIFTY Indices: Flows (Post Capping) At the Close Today; Round-Trip US$2.6bn

The March rebalance of the Nifty family of indices takes place at the close today. The round-trip trade is US$2.6bn and there are 26 stocks with...

Brian Freitas

NIFTY50/NEXT50 Index Rebalance: Zomato, JioFin Slide In as BPCL, Britannia Drop Out; US$3.3bn Trade

Zomato and JioFin have taken a beating this year but make it into the NIFTY. BPCL and Britannia have sold off and will be deleted. Hyundai India is...

Brian Freitas

NIFTY MIDCAP150 Index Rebalance: 17 Changes a Side; Lots of Overlap with Other Index Flow

There are 17 changes for the index in March. Estimated one-way turnover is 9.2% resulting in a one-way trade of INR15.9bn. There are many stocks...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Ideas: GIPCL's Strategic Shift - A New Dawn for Gujarat's Energy Sector

​GIPCL shifts to green energy with 2,375 MW renewable energy park at Khavda, improving margins and boosting investor confidence.

Sudarshan Bhandari

Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Belrise Industries Limited is looking to raise about US$252m in its upcoming India IPO. In this note, we will talk about the IPO valuations.

Akshat Shah

NIFTY Indices: Flows (Post Capping) At the Close Today; Round-Trip US$2.6bn

The March rebalance of the Nifty family of indices takes place at the close today. The round-trip trade is US$2.6bn and there are 26 stocks with...

Brian Freitas

NIFTY50/NEXT50 Index Rebalance: Zomato, JioFin Slide In as BPCL, Britannia Drop Out; US$3.3bn Trade

Zomato and JioFin have taken a beating this year but make it into the NIFTY. BPCL and Britannia have sold off and will be deleted. Hyundai India is...

Brian Freitas

NIFTY MIDCAP150 Index Rebalance: 17 Changes a Side; Lots of Overlap with Other Index Flow

There are 17 changes for the index in March. Estimated one-way turnover is 9.2% resulting in a one-way trade of INR15.9bn. There are many stocks...

Brian Freitas

GIPCL shifts to green energy with 2,375 MW renewable energy park at Khavda, improving margins and boosting investor confidence.