Ex-Buyside Principal, now doing Independent Secondary Research on Indian Equities

Pawan Sachdeva

Thematic (Sector/Industry)

This work has been done to look at:<ol><li>How finances of state of Karnataka have moved over last decade ?</li><li>Detailed Break Up of Revenue, Expenditure, Capital Expenditure and subsidies  </li><li>Key Budget Comments on Drinking Water, Energy etc.</li></ol>Who will have have interest in reading this presentation<ul><li>Some one who follows Indian Economy</li><li>Some one looking at Karnataka State as “area of operation” in any field.</li></ul>

This work has been done to look at:How finances of state of Karnataka have moved over last decade ?Detailed Break Up of Revenue, Expenditure, Capital Expenditure and subsidies  Key Budget Comments on Drinking Water, Energy etc.Who will have have interest in reading this presentationSome one who follows Indian EconomySome one looking at Karnataka State as “area of operation” in any field.

A close look at the Financials and Budget of Karnataka State

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

Clean Max Enviro Energy Solutions / Equity Capital Markets

Clean Max Enviro Energy Solutions (CLEANMAX IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cleanmax-enviro-energy-solutions-ltd" target="_blank" data-smartkarma-citation="entities:45702:1" rel="noopener">CleanMax Enviro Energy Solutions Ltd (8382406Z IN)</a> (CEESL) is looking to raise US$586m in its upcoming India IPO.</li>
<li>CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



CleanMax Enviro Energy Solutions Ltd (8382406Z IN) (CEESL) is looking to raise US$586m in its upcoming India IPO.
CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
In this note, we talk about the positive aspects of the deal.


CleanMax Enviro Energy Solutions Pre-IPO- The Positives- Scalable Growth with Strong Market Position

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>RBL has initiated a clean-up act in 3Q amid rising delinquencies in the MFI portfolio due to imposition of MFIN guardrails, in addition to elevated, though moderating, stress in the card portfolio due to breakup from BAF, leading to higher provisions and thus PBT loss at Rs1.9bn.</li><li>However, RBL benefited from tax reversal and thus reported negligible PAT at Rs0.3bn.</li><li>It posted MoM improvement in MFI X bucket collection efficiency at 98.4%, and expects stress to largely peak-out (3+ lenders @19-20%) by 4Q.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

RBL has initiated a clean-up act in 3Q amid rising delinquencies in the MFI portfolio due to imposition of MFIN guardrails, in addition to elevated, though moderating, stress in the card portfolio due to breakup from BAF, leading to higher provisions and thus PBT loss at Rs1.9bn.However, RBL benefited from tax reversal and thus reported negligible PAT at Rs0.3bn.It posted MoM improvement in MFI X bucket collection efficiency at 98.4%, and expects stress to largely peak-out (3+ lenders @19-20%) by 4Q.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

RBL Bank - A Clean up Act in 3Q; to Continue in 4Q

<ul><li>The RBL-BFL card partnership, already on a planned scale-down path, has finally ended.</li><li>The bank will manage the portfolio independently with a tail spend-based fees to be shared for some time with BFL.</li><li>Bank will gradually ramp-up card acquisition via organic and other partnerships and expects to reach the previous run-rate by early next year.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The RBL-BFL card partnership, already on a planned scale-down path, has finally ended.The bank will manage the portfolio independently with a tail spend-based fees to be shared for some time with BFL.Bank will gradually ramp-up card acquisition via organic and other partnerships and expects to reach the previous run-rate by early next year.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

RBL Bank - BFL Co-Branded Partnership Ends

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>RBL Bank (RBK) and Bajaj Finance Limited (BFL) have mutually decided to stop the issuance of new co-branded credit cards.</li><li>The partnership with BFL has sourced 3.4m co-branded cards and these cards will continue to operate as usual, with cardholders retaining full benefits.</li><li>Upon renewal, these cards will be reissued as RBK-branded credit cards.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

RBL Bank (RBK) and Bajaj Finance Limited (BFL) have mutually decided to stop the issuance of new co-branded credit cards.The partnership with BFL has sourced 3.4m co-branded cards and these cards will continue to operate as usual, with cardholders retaining full benefits.Upon renewal, these cards will be reissued as RBK-branded credit cards.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

RBL Bank - RBK and BFL Mutually End Co-Branded Credit Card Partnership

India

RBL Bank is an Indian private sector bank that provides a comprehensive range of banking and financial services to retail, corporate, and institutional customers. Its offerings include savings and current accounts, fixed deposits, credit cards, loans, investments, and digital banking solutions. The bank was founded in 1943 and is headquartered in Mumbai, India.

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RBL Bank (RBK IN)

A close look at the Financials and Budget of Karnataka State

This work has been done to look at: How finances of state of Karnataka have moved over last decade ? Detailed Break Up of Revenue, Expenditure,...

Pawan Sachdeva

CleanMax Enviro Energy Solutions Pre-IPO- The Positives- Scalable Growth with Strong Market Position

CleanMax Enviro Energy Solutions Limited (CEESL) is looking to raise US$586m in its upcoming India IPO. In this note, we will talk about the...

Akshat Shah

RBL Bank - A Clean up Act in 3Q; to Continue in 4Q

We trim FY25/26E/27E earnings 33%/12%/7%, building in slower growth/higher LLP, but retain BUY; we cut TP to Rs225 (valuing at 0.8x Dec-26E ABV) vs...

Emkay

RBL Bank - BFL Co-Branded Partnership Ends

Bank will gradually ramp-up card acquisition via organic and other partnerships and expects to reach the previous run-rate by early next year.

Emkay

RBL Bank - RBK and BFL Mutually End Co-Branded Credit Card Partnership

The partnership with BFL has sourced 3.4m co-branded cards and these cards will continue to operate as usual, with cardholders retaining full...

Motilal Oswal

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