Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>After long-drawn-out underperformance, Indian equities are looking interesting again. Cyclically improving growth, stabilizing currency on the back of several trade deals, policy focus on infrastructure and advanced manufacturing are converging.</li>
<li>High frequency data reveals growth acceleration in consumer discretionary, construction goods, automobiles, electrical goods, base metals. Some of these sectors are reasonably valued in relation to forecast growth and ROE.</li>
<li>We highlight 17 stocks across a range of sectors that have robustly improving earnings estimates, strong growth forecasts, healthy balance sheets, reasonable growth-adjusted valuations. 8 of them are large caps.</li>
</ul>


After long-drawn-out underperformance, Indian equities are looking interesting again. Cyclically improving growth, stabilizing currency on the back of several trade deals, policy focus on infrastructure and advanced manufacturing are converging.
High frequency data reveals growth acceleration in consumer discretionary, construction goods, automobiles, electrical goods, base metals. Some of these sectors are reasonably valued in relation to forecast growth and ROE.
We highlight 17 stocks across a range of sectors that have robustly improving earnings estimates, strong growth forecasts, healthy balance sheets, reasonable growth-adjusted valuations. 8 of them are large caps.


Asian Equities: India - Light at the End of the Tunnel

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 Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kei-industries-ltd" target="_blank" data-smartkarma-citation="entities:6711:1" rel="noopener">KEI Industries (KEII IN)</a> is a vertically-integrated wires and cables manufacturer with a diversified portfolio spanning low, medium and extra-high-voltage cables, house wires, stainless steel wires and turnkey EPC solutions.</li>
<li>It operates in three segments- Cable and wire (C&amp;W), stainless steel wire and Engineering, Procurement and Construction (EPC) segment, selling products both domestically as well as in global markets.</li>
<li>It sports a market capitalization of US$4.3bn and ADTV of ~US$11.4m. In this note, we will talk about the company’s past performance and future prospects.</li>
</ul>



KEI Industries (KEII IN) is a vertically-integrated wires and cables manufacturer with a diversified portfolio spanning low, medium and extra-high-voltage cables, house wires, stainless steel wires and turnkey EPC solutions.
It operates in three segments- Cable and wire (C&amp;W), stainless steel wire and Engineering, Procurement and Construction (EPC) segment, selling products both domestically as well as in global markets.
It sports a market capitalization of US$4.3bn and ADTV of ~US$11.4m. In this note, we will talk about the company’s past performance and future prospects.


2026 High Conviction - KEI Industries: Growth at a Premium - And Why It Can Sustain

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

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>We spoke to cable distributors and industry experts to understand any concerns regarding industry-wide inventory levels and to gauge the current demand environment.</li>
<li>Stocks in focus include <a href="https://www.smartkarma.com/entities/polycab-india-ltd" target="_blank" data-smartkarma-citation="entities:27877:1" rel="noopener">Polycab India (POLYCAB IN)</a>; <a href="https://www.smartkarma.com/entities/kei-industries-ltd" target="_blank" data-smartkarma-citation="entities:6711:1" rel="noopener">KEI Industries (KEII IN)</a> &amp; <a href="https://www.smartkarma.com/entities/r-r-kabel" target="_blank" data-smartkarma-citation="entities:39810:1" rel="noopener">R R Kabel (2333180Z IN)</a>.  </li>
<li>Overall industry business momentum remains strong, project delays and competition warrant attention. </li>
</ul>


We spoke to cable distributors and industry experts to understand any concerns regarding industry-wide inventory levels and to gauge the current demand environment.
Stocks in focus include Polycab India (POLYCAB IN); KEI Industries (KEII IN) &amp; R R Kabel (2333180Z IN).  
Overall industry business momentum remains strong, project delays and competition warrant attention. 


Polycab India (POLYCAB IN) | Inventory, Demand Environment & Competition

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

<ul>
<li>Impending block deals which generally create supply over-hang on the stock leads to a negative impact on the stock</li>
<li>These block deals generally include selling promoters and big funds at a price discount to its current market price</li>
<li>Historically, such events suggest once the block deal is done; stock reacts positively creating a Special Situation Opportunity</li>
</ul>


Impending block deals which generally create supply over-hang on the stock leads to a negative impact on the stock
These block deals generally include selling promoters and big funds at a price discount to its current market price
Historically, such events suggest once the block deal is done; stock reacts positively creating a Special Situation Opportunity


RR Kabel: Block Deal Trade Special Situations and Tactical Trade Strategy

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

<ul>
<li>We see 8 stocks moving from MidCap to LargeCap, 8 stocks moving from LargeCap to MidCap, 11 stocks from SmallCap to MidCap, and 14 stocks from MidCap to SmallCap.</li>
<li>Some stocks were added to global indices last month while some could be added in February. There are potential index implications for the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a> and <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> too.</li>
<li>The upward migrations have continued to outperform the downward migrations. The largest recent outperformance has come from stocks expected to move from the Mid Cap to the Large Cap segment.</li>
</ul>


We see 8 stocks moving from MidCap to LargeCap, 8 stocks moving from LargeCap to MidCap, 11 stocks from SmallCap to MidCap, and 14 stocks from MidCap to SmallCap.
Some stocks were added to global indices last month while some could be added in February. There are potential index implications for the NIFTY Index and Nifty Next 50 Index too.
The upward migrations have continued to outperform the downward migrations. The largest recent outperformance has come from stocks expected to move from the Mid Cap to the Large Cap segment.


AMFI Stock Reclassification Preview (Dec 2023): MidCap to LargeCap Migrations Outperforming

India

RR Kabel manufactures a wide range of electrical components, including wires, cables, switches, fans, lighting, and switchgears for residential, commercial, industrial, and infrastructure projects. The company is part of RR Global, a conglomerate in the electrical sector. RR Kabel was founded in 1995 and is headquartered in Mumbai, India.

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

RR Kabel (RRKABEL IN)

Asian Equities: India - Light at the End of the Tunnel

Indian equities are rebounding with improving growth, stabilizing INR & policy focus on infra & mfg. Grth acceleration in cons durables, autos,...

Manishi Raychaudhuri

2026 High Conviction - KEI Industries: Growth at a Premium - And Why It Can Sustain

KEI Industries is a leading Indian manufacturer of electrical wires and cables with a global presence, offering comprehensive power cable solutions...

Akshat Shah

Polycab India (POLYCAB IN) | Inventory, Demand Environment & Competition

This insight focuses on stocks like Polycab India, KEI Industries, and R R Kabel. Despite strong momentum, project delays and competition are key...

Pranav Bhavsar

RR Kabel: Block Deal Trade Special Situations and Tactical Trade Strategy

Block deals creating supply over-hang on stock initially have a negative impact, but historically lead to a special situation opportunity as stock...

Nimish Maheshwari

AMFI Stock Reclassification Preview (Dec 2023): MidCap to LargeCap Migrations Outperforming

We see 41 stocks migrating between different market cap segments in Jan. A lot of stocks will have passive flows from NIFTY, NIFTYJR and global...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: India - Light at the End of the Tunnel

​Indian equities are rebounding with improving growth, stabilizing INR & policy focus on infra & mfg. Grth acceleration in cons durables, autos,...

Manishi Raychaudhuri

2026 High Conviction - KEI Industries: Growth at a Premium - And Why It Can Sustain

KEI Industries is a leading Indian manufacturer of electrical wires and cables with a global presence, offering comprehensive power cable solutions...

Akshat Shah

Polycab India (POLYCAB IN) | Inventory, Demand Environment & Competition

This insight focuses on stocks like Polycab India, KEI Industries, and R R Kabel. Despite strong momentum, project delays and competition are key...

Pranav Bhavsar

RR Kabel: Block Deal Trade Special Situations and Tactical Trade Strategy

​Block deals creating supply over-hang on stock initially have a negative impact, but historically lead to a special situation opportunity as stock...

Nimish Maheshwari

AMFI Stock Reclassification Preview (Dec 2023): MidCap to LargeCap Migrations Outperforming

We see 41 stocks migrating between different market cap segments in Jan. A lot of stocks will have passive flows from NIFTY, NIFTYJR and global...

Brian Freitas

Indian equities are rebounding with improving growth, stabilizing INR & policy focus on infra & mfg. Grth acceleration in cons durables, autos,...

Block deals creating supply over-hang on stock initially have a negative impact, but historically lead to a special situation opportunity as stock...