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.

Equity Capital Markets

Aadhar Housing Finance / Equity Capital Markets

<ul>
<li>Aadhar Housing Finance (AHF) is now looking to raise around US$600m in its India IPO, via selling a mix of primary and secondary shares.</li>
<li>AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.</li>
<li>In this note, we look at the updates from the company’s recent filings.</li>
</ul>


Aadhar Housing Finance (AHF) is now looking to raise around US$600m in its India IPO, via selling a mix of primary and secondary shares.
AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.
In this note, we look at the updates from the company’s recent filings.


Aadhar Housing Finance Pre-IPO - Refiling Updates - Growth Picking Up

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.</li>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the NIFTY 50 and NIFTY Next 50 indices in the September 2024 rebalance.</li>
<li>There could be at least one change for NIFTY 50 and separately, there could be up to five changes for NIFTY Next 50.</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
In this insight, we take a look at the names leading the race to become ADDs/DELs for the NIFTY 50 and NIFTY Next 50 indices in the September 2024 rebalance.
There could be at least one change for NIFTY 50 and separately, there could be up to five changes for NIFTY Next 50.


Quiddity Leaderboard NIFTY Sep 24: Multiple Names Eligible for NIFTY 50 Addition

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

Equity Bottom-Up

<ul>
<li>Our popular, text-only weekly is back, hopefully in an improved version, and aims to be more consistent throughout this financial year.</li>
<li>The market structure and momentum seem to be positive. Upcoming earnings season and elections are likely to be key drivers going forward.</li>
<li>Stocks discussed include <a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">Bajaj Finance Ltd (BAF IN)</a>, <a href="https://www.smartkarma.com/entities/sbi-cards-payment-services-limited" target="_blank" data-smartkarma-citation="entities:28662:1" rel="noopener">SBI Cards &amp; Payment Services (SBICARD IN)</a>, <a href="https://www.smartkarma.com/entities/honasa-consumer-ltd" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Honasa Consumer (HONASA IN)</a> and <a href="https://www.smartkarma.com/entities/delta-corp-ltd" target="_blank" data-smartkarma-citation="entities:4627:1" rel="noopener">Delta Corp Ltd (DELTA IN)</a> </li>
</ul>


Our popular, text-only weekly is back, hopefully in an improved version, and aims to be more consistent throughout this financial year.
The market structure and momentum seem to be positive. Upcoming earnings season and elections are likely to be key drivers going forward.
Stocks discussed include Bajaj Finance Ltd (BAF IN), SBI Cards &amp; Payment Services (SBICARD IN), Honasa Consumer (HONASA IN) and Delta Corp Ltd (DELTA IN) 


[#20] Namaste India 🙏 | Bajaj Finance's Catch Up

<ul>
<li>We screen our coverage universe for earnings disappointments, EPS downgrades, and management narratives to identify fundamental shorts.</li>
<li>Stocks in focus include <a href="https://www.smartkarma.com/entities/sbi-cards-payment-services-limited" target="_blank" data-smartkarma-citation="entities:28662:1" rel="noopener">SBI Cards &amp; Payment Services (SBICARD IN)</a> , <a href="https://www.smartkarma.com/entities/pvr-inox-limited" target="_blank" data-smartkarma-citation="entities:10144:1" rel="noopener">Pvr Inox (PVRINOX IN)</a>, and <a href="https://www.smartkarma.com/entities/escorts-kubota-ltd" target="_blank" data-smartkarma-citation="entities:6773:1" rel="noopener">Escorts Kubota Limited (ESCORTS IN)</a>. </li>
<li>Credit Cost for SBI is expected to remain elevated, PVR management seems to be misreading consumer preferences, and Macro uncertainties cloud ESCORTS.</li>
</ul>


We screen our coverage universe for earnings disappointments, EPS downgrades, and management narratives to identify fundamental shorts.
Stocks in focus include SBI Cards &amp; Payment Services (SBICARD IN) , Pvr Inox (PVRINOX IN), and Escorts Kubota Limited (ESCORTS IN). 
Credit Cost for SBI is expected to remain elevated, PVR management seems to be misreading consumer preferences, and Macro uncertainties cloud ESCORTS.


Fundamental Shorts - SBI Cards | PVR Inox | Escorts Kubota

Index Rebalance

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the June 2024 index rebal event.</li>
<li>As things stand, there could be one index change for the SENSEX index. </li>
<li>There could be four ADDs/DELs for the BSE 100 index and four ADDs/DELs for the BSE 200 index.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the June 2024 index rebal event.
As things stand, there could be one index change for the SENSEX index. 
There could be four ADDs/DELs for the BSE 100 index and four ADDs/DELs for the BSE 200 index.


Quiddity Leaderboard BSE/​​​​SENSEX Jun 24: Wipro SENSEX Deletion Possible

India

SBI Card is an Indian non-banking financial company that specializes in issuing credit cards and providing related payment services to individual and corporate customers. It offers a diverse portfolio of credit cards, including lifestyle, rewards, travel & fuel, and banking partnership cards, along with corporate card solutions. The company was founded in 1998 as a joint venture and is headquartered in Gurugram, India.

Price Gauge
52-week Range	0.00 - 0.00
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SBI Card (SBICARD IN)

Aadhar Housing Finance Pre-IPO - Refiling Updates - Growth Picking Up

As per media reports, Aadhar Housing Finance is likely to launch its IPO in mid-May with an aim of raising around US$600m.

Sumeet Singh

Quiddity Leaderboard NIFTY Sep 24: Multiple Names Eligible for NIFTY 50 Addition

For NIFTY 50, the top-ranked potential ADD and DEL are Trent Ltd and LTIMindtree respectively. I expect there to be at least one NIFTY 50 change in...

Janaghan Jeyakumar, CFA

[#20] Namaste India 🙏 | Bajaj Finance's Catch Up

Text-only weekly returning with improvements, Stocks discussed include Bajaj Finance, SBI Cards, Honasa Consumer, and Delta Corp.

Pranav Bhavsar

Fundamental Shorts - SBI Cards | PVR Inox | Escorts Kubota

This Insight highlights fundamental shorts identified in our coverage universe including SBI Cards, Pvr Inox, and Escorts Kubota.

Pranav Bhavsar

Quiddity Leaderboard BSE/SENSEX Jun 24: Wipro SENSEX Deletion Possible

Wipro could be deleted from the SENSEX index in June 2024 and Coal India could become the replacement. There could be around three days of volume...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aadhar Housing Finance Pre-IPO - Refiling Updates - Growth Picking Up

As per media reports, Aadhar Housing Finance is likely to launch its IPO in mid-May with an aim of raising around US$600m.

Sumeet Singh

Quiddity Leaderboard NIFTY Sep 24: Multiple Names Eligible for NIFTY 50 Addition

For NIFTY 50, the top-ranked potential ADD and DEL are Trent Ltd and LTIMindtree respectively. I expect there to be at least one NIFTY 50 change in...

Janaghan Jeyakumar, CFA

[#20] Namaste India 🙏 | Bajaj Finance's Catch Up

​Text-only weekly returning with improvements, Stocks discussed include Bajaj Finance, SBI Cards, Honasa Consumer, and Delta Corp.

Pranav Bhavsar

Fundamental Shorts - SBI Cards | PVR Inox | Escorts Kubota

This Insight highlights ​fundamental shorts identified in our coverage universe including SBI Cards, Pvr Inox, and Escorts Kubota.

Pranav Bhavsar

Quiddity Leaderboard BSE/​​​​SENSEX Jun 24: Wipro SENSEX Deletion Possible

Wipro could be deleted from the SENSEX index in June 2024 and Coal India could become the replacement. There could be around three days of volume...

Janaghan Jeyakumar, CFA

Text-only weekly returning with improvements, Stocks discussed include Bajaj Finance, SBI Cards, Honasa Consumer, and Delta Corp.

This Insight highlights fundamental shorts identified in our coverage universe including SBI Cards, Pvr Inox, and Escorts Kubota.

Quiddity Leaderboard BSE/SENSEX Jun 24: Wipro SENSEX Deletion Possible