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>The index seems to be finding support at 19,500 for the second consecutive week. Bullish momentum could resume when we close above 19,800 on 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> .</li>
<li>Names discussed include <a href="https://www.smartkarma.com/entities/titan-co-ltd" target="_blank" data-smartkarma-citation="entities:12630:1" rel="noopener">Titan Co Ltd (TTAN IN)</a>, <a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN)</a> and <a href="https://www.smartkarma.com/entities/metro-brands" target="_blank" data-smartkarma-citation="entities:35289:1" rel="noopener">Metro Brands (METROBRA IN)</a>.  </li>
<li>We also introduce the Earnings Diary which will be part of the publication, tracking estimates and narratives around over coverage. </li>
</ul>


The index seems to be finding support at 19,500 for the second consecutive week. Bullish momentum could resume when we close above 19,800 on the NIFTY Index (NIFTY INDEX) .
Names discussed include Titan Co Ltd (TTAN IN), Maruti Suzuki India (MSIL IN) and Metro Brands (METROBRA IN).  
We also introduce the Earnings Diary which will be part of the publication, tracking estimates and narratives around over coverage. 


[Week 6] Namaste India 🙏 | TTAN's Glittery Update and Earnings Workbook

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

Sai Silk Kalamandir / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sai-silks-kalamandir-ltd" target="_blank" data-smartkarma-citation="entities:36216:1" rel="noopener">Sai Silk Kalamandir (SSKL IN)</a> is looking to raise about US$145m in its India IPO.</li>
<li>Sai Silk Kalamandir (SSK) is one of the largest retailers of ethnic apparel in South India, particularly in sarees, according to Technopak.</li>
<li>In this note, we look at the company’s past performance and provide our thoughts on valuations.</li>
</ul>



Sai Silk Kalamandir (SSKL IN) is looking to raise about US$145m in its India IPO.
Sai Silk Kalamandir (SSK) is one of the largest retailers of ethnic apparel in South India, particularly in sarees, according to Technopak.
In this note, we look at the company’s past performance and provide our thoughts on valuations.


Sai Silks Kalamandir IPO - Not Particularly Exciting but Is Relatively Cheap

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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.

Thematic (Sector/Industry)

<ul><li>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported yet another strong quarter, beating our estimates on all fronts, led by robust execution owing to a strong opening order book</li><li>EBITDA margin came in at 10.2% (-87/-155bps YoY/QoQ vs our estimate of 11.3%), impacted by the Covid-era legacy projects nearing completion (Q3FY24 should complete), partly offset by lower employee expenses and better overhead absorption</li><li>The Hyderabad metro saw ridership improving to 422k per day from 408k per day in Q4FY23</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.

Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported yet another strong quarter, beating our estimates on all fronts, led by robust execution owing to a strong opening order bookEBITDA margin came in at 10.2% (-87/-155bps YoY/QoQ vs our estimate of 11.3%), impacted by the Covid-era legacy projects nearing completion (Q3FY24 should complete), partly offset by lower employee expenses and better overhead absorptionThe Hyderabad metro saw ridership improving to 422k per day from 408k per day in Q4FY23Content 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.

HSIE Results Daily: Larsen & Toubro, Asian Paints, Tata Motors, Bajaj Auto

HSIE Results Daily: Larsen & Toubro, Asian Paints, Tata Motors

<ul><li>Our discretionary universe is expected to grow by ~15% YoY in Q1FY24</li><li>However, beneath the averages lies the rub</li><li>Excluding 3 companies the average drops to sub 10%</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.

Our discretionary universe is expected to grow by ~15% YoY in Q1FY24However, beneath the averages lies the rubExcluding 3 companies the average drops to sub 10%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.

Consumer Discretionary: Beneath the averages lies the rub

India

Shoppers Stop Ltd. operates a chain of retail shops.  The Company retails men's, women's, and children's clothing; cosmetics and skin and hair care products;  home appliances; housewares; linens; luggage; jewelry; and accessories.

Price Gauge
52-week Range	0.00 - 0.00
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Shoppers Stop (SHOP IN)

[Week 6] Namaste India 🙏 | TTAN's Glittery Update and Earnings Workbook

Bullish momentum may resume if NIFTY Index closes above 19,800. Names discussed Titan Co Ltd, Maruti Suzuki India, and Metro Brands. Earnings...

Pranav Bhavsar

Sai Silks Kalamandir IPO - Not Particularly Exciting but Is Relatively Cheap

Sai Silk Kalamandir (SSKL IN) is looking to raise about US$145m in its India IPO. In this note, we look at the company's past performance and talk...

Sumeet Singh

HSIE Results Daily: Larsen & Toubro, Asian Paints, Tata Motors, Bajaj Auto

Larsen & Toubro: Larsen & Toubro (LT) reported yet another strong quarter, beating our estimates on all fronts, led by robust execution owing to a...

HDFC Securities

HSIE Results Daily: Larsen & Toubro, Asian Paints, Tata Motors

Larsen & Toubro: Larsen & Toubro (LT) reported yet another strong quarter, beating our estimates on all fronts, led by robust execution owing to a...

HDFC Securities

Consumer Discretionary: Beneath the averages lies the rub

Our discretionary universe is expected to grow by ~15% YoY in Q1FY24. However, beneath the averages lies the rub. Excluding 3 companies the average...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Week 6] Namaste India 🙏 | TTAN's Glittery Update and Earnings Workbook

​Bullish momentum may resume if NIFTY Index closes above 19,800. Names discussed Titan Co Ltd, Maruti Suzuki India, and Metro Brands. Earnings...

Pranav Bhavsar

Sai Silks Kalamandir IPO - Not Particularly Exciting but Is Relatively Cheap

Sai Silk Kalamandir (SSKL IN) is looking to raise about US$145m in its India IPO. In this note, we look at the company's past performance and talk...

Sumeet Singh

HSIE Results Daily: Larsen & Toubro, Asian Paints, Tata Motors, Bajaj Auto

Larsen & Toubro: Larsen & Toubro (LT) reported yet another strong quarter, beating our estimates on all fronts, led by robust execution owing to a...

HDFC Securities

HSIE Results Daily: Larsen & Toubro, Asian Paints, Tata Motors

Larsen & Toubro: Larsen & Toubro (LT) reported yet another strong quarter, beating our estimates on all fronts, led by robust execution owing to a...

HDFC Securities

Consumer Discretionary: Beneath the averages lies the rub

Our discretionary universe is expected to grow by ~15% YoY in Q1FY24. However, beneath the averages lies the rub. Excluding 3 companies the average...

HDFC Securities

Bullish momentum may resume if NIFTY Index closes above 19,800. Names discussed Titan Co Ltd, Maruti Suzuki India, and Metro Brands. Earnings...