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

Thematic (Sector/Industry)

<ul>
<li>India's Reserve Bank capped daily onshore open foreign exchange positions for banks at $100 million, to be strictly completed by April 10.
</li>
<li>This curbs speculative bets to halt rupee depreciation and protect reserves, boosting the currency but triggering immediate losses for major banks.</li>
<li>After absorbing the mandated 30 billion dollar unwind, the rupee trajectory will finally revert to macroeconomic fundamentals and global crude oil prices.</li>
</ul>


India's Reserve Bank capped daily onshore open foreign exchange positions for banks at $100 million, to be strictly completed by April 10.

This curbs speculative bets to halt rupee depreciation and protect reserves, boosting the currency but triggering immediate losses for major banks.
After absorbing the mandated 30 billion dollar unwind, the rupee trajectory will finally revert to macroeconomic fundamentals and global crude oil prices.


RBI's 2026 Forex Curb: How the $100M Open Position Limit Squeezes Bank Margins

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>For the first time in 14 years, PSU banks outpaced private peers in loan growth, clocking 13.1% YoY in FY25 versus 9% for private banks.</li>
<li>PSU banks' improved CD ratios and cleaned-up balance sheets let them lend more freely as private banks hit funding constraints.</li>
<li>The market share shift may be structural, not cyclical. Investors pricing premium valuations into private banks face a rethink.</li>
</ul>


For the first time in 14 years, PSU banks outpaced private peers in loan growth, clocking 13.1% YoY in FY25 versus 9% for private banks.
PSU banks' improved CD ratios and cleaned-up balance sheets let them lend more freely as private banks hit funding constraints.
The market share shift may be structural, not cyclical. Investors pricing premium valuations into private banks face a rethink.


The Great Reversal: India's Public Sector Banks Outscore Private Rivals

<ul>
<li>Middle East tensions have increased the risk of Brent crude moving toward USD 85-90 per barrel in the near term.</li>
<li>For India, every USD 10 rise in crude can add around 30 bps to inflation and widen the current account deficit.</li>
<li>The impact will vary by sector. Upstream oil companies benefit, while oil-intensive sectors face margin pressure if prices stay elevated.</li>
</ul>


Middle East tensions have increased the risk of Brent crude moving toward USD 85-90 per barrel in the near term.
For India, every USD 10 rise in crude can add around 30 bps to inflation and widen the current account deficit.
The impact will vary by sector. Upstream oil companies benefit, while oil-intensive sectors face margin pressure if prices stay elevated.


Event Driven- Middle East Volatility: How Indian Sectors Respond to Higher Crude

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on SWIGGY, HDFC Bank, Axis Bank, Reliance Industries, Bharti Airtel, Hindustan Petroleum, Adani Enterprises, GMR Airports.</li>
</ul>


We analysed the earning revision of component stocks of MS-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on SWIGGY, HDFC Bank, Axis Bank, Reliance Industries, Bharti Airtel, Hindustan Petroleum, Adani Enterprises, GMR Airports.


MS-India Index Earning Revision (Sep): SWIGGY, HDFC Bank, Axis Bank, Reliance Industries

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Equity Bottom-Up

<ul>
<li>HDFC Bank ownership has fallen from 51.4% to 40.6% of active funds since December, with $3.2bn of outflows and holdings halving to $9.3bn.</li>
<li>The selling spans every mandate: Asia ex-Japan and ACWI ex-USA ownership both fell 17.3 points, with net sellers dominating GEM and Global funds too.</li>
<li>A cooling on India amid the AI trade likely triggered it, but investors staying in India are switching to ICICI Bank and SBI.</li>
</ul>


HDFC Bank ownership has fallen from 51.4% to 40.6% of active funds since December, with $3.2bn of outflows and holdings halving to $9.3bn.
The selling spans every mandate: Asia ex-Japan and ACWI ex-USA ownership both fell 17.3 points, with net sellers dominating GEM and Global funds too.
A cooling on India amid the AI trade likely triggered it, but investors staying in India are switching to ICICI Bank and SBI.


India

State Bank of India is a multinational public sector bank and financial services statutory body. It offers a comprehensive range of banking services, including retail, corporate, and investment banking, along with various financial products like loans, savings accounts, and wealth management. The bank is headquartered in Mumbai, India, and traces its origins back to the Bank of Calcutta, founded in 1806, eventually becoming State Bank of India on July 1, 1955.

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State Bank of India (SBID LI)

RBI's 2026 Forex Curb: How the $100M Open Position Limit Squeezes Bank Margins

India's Reserve Bank limits banks' daily forex positions to $100 million by April 10 to curb speculation, boost rupee, and align with economic...

Sudarshan Bhandari

The Great Reversal: India's Public Sector Banks Outscore Private Rivals

PSU banks surpass private peers in loan growth for the first time in 14 years, signaling a potential structural shift in market share.

Nimish Maheshwari

Event Driven- Middle East Volatility: How Indian Sectors Respond to Higher Crude

Middle East tensions may push Brent crude towards $85-90/barrel, posing inflation and current account deficit risks for India, with varying...

Sudarshan Bhandari

MS-India Index Earning Revision (Sep): SWIGGY, HDFC Bank, Axis Bank, Reliance Industries

We analyzed MS-India's consensus for Sep 2026 and highlighted changes of EPS in SWIGGY, HDFC Bank, Axis Bank, Reliance Industries, Bharti Airtel,...

Ke Yan, CFA, FRM

HDFC Bank: Anatomy of a Mini Exodus

One in five holders has left HDFC Bank this year and capital has halved. A cooling on India amid the AI trade may have triggered the exodus, but...

Steven Holden

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

RBI's 2026 Forex Curb: How the $100M Open Position Limit Squeezes Bank Margins

​India's Reserve Bank limits banks' daily forex positions to $100 million by April 10 to curb speculation, boost rupee, and align with economic...

Sudarshan Bhandari

The Great Reversal: India's Public Sector Banks Outscore Private Rivals

​PSU banks surpass private peers in loan growth for the first time in 14 years, signaling a potential structural shift in market share.

Nimish Maheshwari

Event Driven- Middle East Volatility: How Indian Sectors Respond to Higher Crude

​Middle East tensions may push Brent crude towards $85-90/barrel, posing inflation and current account deficit risks for India, with varying...

Sudarshan Bhandari

MS-India Index Earning Revision (Sep): SWIGGY, HDFC Bank, Axis Bank, Reliance Industries

We analyzed MS-India's consensus for Sep 2026 and highlighted changes of EPS in SWIGGY, HDFC Bank, Axis Bank, Reliance Industries, Bharti Airtel,...

Ke Yan, CFA, FRM

HDFC Bank: Anatomy of a Mini Exodus

One in five holders has left HDFC Bank this year and capital has halved. A cooling on India amid the AI trade may have triggered the exodus, but...

Steven Holden

India's Reserve Bank limits banks' daily forex positions to $100 million by April 10 to curb speculation, boost rupee, and align with economic...

PSU banks surpass private peers in loan growth for the first time in 14 years, signaling a potential structural shift in market share.

Middle East tensions may push Brent crude towards $85-90/barrel, posing inflation and current account deficit risks for India, with varying...