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.

Equity Bottom-Up

<ul><li>In 2QFY25, Swiggy witnessed a step-up in customer acquisition across both food delivery (FD) as well as quick commerce (QC)</li><li>The company reported a healthy 4.8/18.3% QoQ growth in MTUs in FD &amp; QC to 14.7/6.2mn respectively (HSIE: 14.8/6mn)</li><li>Overall, B2C GoV grew ~30/11% YoY/QoQ respectively</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.

In 2QFY25, Swiggy witnessed a step-up in customer acquisition across both food delivery (FD) as well as quick commerce (QC)The company reported a healthy 4.8/18.3% QoQ growth in MTUs in FD &amp; QC to 14.7/6.2mn respectively (HSIE: 14.8/6mn)Overall, B2C GoV grew ~30/11% YoY/QoQ respectivelyContent 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.

Swiggy (2QFY25) - KPIs Improving; but Scale-Up Priced In

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

Thematic (Sector/Industry)

<ul>
<li>The four new Labour Codes on Wages, Industrial Relations, Social Security, and OSHWC, replace 29 old laws, creating a unified, simplified, and future-ready framework for India's labour sector.</li>
<li>The Codes expand social security to gig/platform workers, mandate appointment letters, and introduce flexibility measures, directly addressing India's formalization and productivity deficit.</li>
<li>Structural shifts toward formal employment, financial inclusion, and manufacturing flexibility will boost corporate investment, productivity, and inclusive growth, justifying a re-rating of India's formal sector.</li>
</ul>


The four new Labour Codes on Wages, Industrial Relations, Social Security, and OSHWC, replace 29 old laws, creating a unified, simplified, and future-ready framework for India's labour sector.
The Codes expand social security to gig/platform workers, mandate appointment letters, and introduce flexibility measures, directly addressing India's formalization and productivity deficit.
Structural shifts toward formal employment, financial inclusion, and manufacturing flexibility will boost corporate investment, productivity, and inclusive growth, justifying a re-rating of India's formal sector.


India's Labor Code Reform: What Global Investors Should Know?

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

Lenskart Solutions / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lenskart-solutions" target="_blank" data-smartkarma-citation="entities:45634:1" rel="noopener">Lenskart Solutions</a> raised around US$825m in its India IPO, with a very strong anchor book.</li>
<li>Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Lenskart Solutions raised around US$825m in its India IPO, with a very strong anchor book.
Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.


Lenskart Solutions IPO Trading - Very Strong Anchor Facing Weak Markets

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

Index Rebalance

<ul>
<li>Companies in India have disclosed their shareholding pattern as of end-September in October. There are companies with significant float changes from end-June and/or end-March.</li>
<li>The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in flow from passive trackers.</li>
<li>Depending on the date that the shareholding was published, there could be 20 stocks with passive inflows from global trackers while 6 could have passive outflows in November.</li>
</ul>


Companies in India have disclosed their shareholding pattern as of end-September in October. There are companies with significant float changes from end-June and/or end-March.
The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in flow from passive trackers.
Depending on the date that the shareholding was published, there could be 20 stocks with passive inflows from global trackers while 6 could have passive outflows in November.


India: Potential Free Float Changes & Passive Flows in November

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lenskart-solutions" target="_blank" data-smartkarma-citation="entities:45634:1" rel="noopener">Lenskart Solutions</a> is looking to raise about US$825m in its upcoming India IPO.</li>
<li>Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.</li>
</ul>



Lenskart Solutions is looking to raise about US$825m in its upcoming India IPO.
Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.


Lenskart Solutions IPO - Is Pricey but Has a Strong Market Position

India

Swiggy Limited operates an online easy-to-use food ordering application. The Company offers platform that allows users to browse, select, order, and pay for food, grocery, and household items delivered to their doorstep through on-demand delivery partner network. Swiggy serves customers in India.

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Swiggy (SWIGGY IN)

Swiggy (2QFY25) - KPIs Improving; but Scale-Up Priced In

In 2QFY25, Swiggy witnessed a step-up in customer acquisition across both food delivery (FD) as well as quick commerce (QC)

HDFC Securities

India's Labor Code Reform: What Global Investors Should Know?

India's new Labour Codes consolidate 29 old laws into a unified framework, expanding social security and boosting formal employment, productivity,...

Nimish Maheshwari

Lenskart Solutions IPO Trading - Very Strong Anchor Facing Weak Markets

Lenskart Solutions raised around US$825m in its India IPO, with a very strong anchor book. In this note, we talk about the trading dynamics.

Sumeet Singh

India: Potential Free Float Changes & Passive Flows in November

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices in November. Passive trackers will need to...

Brian Freitas

Lenskart Solutions IPO - Is Pricey but Has a Strong Market Position

Lenskart Solutions is looking to raise about US$825m in its upcoming India IPO. In this note, we talk about the RHP updates and valautions.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Swiggy (2QFY25) - KPIs Improving; but Scale-Up Priced In

In 2QFY25, Swiggy witnessed a step-up in customer acquisition across both food delivery (FD) as well as quick commerce (QC)

HDFC Securities

India's Labor Code Reform: What Global Investors Should Know?

​India's new Labour Codes consolidate 29 old laws into a unified framework, expanding social security and boosting formal employment, productivity,...

Nimish Maheshwari

Lenskart Solutions IPO Trading - Very Strong Anchor Facing Weak Markets

Lenskart Solutions raised around US$825m in its India IPO, with a very strong anchor book. In this note, we talk about the trading dynamics.

Sumeet Singh

India: Potential Free Float Changes & Passive Flows in November

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices in November. Passive trackers will need to...

Brian Freitas

Lenskart Solutions IPO - Is Pricey but Has a Strong Market Position

Lenskart Solutions is looking to raise about US$825m in its upcoming India IPO. In this note, we talk about the RHP updates and valautions.

Sumeet Singh

India's new Labour Codes consolidate 29 old laws into a unified framework, expanding social security and boosting formal employment, productivity,...