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.

Index Rebalance

National Stock Exchange of India / Index Rebalance

National Stock Exchange of India (NSE IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a> is looking to raise about US$2.4bn in its upcoming India IPO.</li>
<li>NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.</li>
<li>We have looked at the company’s past performance and valuations in our previous note. In this note, we will talk about the index impact, or lack thereof.</li>
</ul>



National Stock Exchange (NSEIN IN) is looking to raise about US$2.4bn in its upcoming India IPO.
NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.
We have looked at the company’s past performance and valuations in our previous note. In this note, we will talk about the index impact, or lack thereof.


Aequitas: NSE IPO -Index Flows Won’t Help in the near Term but Will Pickup Later

Equity Capital Markets

National Stock Exchange of India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a> is looking to raise about US$2.4bn in its upcoming India IPO.</li>
<li>NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we will talk about valuations.</li>
</ul>



National Stock Exchange (NSEIN IN) is looking to raise about US$2.4bn in its upcoming India IPO.
NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.
We have looked at the company’s past performance in our previous note. In this note, we will talk about valuations.


Aequitas: NSE IPO - Digestible Valuation, Given Its Dominance

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>Sri Lanka revokes a power purchase agreement with Adani Group amidst corruption allegations. While the group denies the accusations, the new government is reevaluating the project.</li>
<li>Reliance Consumer Products acquires SIL Food India, a packaged foods brand, to strengthen its FMCG portfolio and to compete with giants <a href="https://www.smartkarma.com/entities/hindustan-unilever-ltd" target="_blank" data-smartkarma-citation="entities:13828:1" rel="noopener">Hindustan Unilever (HUVR IN)</a>  and <a href="https://www.smartkarma.com/entities/tata-consumer-products" target="_blank" data-smartkarma-citation="entities:258:1" rel="noopener">Tata Consumer Products (TATACONS IN)</a>.</li>
<li>Despite inflation, demand for premium products like groceries, spirits, clothing, and shoes remains strong, especially in cities. </li>
</ul>


Sri Lanka revokes a power purchase agreement with Adani Group amidst corruption allegations. While the group denies the accusations, the new government is reevaluating the project.
Reliance Consumer Products acquires SIL Food India, a packaged foods brand, to strengthen its FMCG portfolio and to compete with giants Hindustan Unilever (HUVR IN)  and Tata Consumer Products (TATACONS IN).
Despite inflation, demand for premium products like groceries, spirits, clothing, and shoes remains strong, especially in cities. 


# India Insight 92: Adani Faces Deal Revocation, Reliance Buys SIL, Premium Products Thrive

<ul>
<li>Pepsico Inc (PEP US)  and Tata Consumer Products (TATACONS IN)  have partnered to launch a fusion snack, combining Kurkure with Ching's Secret Schezwan Chutney.</li>
<li>India aims for $1 trillion in exports by 2030, with $250 billion from the engineering sector, including automobiles and equipment. Infrastructure, energy transition, and innovation are key growth drivers.</li>
<li>India's beauty and personal care industry is heading into a consolidation phase, with M&amp;As on the rise. Nykaa’s successful buyouts and challenges faced by D2C brands are fueling this trend.</li>
</ul>


Pepsico Inc (PEP US)  and Tata Consumer Products (TATACONS IN)  have partnered to launch a fusion snack, combining Kurkure with Ching's Secret Schezwan Chutney.
India aims for $1 trillion in exports by 2030, with $250 billion from the engineering sector, including automobiles and equipment. Infrastructure, energy transition, and innovation are key growth drivers.
India's beauty and personal care industry is heading into a consolidation phase, with M&amp;As on the rise. Nykaa’s successful buyouts and challenges faced by D2C brands are fueling this trend.


#89 India Insight: PepsiCo-Tata Launch, Nykaa Fuels M&As, India Targets $1T Exports

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Over the last decade, Indian consumer spending has shifted from essentials like food and housing toward services like healthcare and education, reflecting rising incomes and evolving priorities.</li>
<li>Although food and beverages remain the largest spending category, their share decreased from 30.5% to 28.2% in the last decade.</li>
<li>Within the food and beverage category, there is a growing preference for protein-rich foods and packaged foods while spending on staples like bread and cereals has decreased.</li>
</ul>


Over the last decade, Indian consumer spending has shifted from essentials like food and housing toward services like healthcare and education, reflecting rising incomes and evolving priorities.
Although food and beverages remain the largest spending category, their share decreased from 30.5% to 28.2% in the last decade.
Within the food and beverage category, there is a growing preference for protein-rich foods and packaged foods while spending on staples like bread and cereals has decreased.


Thematic Report: Is India Shifting from Essentials to Experiences in Consumer Spending?

India

Tata Consumer Products Limited produces food and beverage products. The Company manufactures, sells, and exports tea, coffee, salt, oil, pulses, spices, and food products. Tata Consumer Products serves customers worldwide.

Price Gauge
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Tata Consumer Products (TATACONS IN)

Aequitas: NSE IPO -Index Flows Won’t Help in the near Term but Will Pickup Later

National Stock Exchange (NSEIN IN) is looking to raise about US$2.4bn in its upcoming India IPO. In this note, we talk about the index flows or...

Sumeet Singh

Aequitas: NSE IPO - Digestible Valuation, Given Its Dominance

National Stock Exchange (NSEIN IN) is looking to raise about US$2.4bn in its upcoming India IPO. In this note, we talk about valuations.

Sumeet Singh

# India Insight 92: Adani Faces Deal Revocation, Reliance Buys SIL, Premium Products Thrive

Sri Lanka cancels Adani Group agreement over corruption claims, Reliance strengthens FMCG portfolio, urban demand for premium products remains...

Sudarshan Bhandari

#89 India Insight: PepsiCo-Tata Launch, Nykaa Fuels M&As, India Targets $1T Exports

PepsiCo and Tata team up for new snack, India targets $1 trillion exports by 2030, beauty industry in consolidation phase with M&As on the rise.

Sudarshan Bhandari

Thematic Report: Is India Shifting from Essentials to Experiences in Consumer Spending?

Indian consumer spending has shifted towards services like healthcare and education, reflecting rising incomes and evolving priorities, with a...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: NSE IPO -Index Flows Won’t Help in the near Term but Will Pickup Later

National Stock Exchange (NSEIN IN) is looking to raise about US$2.4bn in its upcoming India IPO. In this note, we talk about the index flows or...

Sumeet Singh

Aequitas: NSE IPO - Digestible Valuation, Given Its Dominance

National Stock Exchange (NSEIN IN) is looking to raise about US$2.4bn in its upcoming India IPO. In this note, we talk about valuations.

Sumeet Singh

# India Insight 92: Adani Faces Deal Revocation, Reliance Buys SIL, Premium Products Thrive

​Sri Lanka cancels Adani Group agreement over corruption claims, Reliance strengthens FMCG portfolio, urban demand for premium products remains...

Sudarshan Bhandari

#89 India Insight: PepsiCo-Tata Launch, Nykaa Fuels M&As, India Targets $1T Exports

​PepsiCo and Tata team up for new snack, India targets $1 trillion exports by 2030, beauty industry in consolidation phase with M&As on the rise.

Sudarshan Bhandari

Thematic Report: Is India Shifting from Essentials to Experiences in Consumer Spending?

​Indian consumer spending has shifted towards services like healthcare and education, reflecting rising incomes and evolving priorities, with a...

Nimish Maheshwari

Sri Lanka cancels Adani Group agreement over corruption claims, Reliance strengthens FMCG portfolio, urban demand for premium products remains...

PepsiCo and Tata team up for new snack, India targets $1 trillion exports by 2030, beauty industry in consolidation phase with M&As on the rise.

Indian consumer spending has shifted towards services like healthcare and education, reflecting rising incomes and evolving priorities, with a...