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.

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Equity Bottom-Up

<ul>
<li>GoI converts ₹36,950 crore of spectrum dues into equity, increasing its stake to ~49%. Promoters’ stake diluted to ~25.5%, with public shareholders now owning just ~23.8%. </li>
<li>While the move eases cash outflows till H1FY28, Vodafone Idea’s AGR dues, weak subscriber base, and funding needs remain material headwinds.</li>
<li>Structural concerns remain unresolved, and further dilution risks persist along with loosing market share.</li>
</ul>


GoI converts ₹36,950 crore of spectrum dues into equity, increasing its stake to ~49%. Promoters’ stake diluted to ~25.5%, with public shareholders now owning just ~23.8%. 
While the move eases cash outflows till H1FY28, Vodafone Idea’s AGR dues, weak subscriber base, and funding needs remain material headwinds.
Structural concerns remain unresolved, and further dilution risks persist along with loosing market share.


Vodafone Idea: Another Lifeline, But Structural Challenges Persist

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vodafone-idea-ltd" target="_blank" data-smartkarma-citation="entities:15678:1" rel="noopener">Vodafone Idea (IDEA IN)</a> gains a lifeline with the waiver of Rs. 24,700 crore bank guarantees for pre-2022 spectrum acquisitions.</li>
<li>The waiver eases financial strain, boosts cash flow, and enables critical investments in 4G and 5G upgrades amidst competition from <a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RIL IN)</a>'s Jio and <a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a>.</li>
<li>While a positive step, Vi’s recovery depends on fundraising, reducing debt, and regaining market share, making its turnaround uncertain but slightly more plausible.</li>
</ul>



Vodafone Idea (IDEA IN) gains a lifeline with the waiver of Rs. 24,700 crore bank guarantees for pre-2022 spectrum acquisitions.
The waiver eases financial strain, boosts cash flow, and enables critical investments in 4G and 5G upgrades amidst competition from Reliance Industries (RIL IN)'s Jio and Bharti Airtel (BHARTI IN).
While a positive step, Vi’s recovery depends on fundraising, reducing debt, and regaining market share, making its turnaround uncertain but slightly more plausible.


Vodafone Idea: A Lifeline or a False Dawn?

Event-Driven

<ul>
<li>A special call auction shall be held on October 28, 2024 by BSE &amp; NSE to discover hidden value in Investment Holding Companies.</li>
<li>BSE and NSE came out with the list of 8-9 Companies that are eligible for this special session. </li>
<li>We calculated the upside left in these companies using the Current price with 30% discount: 3 Companies with more than 100% upside.</li>
</ul>


A special call auction shall be held on October 28, 2024 by BSE &amp; NSE to discover hidden value in Investment Holding Companies.
BSE and NSE came out with the list of 8-9 Companies that are eligible for this special session. 
We calculated the upside left in these companies using the Current price with 30% discount: 3 Companies with more than 100% upside.


Event Driven: Special Call Auction in Indian Holding Companies

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.

<ul>
<li>Government of India raised around US$513m via selling some of its stake in Bharti Hexacom’s IPO in Apr 2024. Its IPO lockup is set to expire soon.</li>
<li>Bharti Hexacom (BH) is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the Northeast.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>


Government of India raised around US$513m via selling some of its stake in Bharti Hexacom’s IPO in Apr 2024. Its IPO lockup is set to expire soon.
Bharti Hexacom (BH) is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the Northeast.
In this note, we will talk about the lockup dynamics and possible placement.


Bharti Hexacom IPO Lockup - US$1.2bn Lockup Expiry, Will Have to Sell for Free-Float

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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.

<ul><li>Despite India’s Supreme Court rejecting the curative petition for AGR dues, VIL is hopeful towards a resolution of the arithmetical error in the AGR dues calculation; it has been engaging with the government on the subject.</li><li>VIL said that its case has strong merit, and dialogue with the government is and has been encouraging.</li><li>Also, VIL is factoring in INR 290bn of government debt – to be converted into equity at the end of the moratorium period, as per the reform package.</li></ul><p><em>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.</em></p>

Despite India’s Supreme Court rejecting the curative petition for AGR dues, VIL is hopeful towards a resolution of the arithmetical error in the AGR dues calculation; it has been engaging with the government on the subject.VIL said that its case has strong merit, and dialogue with the government is and has been encouraging.Also, VIL is factoring in INR 290bn of government debt – to be converted into equity at the end of the moratorium period, as per the reform package.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.

Vodafone Idea - VIL Plans on Track Despite Set-Back on AGR Curative Petition

India

Vodafone Idea Limited, branded as Vi, is an Indian telecommunications company providing pan-India voice and data services across 2G, 3G, 4G, and steadily expanding 5G platforms. It offers mobile telephony, wireless broadband, internet, and a range of digital and enterprise solutions including IoT and cloud services. The company is headquartered in Gandhinagar, India, and was formed on August 31, 2018, through the merger of Vodafone India and Idea Cellular.

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Vodafone Idea (IDEA IN)

Vodafone Idea: Another Lifeline, But Structural Challenges Persist

Government of India converts spectrum dues into equity, increasing stake in Vodafone Idea. Promoters' stake diluted, structural concerns and...

Nimish Maheshwari

Vodafone Idea: A Lifeline or a False Dawn?

Vodafone Idea gets a boost with Rs. 24,700 crore bank guarantee waiver, easing financial strain and enabling critical investments in 4G and 5G...

Sudarshan Bhandari

Event Driven: Special Call Auction in Indian Holding Companies

BSE & NSE to hold special call auction on Oct 28, 2024 for Investment Holding Companies, 8-9 eligible, 3 with over 100% upside potential.

Nimish Maheshwari

Bharti Hexacom IPO Lockup - US$1.2bn Lockup Expiry, Will Have to Sell for Free-Float

Government of India raised around US$513m via selling some of its stake in Bharti Hexacom’s IPO in Apr 2024. Its IPO lockup is set to expire soon.

Sumeet Singh

Vodafone Idea - VIL Plans on Track Despite Set-Back on AGR Curative Petition

Also, VIL is factoring in INR 290bn of government debt – to be converted into equity at the end of the moratorium period, as per the reform package.

ICICI Securities Limited

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Vodafone Idea: Another Lifeline, But Structural Challenges Persist

​Government of India converts spectrum dues into equity, increasing stake in Vodafone Idea. Promoters' stake diluted, structural concerns and...

Nimish Maheshwari

Vodafone Idea: A Lifeline or a False Dawn?

​Vodafone Idea gets a boost with Rs. 24,700 crore bank guarantee waiver, easing financial strain and enabling critical investments in 4G and 5G...

Sudarshan Bhandari

Event Driven: Special Call Auction in Indian Holding Companies

​BSE & NSE to hold special call auction on Oct 28, 2024 for Investment Holding Companies, 8-9 eligible, 3 with over 100% upside potential.

Nimish Maheshwari

Bharti Hexacom IPO Lockup - US$1.2bn Lockup Expiry, Will Have to Sell for Free-Float

Government of India raised around US$513m via selling some of its stake in Bharti Hexacom’s IPO in Apr 2024. Its IPO lockup is set to expire soon.

Sumeet Singh

Vodafone Idea - VIL Plans on Track Despite Set-Back on AGR Curative Petition

Also, VIL is factoring in INR 290bn of government debt – to be converted into equity at the end of the moratorium period, as per the reform package.

ICICI Securities Limited

Government of India converts spectrum dues into equity, increasing stake in Vodafone Idea. Promoters' stake diluted, structural concerns and...

Vodafone Idea gets a boost with Rs. 24,700 crore bank guarantee waiver, easing financial strain and enabling critical investments in 4G and 5G...

BSE & NSE to hold special call auction on Oct 28, 2024 for Investment Holding Companies, 8-9 eligible, 3 with over 100% upside potential.