Smartkarma Daily Briefs

• InterGlobe Aviation Ltd (INDIGO IN)‘s co-founder, Rakesh Gangwal, aims to raise around US$803m via selling around a 3.3% stake in Indigo.  
• He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. He has sold many times before.
• In this note, we run the deal through our ECM framework and comment on deal dynamics.

• Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
• It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
• In this note, we will talk about the IPO valuations.

• As reported by Brian Freitas , one of the NIFTY Index (NIFTY INDEX) ‘s component (Zomato: Eternal (ETERNAL IN) ) will be subject to big passive selling beginning on Tuesday.
• Let’s have a look at the NIFTY Index (NIFTY INDEX) to evaluate the tactical outlook according to our model.
• Since our last BUY recommendation in a previous insight in early May, the index has made some progress uptrending, let’s see if the rally can continue…

• Linde India plans to double gas capacity to 20,000 TPD by FY27 with ₹32 bn capex, including new ASUs for Tata Steel.
•  FY25 PAT rose 5% despite a 10% revenue dip, driven by margin gains and cost efficiency.
• Trades at over 80× P/E FY27, appears justified by annuity-like cash flows from critical long-term contracts with top steelmakers.

• Jubilant Ingrevia has launched its “Pinnacle 3.4.5” strategy targeting 3x revenue and 4x EBITDA growth by FY30, signaling a focused shift toward higher-margin segments.
• The company’s business mix is rapidly evolving, with Specialty Chemicals and Nutrition now contributing 62% of revenue, improving margin visibility and reducing cyclicality.
• With increasing downstream integration, global CDMO expansion, and a robust R&D pipeline, Jubilant Ingrevia is transitioning into a structurally higher-margin, innovation-driven player.

Founded in 1973, Reliance Industries (RIL) is one of the largest conglomerates in Asia and India’s largest private-sector corporation. It has diverse businesses including energy, petrochemicals, natural gas, retail, telecommunications, mass media and textiles. RIL is India’s largest exporter, accounting for 8% of total merchandise exports and 5% of the government’s revenue from customs and excise duty. It is listed on the Indian Stock Exchange, with a market cap of c. USD 200 bn. The company is owned (49.5%) and controlled by Mukesh Ambani.

• JSW Steel’s Q4/24-25 results were poor, with lower revenues and earnings due to a weak pricing environment and despite a record production year from capacity expansion.
• The balance sheet deteriorated significantly, although liquidity improved materially.
• We expect FY 2025-26 to be better, with a significant increase in earnings due to an improved pricing environment as well as the new safeguard duty in India.