India

In today’s briefing:

NIFTY MIDCAP150 Index Rebalance Preview: 11 Potential Changes in September
Bluestone Jewellery IPO – Moving from Online to Offline. Thoughts on Valuation
The Beat Ideas: Edelweiss 2.0 – Unlocking Value Through Deleveraging and Strategic Listings
Closure of Short Call on Tata Motors
Kalyan Jewellers (KALYANKJ IN) | The Capital Sinkhole
Hexaware Technologies IPO Lockup Expiry – US$2.89bn Lockup Release with Carlyle in the Money

NIFTY MIDCAP150 Index Rebalance Preview: 11 Potential Changes in September

By Brian Freitas

With the review period now complete, there could be 11 changes for the NIFTY Midcap 150 Index at the September rebalance.
Estimated one-way turnover is 7.7% resulting in a round-trip trade of INR 17.6bn (US$201m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.
The outright forecast adds have outperformed the forecast deletes over the last 4 months and there has been a jump in the last week.

Bluestone Jewellery IPO – Moving from Online to Offline. Thoughts on Valuation

By Sumeet Singh

Bluestone Jewellery and Lifestyle (BJL) is planning to raise about US$176m in its upcoming India IPO.
BJL offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand. It is a digital-first direct-to-consumer (DTC) brand.
We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.

The Beat Ideas: Edelweiss 2.0 – Unlocking Value Through Deleveraging and Strategic Listings

By Sudarshan Bhandari

Edelweiss plans a INR 1,500–2,000 crore IPO of EAAA and a 25–30% stake sale in its mutual fund arm to accelerate deleveraging.
These transactions could meaningfully reduce corporate debt from INR 6,325 crore, strengthen the balance sheet, and unlock shareholder value.
Successful execution improves capital efficiency, supports high-margin business growth, and enhances upside potential, reinforcing the 56% target price appreciation case.

Closure of Short Call on Tata Motors

Post Q4FY25 results,we had presented our case for shorting Tata Motors in May 2025, anticipating a challenging quarter ahead.We now recommend closing the short position,with reasons explained in this insight
The company reported a very challenging Q1FY26, with JLR EBIT crashing to 4.0% (vs 8.9% YoY). The India passenger car business also faced similar pressure.
The only segment to deliver stable performance was the commercial vehicle division.

Kalyan Jewellers (KALYANKJ IN) | The Capital Sinkhole

By Pranav Bhavsar

Kalyan Jewellers (KALYANKJ IN) Management paused INR 350-400 crore debt reduction after 90 days, now planning INR 2,700 crore capital consumption without clear justification.
Candere losses increased 5X while management admits e-commerce isn’t their strength, yet continues expanding with new regional brand initiatives.
Stock trades at 44x P/E NTM above 3-year average despite questionable capital allocation and non-quantifiable efficiency claims from management.

Hexaware Technologies IPO Lockup Expiry – US$2.89bn Lockup Release with Carlyle in the Money

Hexaware Technologies (HEXW IN) raised US$1bn from its India IPO in Feb 2025. The lockup on its pre-IPO investors is set to expire soon.
Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.
In this note, we will talk about the lockup dynamics and possible placement.

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Aug 11

Daily Brief India: HDFC Bank, Bluestone Jewellery and Lifestyle Ltd Ltd (BJL), Canara Bank, Uco Bank and more

In today’s briefing:

NIFTY Bank Index: Big Flows & The Upcoming Methodology Change
Bluestone Jewellery and Lifestyle IPO – All That Glitters Is Not Gold
Case Study: Time-Based Exit in Two Long-Running Pair Trades
UCO Bank (UCO IN) Vs. Central Bank Of India (CBOI IN): Statistical Edge in India Bank Pair Trade

NIFTY Bank Index: Big Flows & The Upcoming Methodology Change

By Brian Freitas

In May, SEBI recommended changes to the minimum number of constituents for non-benchmark indices and the capping for those indices. The recommendations have to be implemented by 3 November.
There is a high probability that NSE Indices implements the changes for the NSE Nifty Bank Index (NSEBANK INDEX) at the September rebalance. Nothing has been announced yet though.
If implemented in September, Yes Bank and Union Bank Of India could be added to the index. Estimated one-way turnover is 22.35% and the round-trip trade is INR 149bn (US$1.7bn).

Bluestone Jewellery and Lifestyle IPO – All That Glitters Is Not Gold

Founded by Gaurav Singh Kushwaha, who holds 18% stake (Pre-IPO), Bluestone Jewellery and Lifestyle Ltd Ltd (BJL) (0124165D IN) is an omni-channel jewellery brand in India.
Company experienced losses since its inception, which is attributed to its growth and expansion strategy. As of March 31, 2025, the company had accumulated losses amounting to INR 24,583.31 million.
Bluestone is valued at market cap of INR 78230 million,which is 4.4x FY25 revenue.Given ongoing losses, negative cash flows,promoter share pledge, and aggressive expansion, we believe it’s a steep ask.

Case Study: Time-Based Exit in Two Long-Running Pair Trades

By Gaudenz Schneider

Context: This Insight is an update on two previously published relative value pairs.
Highlight: The trades provide a case study illustrating how mean-reversion trades can fail to revert or hit stop-losses within extended timeframes.
Why Read: Gain insights into timing-related challenges in mean-reversion strategies and time-based exit as a risk management choice.

UCO Bank (UCO IN) Vs. Central Bank Of India (CBOI IN): Statistical Edge in India Bank Pair Trade

By Gaudenz Schneider

Context: The UCO Bank (UCO IN) vs. Central Bank Of India (CBOI IN) price-ratio has deviated two standard deviations from its one-year average, presenting a potential relative value opportunity.
Highlights: Both stocks are trading near 52-week lows, opening a window for a statistically supported mean-reversion setup.
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

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Aug 09

Daily Brief India: PG Electroplast, JSW Cement Limited, Nephrocare Health Services Limited, Adani Ports & Special Economic Zone and more

In today’s briefing:

PG Electroplast: KMP Selling and Lowering Guidance
JSW Cement IPO – RHP Updates, Peer Comp and Thoughts on Valuations
Nephrocare Health Services Pre-IPO Tearsheet
Lucror Analytics – Morning Views Asia

PG Electroplast: KMP Selling and Lowering Guidance

By Nitin Mangal

PG Electroplast (PGEL IN) is under limelight after the management cut its revenue guidance from 33% to 21-23%, within a single quarter.
The management has also flagged concerns regarding RAC demand which has affected performance.
Additionally, between Feb–Jun 2025, relatives of the CFO sold ~INR 376 mn worth of shares, mostly in June, shortly before the guidance cut, raising potential governance concerns.

JSW Cement IPO – RHP Updates, Peer Comp and Thoughts on Valuations

JSW Cement Limited (9858514Z IN) is looking to raise about US$410m in its India IPO. The IPO has been downsized from US$480m with primary component cut to US$160m from US$180m.
JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.

Nephrocare Health Services Pre-IPO Tearsheet

By Hong Jie Seow

Nephrocare Health Services Limited (0542669D IN) is looking to raise US$232mn in its upcoming India IPO. The deal will be run by Nomura, IIFL Capital, Ambit and ICICI Securities.
Nephrocare Health Services Limited (NHS), also known as NephroPlus, is India’s largest dialysis provider, offering end-to-end kidney care through 490 clinics, including 43 across the Philippines, Uzbekistan, and Nepal.
NHS’ core services include haemodialysis, home and mobile dialysis, and pharmacy support. It also provides wellness services along with critical care treatments such as plasmapheresis and hemodiafiltration.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, Softbank Group
UST yields rose 1-2 bps yesterday, with the UST curve bear flattening slightly, following weak demand for a 30Y notes auction that tailed by 2 bps. The yields on the 2Y and 10Y UST both rose by 2 bps to 3.73% and 4.25%, respectively.
Equities ended mixed, halting a rally earlier in the day. The S&P 500 fell 0.1% to 6,340, while the Nasdaq was up 0.3% at 21,243. US President Donald Trump has said he will nominate Stephen Miran as a temporary Fed governor, replacing Adriana Kugler (who resigned last week).

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Aug 08

Daily Brief India: Bharti Airtel, Voltas Ltd, Amagi Media Labs, JSW Cement Limited and more

In today’s briefing:

Bharti Airtel Placement – Third US$1bn Deal in the Year, Stock Up a Lot
Voltas Ltd: Forensic Analysis
Amagi Media Labs Limited Pre-IPO Tearsheet
JSW Cements – Another Cement IPO in India Exactly 4 Yrs Later

Bharti Airtel Placement – Third US$1bn Deal in the Year, Stock Up a Lot

Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$1bn via selling a 0.8% stake in Bharti Airtel (BHARTI IN).
ICI had earlier sold around US$1bn in Feb 2025 while Singtel had sold around US$1bn via a 0.8% stake sale in Airtel in May 2025 as well.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

Voltas Ltd: Forensic Analysis

By Nitin Mangal

Voltas Ltd (VOLT IN) is a renowned name among the households in India.
The company is a prominent player in the field of air conditioning and cooling technology and offers a variety of services across different industrial sectors, both in India and internationally.
But there are few issues with respect to revenue recognition policy, capital allocation issues and falling market share.

Amagi Media Labs Limited Pre-IPO Tearsheet

By Hong Jie Seow

Amagi Media Labs (1232899D IN) is looking to raise US$400mn in its upcoming India IPO. The deal will be run by Citigroup, Goldman Sachs, Kotak Mahindra Capital and IIFL Capital.
Amagi Media Labs is a global media technology company that provides cloud-native software infrastructure for content owners, broadcasters, and streaming platforms.
Its revenue is mostly driven by its Streaming Unification solutions, which have consistently been the largest contributor. In terms of geographical segmentation, the Americas have historically led AML’s revenue contribution.

JSW Cements – Another Cement IPO in India Exactly 4 Yrs Later

By Himanshu Dugar

JSW Cements comes for listing at $180/t which is a premium to similar sized player despite weaker operating performance
It stands out as a Slag cement player while peers primarily focus on Portland and Pozzolana composite cement products. Its listing positions it to become another consolidator with strong Balance-sheet.
JSW has higher concentration towards South (50% of current capacity) which has struggled with excess supply for many years. Its upcoming 10MT capex in North may also face similar situation

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Aug 07

Daily Brief India: Eternal, JSW Cement Limited, Lenskart Solutions, Kopran Ltd, NIFTY Index, Adani Green Energy and more

In today’s briefing:

Eternal (Zomato) Placement – Second Clean-Up by Antfin This Week, Will Lift the Overhang
JSW Cement IPO: Reasonably Priced; Growth Momentum Not Concrete Enough To Sustain Valuation
Lenskart Solutions Pre-IPO Tearsheet
The Kopran Merger: From APIs to Diagnostics, A Blueprint for Healthcare Integration
NIFTY 50 Index Outlook: Rebound Rally in Sight? (Profit Targets)
Lucror Analytics – Morning Views Asia

Eternal (Zomato) Placement – Second Clean-Up by Antfin This Week, Will Lift the Overhang

Antfin (Netherlands) Holding B.V. is looking to raise up to US$612m via a cleanup of its remaining ~2% stake in Eternal (ETERNAL IN) .
Antfin has been selling off parts of its ~14% stake in the firm since the IPO. The company last sold a 2% stake to raise upto US$400m in Aug 2024.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

JSW Cement IPO: Reasonably Priced; Growth Momentum Not Concrete Enough To Sustain Valuation

By Tina Banerjee

JSW Cement has filed for IPO to raise up to ₹36B. The company plans to sell 244.9M shares at between ₹139 and ₹147 per share.
JSW Cement is one of the mid-tier cement manufacturing companies with operations across southern, western, and eastern regions of India. It has an installed grinding capacity of 20.6 MMTPA.
The IPO offer price range appears to be a more reasonable for the company considering the fact that it lags behind on many fronts when compared to its peers.

Lenskart Solutions Pre-IPO Tearsheet

Lenskart Solutions (0370405Z IN) is looking to raise about US$1bn in its upcoming India IPO. The deal will be run by Avendus, Axis, Citi, Kotak, MS and Intensive Fiscal Services.
Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
LSL’s largest market is India, and it was the largest seller of prescription eyeglasses in terms of volumes sold in India in FY25, according to the Redseer Report.

The Kopran Merger: From APIs to Diagnostics, A Blueprint for Healthcare Integration

By Sudarshan Bhandari

Kopran Limited has approved the merger of its diagnostics arm, Kopran Laboratories, aiming to become a fully integrated pharmaceutical and healthcare solutions provider.
The merger diversifies Kopran’s revenue mix, enhances EBITDA margins with high-value consumables, and unlocks synergies across pharma and diagnostics distribution channels.
Kopran transitions from a mid-scale exporter to a multi-vertical healthcare platform, with stronger earnings visibility, improved capital efficiency, and potential for valuation re-rating.

NIFTY 50 Index Outlook: Rebound Rally in Sight? (Profit Targets)

By Nico Rosti

The NIFTY Index has been falling for 5 straight weeks: it is extremely oversold, according to our model.
The index should rebound this week, or the next, in any case the downside should be limited at this point.
A rally could bring the index back to 25398, but we are witnessing a BEARISH pattern at the moment, so any rebound rally will be short-lived.

Lucror Analytics – Morning Views Asia

By Tanvi Arora

In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy
Front-end UST yields rose yesterday, following a soft auction of 3Y notes, as well as an unexpected increase in the prices component of the ISM services survey.
The yield on the 2Y UST increased 5 bps to 3.73%, while the yield on the 10Y UST was up 2 bps at 4.21%. Equities retreated, amid the weak ISM services data. The S&P 500 and Nasdaq fell 0.5% and 0.7%, respectively.

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Aug 06

Daily Brief India: Reliance Power, Knowledge Realty Trust, Mahindra Logistics Ltd, KPIT Technologies, Adani Ports & Special Economic Zone and more

In today’s briefing:

All You Need to Know About Anil Ambani’s 17000Cr Loan Fraud Case
Knowledge Realty Trust IPO – Steady FY25 Growth, Digestible Pricing
July’s Insider Playbook – Buying Activity In 14 Small Cap Companies
KPIT Tech (“KPIT”): Decent Q1FY26 Despite Tough Macro
Lucror Analytics – Morning Views Asia

All You Need to Know About Anil Ambani’s 17000Cr Loan Fraud Case

Anil Ambani is being investigated by the ED for a massive INR 17,000 crore loan fraud case involving Reliance Group companies.
The case centers on allegations of fund diversion and financial irregularities related to loans from a consortium of nearly 20 public and private banks.
The investigation is being conducted under the PMLA, which involves even arrest and a parallel probe by SEBI into alleged fund diversion by Reliance Infrastructure.

Knowledge Realty Trust IPO – Steady FY25 Growth, Digestible Pricing

Knowledge Realty Trust (258259D IN) is looking to raise around US$551m in its India IPO. It has undertaken a pre-IPO placement round of around INR14bn (US$160m) in June 2025.
Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India’s office supply and gross absorption between CY16-1QCY25, as per the CBRE report.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.

July’s Insider Playbook – Buying Activity In 14 Small Cap Companies

July 2025 saw significant buying by promoters and key management in 14 companies, signaling insider confidence across diverse sectors.
Engineering, Pharmaceuticals, Consumer, Infrastructure, and Financials stood out with consistent insider purchases.
Notable Companies:Shoppers Stop (SHOP IN),Anup Engineering (ANUP IN), D.B. Corp Ltd (DBCL IN) , La Opala Rg Ltd (LOG IN) , and Paisalo Digital (PAISALO IN) saw aggressive accumulation.

KPIT Tech (“KPIT”): Decent Q1FY26 Despite Tough Macro

By Ankit Agrawal, CFA

KPIT reported a decent Q1FY26 considering the tough macro environment faced by its global auto OEM clients, who are struggling due to tariff uncertainty and intense competition from China OEMs.
KPIT announced new deal wins worth $241mm vs typical run-rate of $170mm. Q1FY26 revenue grew 4.9% YoY and -3.2% QoQ in constant currency terms, led by Powertrain and Connected domains.
A key highlight of Q1FY26 was KPIT announcing partnership with JSW for its new EV vehicle program. EBITDA margin stayed steady at 21% led by operational efficiency and currency gains.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, Tata Motors
UST yields fell slightly yesterday, led by the long end, with yield movements muted ahead of this week’s heavy slate of bond auctions. The yield on the 2Y UST declined 1 bp to 3.68%, while the yield on the 10Y UST fell 2 bps to 4.19%.
Equities recovered from last Friday’s sell-off, driven by solid earnings and expectations of Fed rate cuts.

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Aug 05

Daily Brief India: Paytm, Pennar Industries, Thirumalai Chemicals, NIFTY Index, Pokarna Ltd, Sambhv Steel Tubes, NSDL and more

In today’s briefing:

PayTM Block – US$434m Clean-Up by Antfin
M&B Engineering Ltd. IPO Analysis
The Beat Ideas: Thirumalai Chemicals – A ₹2,000 Cr Capex Bet on the Next Growth Cycle
Global Markets Tactical Outlook: Week of August 4 – August 8
Business Breakdown: Pokarna Limited, A Niche Quartz Player Facing Challenge Due to US Tariff
Sambhv Steel: Anchor Lock-In Opens, Bet on Capacity Expansion, Debt Reduction & Value Addition
National Securities Depository Limited (NSDL) IPO Trading – Strong Demand, Set for a Pop

PayTM Block – US$434m Clean-Up by Antfin

Antfin (Netherlands) Holding B.V. (Antfin) is looking to raise up to US$434 via a cleanup of its remaining 5.8% stake in Paytm (PAYTM IN).
Antfin has been selling off its stake in PayTM since it pared around 12% in Nov 2021 IPO. It last sold a 4% stake to raise upto US$242m in May2025.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

M&B Engineering Ltd. IPO Analysis

By Sudarshan Bhandari

M&B Engineering, a leader in the PEB space, launched a INR 650 crore IPO with a price band of INR 366-385, opening July 30, 2025.
The company will use the INR 275 crore fresh issue proceeds for capital expenditure to expand manufacturing facilities, upgrade technology, and repay certain borrowings.
Growth is fueled by 60% capacity expansion by FY28 and a booming PEB market; valuation appears reasonable given its high PAT CAGR of 53%.

The Beat Ideas: Thirumalai Chemicals – A ₹2,000 Cr Capex Bet on the Next Growth Cycle

Thirumalai Chemicals is nearing completion of two transformative capex projects in Dahej (India) and West Virginia (USA) set to expand capacity by over 130,000 TPA across commodity and specialty chemicals.
These investments position TCL to capture demand in both domestic import-substitution and underserved global food ingredient markets, while reducing dependency on cyclical PAN margins.
The company is transitioning from a commodity-heavy profile to a more diversified, global specialty player, unlocking long-term margin expansion and reducing volatility in earnings.

Global Markets Tactical Outlook: Week of August 4 – August 8

By Nico Rosti

A quick synoptic look at the tactical models for the key indices, stocks, commodities and bonds we cover, for the week August 4 – August 8.
OVERSOLD: China Mobile (941 HK) , NIFTY Index , KOSPI 200 INDEX
OVERBOUGHT: NVIDIA Corp (NVDA US) is the only stock clearly overbought.

Business Breakdown: Pokarna Limited, A Niche Quartz Player Facing Challenge Due to US Tariff

Pokarna is India’s leading quartz exporter, leveraging italian Bretonstone technology to deliver industry-leading margins, growth in Natural Quartz segment.
Company is doing major capex worth Rs. 440Crs, that will add an additional 500Cr in topline once fully operational.
The company is facing demand challenges due to the US 25% Tariff since more than 80% revenue is coming from the US.

Sambhv Steel: Anchor Lock-In Opens, Bet on Capacity Expansion, Debt Reduction & Value Addition

In Sambhv Steel Tubes (SAMBHV IN), the anchor investor lock-in expiry ends brought expected selling pressure, testing the stock’s resilience and investor conviction in its fundamentals.
The company posted record Q1 revenue and profit, driven by strong volumes and margin expansion from its strategic value-added product focus.
Management guides for sustained 12-13% EBITDA margins, backed by aggressive brownfield and greenfield expansions to capture future market demand.

National Securities Depository Limited (NSDL) IPO Trading – Strong Demand, Set for a Pop

By Sumeet Singh

National Securities Depository Limited NSDL (NSDL IN) raised around US$460m in its India IPO.
It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
We have looked at the past performance in our previous note. In this note, we talk about the demand and trading dynamics.

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Aug 04

Daily Brief India: CG Power and Industrial Solutions, NSDL, NIFTY Index, TVS Motor , Aditya Infotech Ltd and more

In today’s briefing:

India: Potential Free Float Changes & Passive Flows in August
Curator’s Cut: China Healthcare Rally, Financial Market Infra Moves, and Korea’s Equity Upswing
RBI Rate Decision on 6 Aug: Nifty 50’s Historic Moves Matched by Options Market
TVS Motor (TVSL) – The Juggernaut; Solid Outlook
Aditya Infotech IPO Trading – Strong Overall Demand with Decent Anchor

India: Potential Free Float Changes & Passive Flows in August

By Brian Freitas

Companies in India have disclosed their shareholding pattern as of end-June in July. There are companies with significant float changes from end-March and/or end-December.
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 11 stocks with passive inflows from global trackers while 5 could have passive outflows in August.

Curator’s Cut: China Healthcare Rally, Financial Market Infra Moves, and Korea’s Equity Upswing

By Pranav Rao

Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published in the past two weeks on Smartkarma
In this cut, we review the rally in Chinese healthcare in 2025, track some updates in financial markets infrastructure companies, and see how Korean equities have done since end-May
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next

RBI Rate Decision on 6 Aug: Nifty 50’s Historic Moves Matched by Options Market

By Gaudenz Schneider

Event Preview: The Reserve Bank of India will announce its next policy decision on Wednesday, August 6, 2025. After June’s larger-than-expected 0.5% rate cut, consensus expects no change.
Market Reaction History: The NIFTY 50 has historically moved more when the RBI surprises markets – a 27% occurrence rate over the past decade.
Options Perspective: This Insight investigates past market behavior during comparable RBI policy announcements and contrasts it with what current option pricing implies for this week’s move.

TVS Motor (TVSL) – The Juggernaut; Solid Outlook

TVS Motor (TVSL IN) posted its highest-ever revenue and EBITDA in Q1FY26, with 20% topline growth. Strong export recovery (+39%) and robust EV sales (+35%) helped offset modest domestic growth.
Strong Festive Outlook: Management expects festive demand, rural recovery, and new launches—including EVs and Norton bikes—to drive strong H2 FY26 performance.
But the Valuation At 57x P/E TTM EPS, TVS commands a steep premium over peers.Despite the sustained outperformance in EV adoption,export monetization, and upcoming premium product launches, we retain HOLD.

Aditya Infotech IPO Trading – Strong Overall Demand with Decent Anchor

Aditya Infotech Ltd (6596564Z IN) raised about US$151m in its India IPO.
Aditya Infotech is a CCTV/video surveillance provider offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

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Aug 02

Daily Brief India: Nesco Ltd, WeWork India Management Ltd and more

In today’s briefing:

Nesco: Strong Q1FY26 Led by the Exhibitions and the Foods Segments
WeWork India Pre-IPO – Lease Mismatch and Structural Strains

Nesco: Strong Q1FY26 Led by the Exhibitions and the Foods Segments

By Ankit Agrawal, CFA

Q1 tends to be a seasonally weak quarter. However, Nesco posted 60%+ YoY growth in the Exhibition business. The Foods business grew 147% YoY led by restaurants and catering division.
The IT Parks segment saw its revenue grow by 3.6% QoQ and 12% YoY in Q1FY26. Overall, Nesco’s revenue grew 37% YoY and PBT grew 23% YoY in Q1FY26.
Given that Nesco due to its leasing based revenue is a bond proxy investment, we are increasing our fair valuation target to take into account the low interest rate environment.

WeWork India Pre-IPO – Lease Mismatch and Structural Strains

WeWork India Management Ltd (1690124D IN) is looking to raise about US$407m in its upcoming India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
In this note, we talk about the not-so-positive aspects of the deal.

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Aug 01

Daily Brief India: Tech Mahindra, WeWork India Management Ltd, Adani Ports & Special Economic Zone, Sharda Motor Industries and more

In today’s briefing:

Quiddity Leaderboard BSE SENSEX Dec25: Tech Mahindra Close to Deletion; Indigo Close to Addition
WeWork India Pre-IPO – Enterprise-Led, Promising Metrics
Lucror Analytics – Morning Views Asia
Business Breakdown: Sharda Motors – The Shift from Pass-Through Revenue to Product-Led Profitability

Quiddity Leaderboard BSE SENSEX Dec25: Tech Mahindra Close to Deletion; Indigo Close to Addition

By Janaghan Jeyakumar, CFA

BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) of India.
In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index in the December 2025 index rebal event.
As things stand, there are no index changes expected for the BSE SENSEX index. However, if there are strong relative price swings, ADDs/DELs could be triggered.

WeWork India Pre-IPO – Enterprise-Led, Promising Metrics

WeWork India Management Ltd (1690124D IN) is looking to raise about US$407m in its upcoming India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
In this note, we talk about the positive aspects of the deal.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, AAC Technologies, Tata Motors
UST yields rose yesterday, as the market priced in lower rate cuts for 2025, following the strong Q2 GDP numbers and after Fed Chair Jerome Powell said no decision has been made on a September rate cut. The UST curve bear flattened, with the yield on the 2Y UST rising 7 bps to 3.94%, while that on the 10Y UST was up 5 bps at 4.37%.
Equity movements were mixed, as tech stocks were supported by solid earnings from Microsoft and Meta Platforms.

Business Breakdown: Sharda Motors – The Shift from Pass-Through Revenue to Product-Led Profitability