Category

India

Apr 12
0

Daily Brief India: Paytm, Jindal Steel & Power, Delhivery , Max Healthcare Institute and more

By | Daily Briefs, India

In today’s briefing:

  • Paytm 2.0: Growth Triggers Loading…
  • The Beat Ideas: Jindal Steel & Power, A 31000Cr Mega Capex Plan
  • Event Driven: Delhivery Acquires Ecom Express as Distress Sale
  • Max Healthcare (MAXHEALTH IN): Multi-Pronged Expansion Strategy Augurs Well for Sustainable Growth

Paytm 2.0: Growth Triggers Loading…

By Sudarshan Bhandari

  • Paytm (PAYTM IN) is pivoting post-regulatory setbacks with board overhaul, license reapplications, and focus on high-margin verticals like lending and merchant services.
  • Triggers like MDR revival, PPBL embargo removal, and PA license approval could significantly lift monetization, improve take rates, and stabilize investor sentiment.
  • While competition is stiff, structural improvements and cost controls position Paytm for a profitable rebound, making it a potential re-rating candidate in FY26.

The Beat Ideas: Jindal Steel & Power, A 31000Cr Mega Capex Plan

By Sudarshan Bhandari

  • The company is in the final stages of commissioning its INR 31,000 crore capex plan, accompanied by strong promoter buying in recent months
  • The new capacity is expected to improve margins through deeper backward integration while also expanding its value-added product mix.
  • With secured fuel, captive power, and value-added downstream capacity, it is poised to emerge as an infrastructure powerhouse. A steel price recovery would further amplify gains.

Event Driven: Delhivery Acquires Ecom Express as Distress Sale

By Nimish Maheshwari

  • Delhivery (DELHIVER IN) acquired a 99.4% stake in Ecom Express for ₹1,407 crore, months after Ecom’s failed IPO and rights issue raised similar funds.
  • The deal combines two logistics leaders, expands Tier-2/3 reach, and promises cost efficiency, route optimization, and stronger pricing discipline in India’s fast-growing B2C e-commerce logistics.
  • Despite red flags in Ecom and DRHP disputes, Delhivery may have picked up a distressed but strategic asset at a bargain, with upside from network and tech integration.

Max Healthcare (MAXHEALTH IN): Multi-Pronged Expansion Strategy Augurs Well for Sustainable Growth

By Tina Banerjee

  • Max Healthcare Institute (MAXHEALT IN) completed the acquisition of Jaypee Healthcare in last November, thereby adding 700 beds. Jaypee added INR1,120M revenue with an operating EBITDA of INR230M in Q3FY25.
  • Max is setting up ~500 bedded hospital at Thane, Maharashtra on an asset-light built-to-suit basis. The proposed construction of hospital premises is expected to be completed by 2028.
  • Current expansion plan indicates significant capacity ramp-up (20%+) in FY26, and majority of which will come by Q1, thereby generating scope for revenue realization for most part of the year.

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Apr 11
0

Daily Brief India: InterGlobe Aviation Ltd, Nuvama Wealth Management, Bank of Maharashtra, IndiQube Spaces Ltd and more

By | Daily Briefs, India

In today’s briefing:

  • Quiddity Leaderboard NIFTY Sep25: US$1bn+ Total One-Way Flows; ADDs Strongly Outperforming DELs
  • #134 India Insight: EU 0% Auto Tariff; Warburg ₹800cr Bailout; PAG Plans ₹2.2kcr Nuvama Stake Sale
  • #2 Leadership Bytes(08-Apr-25)
  • IndiQube Spaces Pre-IPO – Capacity Has Been Expanding, Though Margins Remain Unstable

Quiddity Leaderboard NIFTY Sep25: US$1bn+ Total One-Way Flows; ADDs Strongly Outperforming DELs

By Janaghan Jeyakumar, CFA

  • NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
  • In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices in the September 2025 index rebal event.
  • We see two changes for NIFTY 50 and five changes for NIFTY 100. 

#134 India Insight: EU 0% Auto Tariff; Warburg ₹800cr Bailout; PAG Plans ₹2.2kcr Nuvama Stake Sale

By Sudarshan Bhandari

  • The EU is negotiating with India to remove the 100% import duty on fully built cars under FTA.
  • Warburg Pincus plans to lead a INR600 – 800 crore rights issue to rescue troubled Fusion Micro Finance (FUSION IN).
  • PAG has hired JP Morgan and Morgan Stanley to sell its INR 2.2k crore controlling stake in Nuvama Wealth Management (NUVAMA IN). 

#2 Leadership Bytes(08-Apr-25)

By Sudarshan Bhandari

IndiQube Spaces Pre-IPO – Capacity Has Been Expanding, Though Margins Remain Unstable

By Rosita Fernandes

  • IndiQube Spaces Ltd (1628202D IN)  (ISL) is planning to raise about US$100m in its upcoming India IPO. 
  • ISL is a managed workplace solutions provider offering technological workplace solutions. As per CBRE Report, ISL is among the leading operators in Bengaluru as of Jun 24.
  • ISL offers enterprise workplace solutions, from large hubs to small spokes, enhancing employee experience through integrated interiors, amenities, and various value-added services for a seamless, efficient office environment.

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Apr 10
0

Daily Brief India: LG Electronics India, NIFTY Index, Jain Resource Recycling, Runwal Enterprises Limited and more

By | Daily Briefs, India

In today’s briefing:

  • LG Electronics India IPO: The Bull Case
  • NIFTY Index Rally Outlook After Trump’s Tariffs PAUSE
  • Jain Resource Recycling Pre-IPO Tearsheet
  • Runwal Enterprises Ltd Pre-IPO Tearsheet

LG Electronics India IPO: The Bull Case

By Arun George

  • LG Electronics India (123D IN)/LGEIL, a subsidiary of LG Electronics (066570 KS), aims to raise up to US$1.5 billion through a secondary offering (15% of outstanding shares). 
  • According to Redseer, as of 30 June 2024, LGEIL was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume.
  • The bull case rests on a strong market position, solid revenue growth, top-tier operating and FCF margin profile. 

NIFTY Index Rally Outlook After Trump’s Tariffs PAUSE

By Nico Rosti

  • The NIFTY Index (NIFTY INDEX) post-crash bounce peaked around 4.4% before stalling—mirroring the fading rebounds seen across global indices.
  • The index has yet to reach levels attractive for shorting, but with two days remaining before the weekend, any positive tariff-related news will push the index towards the targets.
  • This insight highlights key price levels for initiating tactical shorts or exiting longs, depending on the tariffs scenario that, once again, changed dramatically from one day to the next.

Jain Resource Recycling Pre-IPO Tearsheet

By Akshat Shah

  • Jain Resource Recycling (2300699D IN) is looking to raise about US$234m in its upcoming India IPO. The deal will be run by ICICI, Motilal, DAM and PL Capital.
  • The company is primarily focused on manufacturing of non-ferrous metal products by  recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
  • According to CRISIL, it was the largest and fastest-growing non-ferrous metal recycling business, in terms of revenue for FY22-24 in India.

Runwal Enterprises Ltd Pre-IPO Tearsheet

By Rosita Fernandes

  • Runwal Enterprises Limited (2300329D IN) (REL) is planning to raise about US$117m through its upcoming India IPO. The lead bookrunners for the deal are ICICI, Jefferies.
  • REL is a real estate developer engaged across the full spectrum of real estate, with a focus on residential (affordable to luxury), commercial spaces, retail malls, and educational buildings.
  • As per JLL Report, between Jan 19 and Sept 24, Runwal Enterprises ranked 2nd in Mumbai for both new launches (5.69%) and sales (5.25%).

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Apr 09
0

Daily Brief India: LG Electronics India, Park Medi World and more

By | Daily Briefs, India

In today’s briefing:

  • LG Electronics India Pre-IPO – Peer Comparison – Largest but One of the Slowest
  • LG Electronics India Pre-IPO – Thoughts on Valuation
  • Park Medi World Pre-IPO Tearsheet

LG Electronics India Pre-IPO – Peer Comparison – Largest but One of the Slowest

By Sumeet Singh

  • LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India.
  • LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.
  • We have looked at the company’s past performance in our previous note. In this note, we undertake a peer comparison.

LG Electronics India Pre-IPO – Thoughts on Valuation

By Sumeet Singh

  • LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India.
  • LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.
  • We have looked at the company’s past performance and undertaken a peer comparison in our previous note. In this note, we talk about valuations.

Park Medi World Pre-IPO Tearsheet

By Nicholas Tan

  • Park Medi World (1605334D IN)  is looking to raise at least US$147m in its upcoming India IPO. The deal will be run by Nuvama, CLSA, DAM Capital and Intensive FS.
  • It is the second largest private hospital chain in North India, with an aggregate bed capacity of 3,000 beds.
  • It the largest private hospital chain in terms of bed capacity in Haryana with 1,600 beds located in the state as of 1H25. 

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Apr 08
0

Daily Brief India: Mazagon Dock Shipbuilders , Jindal Stainless, Reliance Industries, Dixon Technologies India Ltd, Tata Motors ADR, NIFTY Index and more

By | Daily Briefs, India

In today’s briefing:

  • Mazagon Dock Shipbuilders (MAZDOCKS IN): OFS & Potential Global Index Inclusion
  • Jindal Stainless: Near-Term Headwinds Appear to Be Well Factored
  • Reliance’s Campa Cola Comeback: Disrupting India’s Soft Drink Market
  • #1 Leadership Bytes(07-Apr-25)
  • Lucror Analytics – Morning Views Asia
  • NSE NIFTY50/ Vol Update / Trade Tensions Prevail: Reduce Vol Harvesting & Position for +ve Vega.

Mazagon Dock Shipbuilders (MAZDOCKS IN): OFS & Potential Global Index Inclusion

By Brian Freitas

  • Mazagon Dock Shipbuilders (MAZDOCKS IN) has announced an Offer for Sale of 4.01% of the Government holding in the stock. That is INR 41bn (US$481m) at the last close.
  • The increase in float brings the stock very close to inclusion in a global index at the May rebalance. However, that is dependent on how the stock performs from here.
  • Inclusion in the index will bring around US$222m/ 2x ADV of passive inflows and could help support the stock.

Jindal Stainless: Near-Term Headwinds Appear to Be Well Factored

By Rahul Jain

  • Management has lowered its volume and margin guidance over the last few quarters even as they have gradually lowered their export share to less than 10%.
  • Despite a 40% drop from its high over the last few months JDSL trades at premium to its historic valuations. Significant investments in Indonesia to raise capacity is positive
  • A 20-25% increase in volumes (through Indonesia investments) over the next 2-3 years coupled with 20% ROIC and Debt <1X EBITDA implies that premium valuations could sustain.

Reliance’s Campa Cola Comeback: Disrupting India’s Soft Drink Market

By Sudarshan Bhandari

  • Reliance Industries (RIL IN) has relaunched Campa Cola with a disruptive INR 10 price tag, targeting Bharat through regional branding, aggressive retail margins, and deep distribution.
  • Campa’s revival is shaking up India’s INR 50,000 crore soft drink market, challenging Pepsi and Coke with rapid share gains and frenzied rural demand.
  • This is not nostalgia, it’s Ambani’s Jio-style FMCG disruption. Expect more brand revivals, deeper pricing wars, and a new cola war driven from the grassroots.

#1 Leadership Bytes(07-Apr-25)

By Sudarshan Bhandari

Lucror Analytics – Morning Views Asia

By Trung Nguyen

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Tata Motors
  • In the US, the March nonfarm payrolls unexpectedly increased to 228 k (140 k e / 117 k revised p), albeit the February figure was revised downwards to 117 k (from 151 k). The unemployment rate edged up to 4.2% (4.1% e / 4.1% p).
  • Average hourly earnings came in at 0.3% m-o-m (0.3% e / 0.2% revised p) and 3.8% y-o-y (4.0% e / 4.0% p).

NSE NIFTY50/ Vol Update / Trade Tensions Prevail: Reduce Vol Harvesting & Position for +ve Vega.

By Sankalp Singh

  • Nifty50 risk premia recovers from depressed levels due to Global trade tensions. Lags global equity Vol-spike. Monthly IVs: 11.0% -> 12.5%. Vol-Regime moves to “Low & Up” state.  
  • Term-Structure swings into Backwardation in the Front-End, but curve finally settled back in Contango by week’s end. Skew/ Smile characteristics held steady with slight compression in Strangle markups.
  • Tactical Implications: (1) Continue reduced exposure to Risk-premia harvesting, (2) Long Vega structures recommended in “Low & Up” vol-state. 

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Apr 07
0

Daily Brief India: NIFTY Index and more

By | Daily Briefs, India

In today’s briefing:

  • Nifty Index Options Weekly (Apr 01 – 04): Lowest Implied Vol Amid a Global Meltdown

Nifty Index Options Weekly (Apr 01 – 04): Lowest Implied Vol Amid a Global Meltdown

By John Ley

  • Nifty remains the global market with the lowest implied volatility and has been outperforming its peers in this sell off.
  • We assess where Nifty is likely to open on Monday and the expected impact on implied vol and discuss whether hedging should be considered. 
  • We highlight the absence of a flight-to-quality bid in this global meltdown and what that could mean for relative returns vs. the SP500.

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Apr 06
0

Daily Brief India: Navkar Corporation Limited and more

By | Daily Briefs, India

In today’s briefing:

  • Navkar Corporation: How JSW’s Acquisition of Navkar Creates a Logistics Powerhouse.

Navkar Corporation: How JSW’s Acquisition of Navkar Creates a Logistics Powerhouse.

By Viral Kishorchandra Shah

  • JSW group aims to become a complete port and logistics solution provider to end customers, by combining JSWIL’s port infrastructure with Navkar’s inland logistics capabilities (CFS, ICD, PFT,CTO license). 
  • Access to Navkar’s 100 acres undeveloped land  in strategic areas offers JSW Infrastructure Ltd( JSWIL) opportunities for further development and expansion of logistics infrastructure.
  • JSW targets INR 9,000 crore Capex in logistics by FY30, expecting INR 8,000 crore revenue, INR 2,000 crore EBITDA, and 17-18% ROCE.

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Apr 05
0

Daily Brief India: NIFTY Index, JSW Steel Ltd, Tata Motors Ltd, Pace Digitek Ltd and more

By | Daily Briefs, India

In today’s briefing:

  • Global Stocks Outlook: Where Is the Bottom for This Crash?
  • JSW Steel: Low Cost Capacity Expansion Underpin Premium Valuations
  • Can Tata Motors Withstand the 25% U.S. Auto Tariffs Or It Will Collapse Further?
  • Pace Digitek Ltd Pre-IPO Tearsheet

Global Stocks Outlook: Where Is the Bottom for This Crash?

By Nico Rosti

  • Analysis of the NIFTY, Nikkei 225, Hang Seng, KOSPI 200, S&P/ASX 200, S&P 500 and Nasdaq-100 stock indices: where is the bottom for the global stock market rout?
  • As explained in this insight, our models have been battle-tested since 2008. While they can’t predict the future, they provide valuable insights for identifying market bottoms during crashes.
  • What follows is a focused analysis of each market index we track, aimed at identifying potential bottoms amid extreme sell-offs, helping position ahead of the next Bear Market rally/reversal.

JSW Steel: Low Cost Capacity Expansion Underpin Premium Valuations

By Rahul Jain

  • JSW Steel has grown its domestic steelmaking capacity at CAGR of 14% over the last 2 decades (2x industry) and at 25% lower costs
  • Gradual capacity ramp-up at recently completed expansion at Vijayanagar (5m) and actively pursuing 10-15mt of new capacity additions over the next 3-5 years
  • Valuations: JSW Steel trades at premium to its 5yr average EV/EBITDA likely due to a) impending imposition of a 12% safeguard duty b) superior capital allocation etc.

Can Tata Motors Withstand the 25% U.S. Auto Tariffs Or It Will Collapse Further?

By Sudarshan Bhandari

  • The US imposed a 25% tariff on auto imports, affecting Tata Motors’ JLR unit, where the US accounts for 22% of sales.
  • This could shave off 200–300 bps from JLR’s EBITDA margin or weaken US volumes if costs are passed on to consumers.  
  • Tata Motors’ FY25 EBIT margin guidance of ≥8.5% looks ambitious; a realistic range may shift to 6.5–7.5% without swift demand or cost-side offsets.

Pace Digitek Ltd Pre-IPO Tearsheet

By Rosita Fernandes

  • Pace Digitek Ltd (0180382D IN)  (PDL) is planning to raise about US$105m through its upcoming India IPO. The lead bookrunner for the deal is Unistone.
  • PDL provides multi-disciplinary solutions in telecom passive infrastructure, offering turnkey services across India, Myanmar, and Africa. Initially manufacturing passive equipment, it expanded into products, projects, O&M, and service solutions.
  • PDL transitioned from manufacturing passive telecom equipment to providing multi-disciplinary solutions, including telecom, energy, and ICT products, services, and turnkey projects, with a focus on O&M, renewables, and infrastructure development.

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Apr 04
0

Daily Brief India: Wns Holdings Ltd Adr, JSW Infrastructure and more

By | Daily Briefs, India

In today’s briefing:

  • WNS Could Be The Hottest M&A Target In Tech Outsourcing Right Now: Capgemini & Other Tech Giants Are Circling!
  • JSW Infrastructure – ESG Report – Lucror Analytics

WNS Could Be The Hottest M&A Target In Tech Outsourcing Right Now: Capgemini & Other Tech Giants Are Circling!

By Baptista Research

  • WNS Holdings reported its fiscal 2025 third-quarter results, highlighting some key financial metrics and operational dynamics.
  • The company achieved net revenue of $319.1 million, marking a year over-year increase of 1% on a reported basis, though it remained flat when adjusted for constant currency.
  • Sequentially, however, there was a more robust performance with revenue increasing by 2.7% on a reported basis and 3.2% in constant currency terms.

JSW Infrastructure – ESG Report – Lucror Analytics

By Trung Nguyen

  • Established in 2004, JSW Infrastructure (JSWIL) is the second-largest commercial port operator in India in terms of cargo-handling capacity.
  • The company owned nine ports/terminals for a total installed capacity of 173.2 mn mtpa at end-December 2021.
  • The company is majority-owned and controlled by the Sajjan Jindal Family Trust, which also owns and controls other JSW Group-related companies, including JSW Steel. 

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Apr 03
0

Daily Brief India: Solar Industries India and more

By | Daily Briefs, India

In today’s briefing:

  • AMFI Stock Reclassification Preview (Jun 2025): Plenty of Change With More Likely

AMFI Stock Reclassification Preview (Jun 2025): Plenty of Change With More Likely

By Brian Freitas

  • We currently forecast 10 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 9 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.
  • From the new listings, 2 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
  • There are multiple stocks among the AMFI changes that will be changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX) and/or Nifty Midcap 150 Index in September.

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