Thematic (Sector/Industry)

Japanese markets surged, with the Nikkei rising 3.2% on a weaker yen, strong earnings, and tech sector gains, while BoJ held rates steady amid cautious forecasts.
Japan’s economic data showed mixed trends, including falling industrial output, modest retail growth, and declining consumer confidence, raising concerns about domestic demand and labour market softness.
Top stock performers included Sumi Pharma, Toyota Industries, and Nidec, driven by strong earnings, privatization speculation, and bold profit and restructuring plans that lifted investor sentiment.

#141 India Insight: China Reviews U.S. Tariff Offer, Oyo Delays IPO to 2026, JSW Faces Setback

China is “evaluating” the U.S. tariff negotiation offer, demanding tariff removal and addressing practices, while the U.S. stays optimistic.
Oyo (1698548D IN) delays its IPO to 2026, targeting a $7 billion valuation, amid SoftBank’s concerns and restructuring of a $2.2 billion loan.
JSW Steel Ltd (JSTL IN)‘s resolution plan for Bhushan Power is rejected by the Supreme Court, directing liquidation, causing shares to drop 6%.

STAN – Window on HK Worsening, but Also Group Grade 12 Loans up 78% YoY

Standard Chartered (STAN LN) results are most interesting, like with HSBC Holdings (5 HK) , for what they show on specific regions
STAN reports in its HK region credit costs rising to USD89m in 1Q25 fromUSD39m YoY. This is now 41% of group credit costs from 22% YoY
Grade 12 loans are of low quality, not yet NPL. These are up 78% YoY and similar rise QoQ. There is no clear geo detail on this high delta

WTR Small-Cap Spotlight Recap: Deep-Sea Mining Industry Coming of Age

On the latest WTR Small-Cap Spotlight, we joined host Tim Gerdeman, Founder, Vice-Chairman, and Chief Marketing Officer at WTR, to discuss the recent developments in the deep-sea mining industry, including pros and cons of seabed mining, the importance of polymetallic nodules in meeting global critical metals needs and the regulatory environment, including the ISA’s inability to deliver on its mandate, and the US government’s steps to position the country as a leader in seabed mining.
Technological improvements and growing body of environmental data make DSM a viable pathway to critical metal independence.
While the roots of deep-sea mining go back to the 1970s and 1980s, with the US leading the way in technology of environmentally responsible mining of seabed mineral resources, significant work has been done over the past 50 years to optimize the collection technology and develop regulatory standards for safe exploitation of deep-sea mineral and metal deposits, dispelling much of the NGO-raised speculation with respect to the environmental impact of such activities.

Thematic Report : Why Is India’s Banking Witnessing a Slowdown in Credit Growth?

India’s top private banks, HDFC, ICICI, and Axis, saw a significant slowdown in credit growth to 11% in Q4 FY25 from 15-20% of expectations, i.e down from 16.5% last year
This moderation is due to softer loan demand, strategic balance sheet adjustments, and HDFC’s merger in it’s case.
Despite this, asset quality remains strong, and the banks are focused on building a solid deposit base for future growth.

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May 02

Daily Brief Thematic (Sector/Industry): Junior Copper Miners: Ecuador Sees M&A Action by China and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Junior Copper Miners: Ecuador Sees M&A Action by China
Ohayo Japan | Nasdaq Surges on Key Tech Earnings
#139 India Insight: Coke Grows in Q1, Apple Ups India Output, RBI Names New IndusInd Heads
Japan Morning Connection: US Markets Rally for 8th Day Although Apple and Amazon Miss After-Mkt
India Two-Wheeler OEMs – April EV Sales Dip Post-Policy Shift; Near-Term Trends Under Watch
The Effects of New Tariff on Chinese E Commerce

Junior Copper Miners: Ecuador Sees M&A Action by China

By Nicolas Van Broekhoven

In April a Chinese buyer made an offer for Ross Beaty controlled Lumina Gold (LUM CN), an Ecuador gold project.
One of our top picks Solaris Resources (SLS CN) surged on the back of this news as it indicates Ecuador is open for business after the re-election of President Noboa.
Copper prices have remained resilient despite ongoing “USA vs the World” trade war.

Ohayo Japan | Nasdaq Surges on Key Tech Earnings

Nasdaq rose 1.5% as Microsoft, Meta, and Apple earnings eased tariff fears; jobless claims rose; trade tensions showed signs of easing.
Apple beat Q2 earnings with $1.64 EPS and $95.4B revenue, driven by strong iPhone sales, authorized $100B buyback.
Mitsui & Co. forecasts a 14% drop in consolidated net profit to 770 billion yen, driven by declining iron ore and coking coal prices and yen appreciation.

#139 India Insight: Coke Grows in Q1, Apple Ups India Output, RBI Names New IndusInd Heads

The Maha Kumbh Mela boosted Coca Cola Co (KO US)‘s India sales, driving double-digit volume growth in Q1, with over 180 million servings consumed.
Amid escalating US-China trade tensions, Apple (AAPL US) accelerates its iPhone production in India, opening new factories and preparing for record shipments.
RBI has approved an interim executive committee to manage Indusind Bank (IIB IN) following CEO Sumant Kathpalia’s exit, with Soumitra Sen and Anil Rao overseeing operations.

Japan Morning Connection: US Markets Rally for 8th Day Although Apple and Amazon Miss After-Mkt

Another strong showing for tech and AI names after Meta’s big capex plans price in.
Solid print for HVAC major Carrier should set positive tone for Daikin.
Hokkaido Electric Power Co nightmare squeeze redux? +14.8% yesterday post-earnings.

India Two-Wheeler OEMs – April EV Sales Dip Post-Policy Shift; Near-Term Trends Under Watch

By Sreemant Dudhoria

EV 2W Sales Slide 30% in April: Post-March correction driven by subsidy cuts and seasonal softening; YoY momentum still +39%.
Subsidy Cuts Reset the Playing Field: PM e-Drive scheme slashes EV support, testing price elasticity and OEM pricing strategy.
OEMs at a Crossroads: With volume volatility rising, the next few months will reveal who can defend share—and who can’t.

The Effects of New Tariff on Chinese E Commerce

By J Capital Research

How will Chinese e-commerce companies survive the new tariff regime? We believe at least one of these companies will be hobbled.
Coming elimination on May 2 of the de minimis rule, which previously avoided tariffs on imported packages worth $800 or less, is perhaps the most immediately impactful change in trade policy that has already affected prices.
The cancellation of the de minimis rule (intended to permit individuals to import products tariff-free for personal use but which has been widely applied to all low-value products) took effect for a single day on April 2, 2025, was subsequently removed, and will be reinstated on May 2.

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May 01

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Wall Street Ends Volatile April Higher on Tech Boost and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan | Wall Street Ends Volatile April Higher on Tech Boost
#138 India Insight: HZL Eyes Potash, Reliance Quick Commerce Grows, Whirlpool Stake Sale
Japan Morning Connection: US Markets Go Risk-On Shrugging off Earlier SMCI Weakness
HSBC – BoCom Losses Not Yet Realized, Credit Metrics in HK and UK Are Worsening
Thematic Report: India Home-Services Market- Digital Disruption in ₹5 Trn TAM Market

Ohayo Japan | Wall Street Ends Volatile April Higher on Tech Boost

U.S. stocks rebounded Wednesday to close a volatile April, with the S&P 500 rising 0.15% and the Nasdaq finishing near flat after steep early losses
Microsoft beat earnings on strong cloud demand, and Meta delivered strong results with solid guidance despite advertising headwinds.
Tokyo Electron forecasts a 4% net profit rise to 566 billion yen for FY2026, driven by strong AI semiconductor equipment demand, with sales up 7% to 2,600 billion yen.

#138 India Insight: HZL Eyes Potash, Reliance Quick Commerce Grows, Whirlpool Stake Sale

Hindustan Zinc (HZ IN) , part of Vedanta group, plans to enter potash mining in Rajasthan, exploring lithium potential.
Reliance Retail scales up quick commerce with 2.4x growth, plans dark stores to enhance delivery coverage and speed.
Whirlpool Corp (WHR US) plans to sell 31% stake in India unit, attracting interest from private equity giants like Advent and Bain.

Japan Morning Connection: US Markets Go Risk-On Shrugging off Earlier SMCI Weakness

SOX rallied +4% off its lows with a host of positive earnings including Qorvo, Western Digital and Seagate.
Bigger than expected capex plans for Meta positive for Japan SPE to start.
Tokyo Electron numbers yesterday were inline but show less reliance on China sales.

HSBC – BoCom Losses Not Yet Realized, Credit Metrics in HK and UK Are Worsening

What matters with HSBC results is really not the bottom line, the management view or the constant currency comparatives, but rather the view on specific regions.
Still there is concern HSBC has not yet realized losses on BoCom, it is not marked to market; there will be an impairment of USD1.2-1.6bn from dilution
HK shows credit costs rising from USD233m to USD320m YoY in 1Q25 and UK shows credit costs rising from USD55m to USD169m YoY, both are key to HSBC

Thematic Report: India Home-Services Market- Digital Disruption in ₹5 Trn TAM Market

By Nimish Maheshwari

India’s home-services spend touched INR 4.99–5.07 trn in CY 2024 and is set to reach INR 8.22–8.35 trn by CY 2029 (10-11 % CAGR).
Online full-stack GMV is only INR 40–42 bn (0.8 % of spend) today yet grows 20-22 % CAGR to INR 105-110 bn by CY 2029.
Formalisation, gig-supply depth and tech-led standardisation give platforms head-room to triple GMV and double margins within five years while still capturing <2 % of TAM.

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Apr 30

Daily Brief Thematic (Sector/Industry): Chartered Insights: Impact of Pahalgam Terrorist Attack On Markets and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Chartered Insights: Impact of Pahalgam Terrorist Attack On Markets
New Trading Angle for Korean Market Re-Rating: Flow Gap from English IR Materials
Japan Banks – Net Interest Income, Credit Cost, Trading Gains, All Support Profit
Japan Morning Connection: SMCI Numbers Casts a Gloomy Shadow over All Things AI to Start Today
#137 India Insight: India’s Export Edge, Reliance’s Haier Play, and 2.4x Surge in Quick Orders
Fertilizing Self-Reliance: India’s Fertiliser Industry Set to Double Capacity in 2025-26
Thematic Report: Tariffs, Global Conflicts and Earnings Effect on the Indian Market
Themes of India: Revival of Indian Steel Industry Cycle In Q4 Feasible?
Monday Delight: 28/04/25
[Blue Lotus Daily]:LI US/MNSO US/601933 CH/1211 HK/1519 HK/Macro Update

Chartered Insights: Impact of Pahalgam Terrorist Attack On Markets

The Pahalgam terrorist attack on April 25, 2025 caused a brief market correction, with the Nifty 50 falling by 0.86% which was in line with past trends.
Historically, geopolitical shocks like the Kargil War (1999) and Pulwama attack (2019) caused minimal corrections, with the Sensex rebounding by 33% post-Kargil and 400 points in two sessions after 26/11.
The market’s swift recovery, with the Nifty gaining 1.20% on April 28, 2025. Experts project a mild 5-10% correction if tensions escalate, followed by a return to fundamentals.

New Trading Angle for Korean Market Re-Rating: Flow Gap from English IR Materials

By Sanghyun Park

The main issue with IFRS 18 is that it counts non-regular items like asset sales or FX gains as operating profit, potentially misleading investors about a company’s actual business performance.
As the Korean market might re-rate, companies with solid English IR materials could attract more global attention, creating trading opportunities, while others might face a significant flow gap.
As Blue Orca’s Soren Aandahl noted, small- and mid-cap stocks, especially those with English IR updates, could drive trading flows as the 2027 IFRS 18 rollout approaches.

Japan Banks – Net Interest Income, Credit Cost, Trading Gains, All Support Profit

The story for Japan’s banks is multifaceted with several line items working in tandem to support profit and profit delta
Net interest income strength that we see with MUFG, SMFG, Chiba and SBI Sumishin Net Bank can continue, given outlook on loans and pricing
Delta in credit costs is generally benign, allowing good flow through, with a recurring nature of equity trading gains – a unique feature in Japan banking

Japan Morning Connection: SMCI Numbers Casts a Gloomy Shadow over All Things AI to Start Today

Expect weakness after poor SMCI numbers sends AI related plays lower in late trading including NVDA and DELL.
Qorvo bucking the trend with a better-then-expected outlook despite Apple uncertainty in China.
Sony looking to spin off its semiconductor solutions business a watershed for unlocking shareholder value.

#137 India Insight: India’s Export Edge, Reliance’s Haier Play, and 2.4x Surge in Quick Orders

As US-China tariffs surge, Indian exporters, particularly in hand tools, electronics, and home appliances, gain a unique opportunity to fulfill US orders, bolstering Indian manufacturing and export growth.
Reliance Industries (RIL IN) acquisition push for Haier India strengthens its electronics sector presence, signaling a strategic move to compete with market leaders and diversify its consumer portfolio amid geopolitical tensions.
Reliance Industries (RIL IN) rapid expansion of dark stores aims to enhance delivery speeds, reinforcing its position in India’s quick commerce sector with sub-30-minute delivery times and no hidden fee.

Fertilizing Self-Reliance: India’s Fertiliser Industry Set to Double Capacity in 2025-26

By Viral Kishorchandra Shah

Industry to add 1,298 thousand tonnes capacity in 2025-26, doubling previous year’s additions to reduce imports
Production expected to rise 2% in 2025-26, with revival in urea output and continued growth in non-urea segment
Revenues rise after six quarters of decline; operating profit surged 55.8% with margin expansion to 7% in Q3 2024-25

Thematic Report: Tariffs, Global Conflicts and Earnings Effect on the Indian Market

The market rebound reflects optimism regarding global growth and domestic earnings, despite high uncertainty around global GDP, tariffs, and the US dollar.
There is increased uncertainty in global markets due to the shifting economic order. Indian exports, especially in automobiles and IT services, may face long-term risks from higher tariffs
The outlook for sectors like automobiles, IT services, and consumer consumption needs to be revised due to global trade tensions and weakened demand.

Themes of India: Revival of Indian Steel Industry Cycle In Q4 Feasible?

By Nimish Maheshwari

Steelmakers are set for strong Q4 growth, with rising HRC prices and falling raw material costs boosting operating margins by INR 1,200-1,800 per tonne for steelmakers.
Lower input costs, particularly coking coal along with GOI’s ADD will significantly improve profitability for steelmakers.
JSW Steel Ltd (JSTL IN) , Jindal Steel & Power (JSP IN) , Tata Steel Ltd (TATA IN), Steel Authority of India (SAIL IN) expects surge in PAT upto 700%.

Monday Delight: 28/04/25

By Contrarian Cashflows

Each week, I’ll share five intriguing investment ideas that recently caught my attention.
These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.
Because these ideas are the result of my first-level idea generation process, they require more in depth research. Therefore, the ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.

[Blue Lotus Daily]:LI US/MNSO US/601933 CH/1211 HK/1519 HK/Macro Update

By Eric Wen

Macro Update: NDRC Reiterates Incremental Policies Are in Preparation (+)
LI US: Li Auto Announces Free Charging and Road Rescue Services for May Holiday(-)
MNSO US/601933 CH:Yonghui Superstores 1Q25 Revenue and Net Profit Decline 19% and 80% YoY(-/-)

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Apr 29

Daily Brief Thematic (Sector/Industry): HK Strategy: Sell in May and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

HK Strategy: Sell in May, Go Away? The History Says Yes!
Chartered Insights: The Fallout of Indo-Pak Trade Suspension April,2025
US Banks – Off Balance Sheet, Decline of C&I Commitments, Not A Good Sign
Ohayo Japan | Flat Ahead of Big Tech Earnings
Japan – New Loan Officer Survey Is Positive for Lending Growth, for Banks, Underlying Economy
Furniture/Furnishings Weekly: Gen Z Pushes RTO; Chinese Imports Drop
Biopharma Week in Review: Makary Sparked FDA Optimism; Growing Pushback on HHS Changes
Sustainable Investing Surveyor Focus on Westwater Resources

HK Strategy: Sell in May, Go Away? The History Says Yes!

By Osbert Tang, CFA

Statistics supported “Sell in May, go away” for the HSI. Since 2013, the average return for May is -2%, and is negative in 8 out of the last 12 years.
On average, May is the worst month since 2020, too. This even eclipsed the month of Oct, which is widely believed to be normally the worst month.
If a weak May happens, the heavily weighted yet strongly performed constituents like BYD (1211 HK), Alibaba Group (9988 HK), and Xiaomi Corp (1810 HK) are to suffer.

Chartered Insights: The Fallout of Indo-Pak Trade Suspension April,2025

Pakistan’s suspension of bilateral trade with India impacts supply chains, but India’s diversified trade routes through third countries like Dubai and Singapore provide resilience.
India’s trade surplus with Pakistan is at risk, particularly in key sectors like pharmaceuticals, tea, and fertilizers, which could cause supply disruptions in Pakistan.
India’s economy remains largely unaffected due to negligible imports of $0.48 Million, while Pakistan faces heightened inflation and shortages of critical goods, deepening economic strain.

US Banks – Off Balance Sheet, Decline of C&I Commitments, Not A Good Sign

A commercial & industrial (C&I) loan commitment is a commitment to lend that a bank provides a company for a fee, so that draw-down can be immediate, when needed
Granular quarterly data from the Fed shows unused C&I loan commitments down USD142bn QoQ in 4Q24 or -5.2% QoQ.
The only other time there was such a sharp contraction was in 1Q20 when it was -12.5% QoQ or where it was down USD266bn QoQ.

Ohayo Japan | Flat Ahead of Big Tech Earnings

Stocks ended mixed, recovering from early losses as investors focused on upcoming Big Tech earnings and economic data
Hitachi unveiled a three-year management plan targeting growth through artificial intelligence with a 500 billion yen investment in new businesses
Komatsu forecasts a 30% decline in net profit to 309 billion yen, driven by a 79 billion yen cost increase from U.S. tariffs and yen appreciation

Japan – New Loan Officer Survey Is Positive for Lending Growth, for Banks, Underlying Economy

The BOJ released its loan officer survey on 21 April which is generally positive for lending demand at firms and eased credit standards (willingness to lend)
Demand for credit over past 3 months for firms, 43 respondents were about the same, 6 were moderately stronger, 1 substantially stronger. No respondents were weaker
Lending policies saw most respondents unchanged, but there were some as ‘eased somewhat’ and 1 ‘eased considerably’ with no respondents reporting tightening

Furniture/Furnishings Weekly: Gen Z Pushes RTO; Chinese Imports Drop

Market retracement as policy volatility remains high.
The WTR Commercial/Contract Furniture Index was up 4.8%, the Residential Manufacturers & Suppliers Index was up 4.9%, and the Home Goods Retailers Index improved by 9.7% as the broader indices surged higher.
Gen Z pushing for Return-to-Office (1). Over the past year, many firms have begun pushing harder for employees to return to the office in order to enhance corporate culture, improve learning and networking opportunities for employees, and enhance organizational agility and innovation.

Biopharma Week in Review: Makary Sparked FDA Optimism; Growing Pushback on HHS Changes

FDA Commissioner Martin Makary injected some regulatory optimism with his first public comments, advocating for accelerated drug approval pathways.
While biopharma headlines were a roller coaster, investors appeared ready to grasp any positive news, despite more signs of FDA dysfunction.
In an E&Y report reviewed by Reuters, 25% pharma tariffs would increase drug costs by $51 billion, leading to either 12.9% higher prices or reductions in R&D efforts and workforce.

Sustainable Investing Surveyor Focus on Westwater Resources

The WTR Sustainable Index was up 4.3% W/W versus the S&P 500 Index (up 4.6%), the Russell 2000 Index (up 4.1%) and the Nasdaq Index (up 6.4%).
Energy Technology (12.6% of the index) was up 5.1%, while Industrial Climate and Ag Technology (47.1% of the index) was up 5.6%, ClimateTech Mining was down 1.0%, and Advanced Transportation Solutions (21.3% of the index) was up 5.8%.
Top 10 Performers: AMY, PLL, AVL, IRBT, SLI, COMM, PE, NGPHF, MEOH, HSC

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Apr 28

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Tech Leads Market as S&P 500 Posts 4.6% Weekly Gain and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan | Tech Leads Market as S&P 500 Posts 4.6% Weekly Gain
Japan Morning Connection: Rebound Continues with the SPX Clocking Its Best Run Since January
CHMP Meeting Update April 2025: Sixteen New Medicines Recommended For Approval

Ohayo Japan | Tech Leads Market as S&P 500 Posts 4.6% Weekly Gain

The S&P 500 closed higher by 0.7% and the Nasdaq Composite gained 1.3% on Friday.
Advantest forecasts net sales of 755 billion yen, down 3%, and operating profit of 242 billion yen, up 6%, for the fiscal year ending March 2026
Toyota Industries is considering going private via a takeover bid by a special purpose company (SPC) backed by Toyota and other group companies

Japan Morning Connection: Rebound Continues with the SPX Clocking Its Best Run Since January

Tech and AI leading gains but the current rally feels like its running out of steam.
Languid outlook from Advantest will not enthuse Japan SPE names.
Shin Etsu blowing the doors off with a Y500bn buyback.

CHMP Meeting Update April 2025: Sixteen New Medicines Recommended For Approval

By Tina Banerjee

EMA’s human medicines committee (CHMP) recommended sixteen medicines for approval at its April 2025 meeting. CHMP also adopted positive opinion for nine biosimilar medicines.
Among the new medicines, Vertex’s triple combination cystic fibrosis drug Alyftrek, Amgen’s Thyroid eye disease drug Tepezza, and Jazz Pharmaceutical’s billiary tract cancer drug Ziihera have potential to become blockbusters.
The Agency has recommended the refusal of the marketing authorization for Eli Lilly’s Alzheimer’s Disease drug Kisunla. Eli Lilly may ask for a re-examination of the opinion within 15 days.

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Apr 27

Daily Brief Thematic (Sector/Industry): APAC Healthcare Weekly (April 27)- Sillajen and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

APAC Healthcare Weekly (April 27)- Sillajen, Akeso, Innovent Biologics, CSL, Daiichi Sankyo, Lupin

APAC Healthcare Weekly (April 27)- Sillajen, Akeso, Innovent Biologics, CSL, Daiichi Sankyo, Lupin

By Tina Banerjee

SillaJen got FDA nod to expand clinical trial of BAL0891 for acute myeloid leukemia. Akeso received FDA approval for its PD-1 inhibitor penpulimab for the treatment of nasopharyngeal carcinoma.
Innovent Biologics got approval for limertinib in China for the first-line treatment of locally advanced or metastatic non-small cell lung cancer. CSL launches Andembry Pen for Hereditary Angioedema in Japan.
Daiichi Sankyo submitted indication expansion application in Japan for Enhertu for the treatment of HER2 positive advanced or recurrent solid tumors. Lupin received FDA approval for Tolvaptan Tablets.

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Apr 26

Daily Brief Thematic (Sector/Industry): Japan Strategy Weekly | Stocks Strong on Trade Optimism and Weaker Yen and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Japan Strategy Weekly | Stocks Strong on Trade Optimism and Weaker Yen
#141 India Insight: Adani Sells 400 MHz to Artl, ITC Signs 14 Hotels, Saudi-Ind to Build Refineries
Thematic Report: Opportunity for India; US Anti-Dumping Duty on Solar Imports
How Trump’s Tariffs Are Reshaping India’s Shrimp Export Market?
AUCTUS ON FRIDAY – 25/04/2025

Japan Strategy Weekly | Stocks Strong on Trade Optimism and Weaker Yen

The Nikkei 225 surged 2.7% over the week, reclaiming the 35,000 level as easing U.S.-China trade tensions and a softer yen bolstered investor sentiment.
Tokyo core CPI jumped to 3.4% in April 2025 (highest in two years), driven by reduced energy subsidies and April food price increases.
The weaker yen supported export-dependent sectors, such as machinery, auto parts and tech hardware. For individual stocks, it is all about results and capital policies.

#141 India Insight: Adani Sells 400 MHz to Artl, ITC Signs 14 Hotels, Saudi-Ind to Build Refineries

Adani Group has exited the captive telecom space by offloading 400 MHz 5G spectrum to Bharti Airtel; this boosts Airtel’s 5G expansion while signaling Adani’s strategic retreat from telecom.
ITC’s Fortune Hotels signed 14 and launched 7 new hotels this year; this rapid expansion strengthens its mid-market hospitality presence and capitalizes on India’s surging domestic travel demand.
India and Saudi Arabia have agreed to jointly construct two oil refineries, this deepens energy ties and supports India’s fuel security amid rising consumption.

Thematic Report: Opportunity for India; US Anti-Dumping Duty on Solar Imports