In today’s briefing:
- Ramkrishna Forgings Ltd: Missing Inventory Exposes the Audit Blind Spot
- Vietnam Rubber Export Returns Up, But Products Suffer In Feb
- Reliance: Betting Big on New Energy
- Asia base oils demand outlook: Week of 28 April
- Newmont’s $1.3 Billion Bet: Can Strategic Capital Allocation Spark a New Era of Growth?
- Hybridan Small Cap Feast: 17/04/2025
- Lucror Analytics – Morning Views Asia
- Weatherford International: An Insight Int Its Elevated Oilfield Services Demand
- EM Spreads – Weekly News & Views
- IEX: Transitioning with India’s Energy Landscape
Ramkrishna Forgings Ltd: Missing Inventory Exposes the Audit Blind Spot
- On April 26, 2025, Ramkrishna Forgings (RMKF IN) (RKFL) disclosed that during the annual physical verification of inventory for the financial year ending March 31, 2025, there were discrepancies observed.
- The company has appointed independent external agencies to dig-out the findings, but the fact that management expects a 4-5% erosion of net-worth has caught the attention of many.
- While this exposes the accounting and governance, the bigger picture is that it also exposes a big audit blind spot relating to inventory discrepancy threshold of 10%.
Vietnam Rubber Export Returns Up, But Products Suffer In Feb
- Rubber products exports to the US falls 4.99% MoM in Feb
- Product exports to China surge by 143.22% MoM in Feb
- Rubber exports value in Feb soar to US$225.71 million
Reliance: Betting Big on New Energy
- Reliance plans to invest Rs40,000–45,000 crore (30% of total capex) into its New Energy business over FY25–FY28.
- Solar PV manufacturing (10 GW), Green Hydrogen (electrolyzers + hydrogen production), Energy Storage (30 GWh batteries), Biogas (CBG plants), and Carbon Capture initiatives.
- New Energy could contribute 8–10% of Reliance’s total EBITDA over the next 10 years as projects mature and commercial operations ramp up.
Asia base oils demand outlook: Week of 28 April
- Asia’s base oils demand could wane as expectations of improving supply and more muted end-user consumption incentivize blenders to keep low stocks.
- High base oils margins could add to buyers’ preference to hold back amid concern about disconnect between high margins and prospect of weaker supply-demand fundamentals.
- More muted regional demand would speed up recovery in supply as more plant maintenance draws to a close in coming weeks.
Newmont’s $1.3 Billion Bet: Can Strategic Capital Allocation Spark a New Era of Growth?
- Newmont Corporation’s recent quarterly results reveal a solid start to 2025, driven by strong operational performance and favorable market conditions, particularly the high gold prices.
- The company produced 1.5 million ounces of gold and 35,000 tonnes of copper in the first quarter, aligning with annual guidance.
- These figures have supported record first-quarter cash flows, with operating cash flows at $2 billion and free cash flow at $1.2 billion.
Hybridan Small Cap Feast: 17/04/2025
- CleanTech Lithium 9.75p £9.7m (CTL.L) The lithium developer in Chile announced it is collaborating with DuPont Water Solutions, a business unit of DuPont, to test lithium processing technology.
- DuPont has developed a new nanofiltration membrane technology for high lithium recovery.
- This will be tested in CleanTech Lithium’s direct lithium extraction downstream process.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Greenko Energy, Vedanta Resources, Reliance Industries
- Last Friday, US Treasuries tightened by 5-8 bps across the curve. US equities continued to recover, albeit at a slow pace, with the S&P 500 up by 0.7% and Nasdaq rising 1.3%.
- The US economy is projected to register a weak 0.4% annualised growth rate in Q1/25, according to the US government’s initial estimate, with a large trade deficit and consumer fatigue contributing to the slowdown, even before the tariff-related upheaval.
Weatherford International: An Insight Int Its Elevated Oilfield Services Demand
- Weatherford International’s first-quarter 2025 performance reflected a complex market environment with both challenges and opportunities.
- The company’s results came in line with earlier expectations, though the trajectory was altered by softer-than-anticipated activity in key regions.
- Mexico witnessed a sharper decline in activity, approximately 60% year-over-year, which was steeper than initially forecasted.
EM Spreads – Weekly News & Views
- Argentina’s Economy Grows Above Expectations in February / Vista 1Q25: Strategic Petronas Acquisition Strengthens Credit and Growth Outlook
- Fitch Affirms Cemex at ‘BBB-‘; Stable Outlook Reflects Resilient Credit Profile
- Pemex Rig Suspensions Highlight Ongoing Operational and Financial Risks / MercadoLibre CEO Sees U.S.-China Trade War as Major Opportunity
IEX: Transitioning with India’s Energy Landscape
- IEX reported 18.7% volume growth to 121 BU in FY25, with revenue up 19.3% and PAT up 22.3%, driven by higher RTM and Green Market volumes.
- Strong growth in Green Market and REC trading; new initiatives like Green RTM, Carbon Credit Trading, and Coal Exchange are progressing toward regulatory approvals.
- Management expects volume growth from rising demand and policy support, but regulatory changes and market coupling remain key execution and competitive risks.
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