Daily Brief Financials: Tokyu Reit Inc, Borosil Renewables, NIFTY Index, StoneCo , CNY, USD, Bajaj Finance Ltd, Aegon NV and more

• Today, Tokyu Corp (9005 JP) announced it would increase its stake its family REIT, buying up to 48,880 units or 5.0% of units out over the next six months.
• This comes a couple of days after Hankyu Hanshin announced the same for its REIT, discussed here. Others have done so before. Tokyu has. Others will do so going forward. 
• The main reason? Squeeze the ‘share’ price higher. Get the REIT to 1.0x PNAV then stuff it with sponsor-held properties. That’s not bad. The goal is a higher price.

• The start of 2025 has been particularly turbulent for Indian equities as broader market sentiment soured due to elevated valuations, foreign institutional investor (FII) outflows, and global macro uncertainty. 
• However, amid this volatility, one signal stood out: insider trading activity.
• In this report, we deep-dive into insider buying and selling trends from January 1 to March 3, 2025, to uncover where company promoters and top executives are placing their bets

• Effective 05.04.2025, Expiry for Options will be moved from Thursday to Monday. Premiums still adjusting to retroactive implementation of the technical change.
• Option markets shun additional risk premia on account of U.S. trade tensions – IVs remain subdued. Vol-state transitioned to “Low & Down” & term-structure pushed further into Contango.  
• IVs were higher on the weekly open, but premiums decayed rapidly post U.S. Fed event risk. Skew has unwound its earlier compression.

• StoneCo Ltd. recently shared its fourth-quarter and full-year 2024 earnings, demonstrating a period marked by robust strategic execution and notable financial outcomes, despite facing macroeconomic challenges.
• The company’s strategy is focused on three core objectives: leadership in the MSMB (micro, small, and medium businesses) market, enhanced client engagement, and scalable platform growth.
• In 2024, StoneCo’s MSMB operations saw a 15% year-over-year increase in card total payment values (TPV), although this fell short of guidance due to the rapid adoption of PIX, the Brazilian instant payment system, which continued to encroach on traditional debit and cash transactions.

• Market is seeing an uptick in CNY fixing, potentially halting the DXY bear trend temporarily
• Investors are focused on upcoming tariff event risk on April 2, leading to de-risking behavior
• Various potential scenarios for tariff implementation and FX response, with uncertainty around delivery and impact of tariffs on different sectors and countries

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Recent fall in US inflation breakevens driven by change in growth expectations and trade policy developments
• US breakevens appear somewhat cheap versus fair value framework, with near term inflation risks still skewed to the upside
• European breakevens have outperformed due to seismic shift in German fiscal policy, leading to a backup in intermediate yields on the German curve.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Rajeev Jain elevated to Vice Chairman and Executive Director; Anup Saha to take over as MD from April 2025, ensuring continuity at India’s top consumer finance company.
• Jain’s continued executive role removes leadership overhang, reinforcing confidence in Bajaj Finance’s Long-Range Strategy 2029 amid rising competitive intensity in digital lending.
• Succession clarity and strategic alignment suggest Bajaj Finance is not just preserving momentum—but doubling down on execution for its next phase of scale and innovation.

• In this edition: • Aegon | Supreme court rules in favor in tax dispute • Fugro | incident with one of its geophysical survey vessels • InPost | to take full control of Yodel?
• • Just Eat Takeaway.com | provides update on public offer