In today’s briefing:
- Quiddity Leaderboard NIFTY Mar 25: Final Expectations; Expected DELs Could Underperform Index
- Whirlpool of India OFS Early Look – Another Large Selldown by Parent
- NIFTY50 Index Rebalance Preview: Adds Secure; Tight Among the Deletes
- The Beat Ideas: Aarti Drugs Revival
- Brainbees Solutions (FirstCry) – US$2bn IPO Lockup Expiry with Most Investors Still in the Money
- Ramkrishna Forgings Q3 FY25 Earnings: A Mixed Bag with a Promising Outlook
- Dorf-Ketal Chemicals India Ltd Pre-IPO Tearsheet
- Euro Pratik Sales Ltd Pre-IPO Tearsheet
- Hudco’s Tough Time: Lower Capex, PMAY
- Aarti Industries Limited: Q3 FY25 Update
Quiddity Leaderboard NIFTY Mar 25: Final Expectations; Expected DELs Could Underperform Index
- 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 are presenting our final expectations for ADDs and DELs for the March 2025 index rebal event.
- We see two changes for NIFTY 50 and four changes for NIFTY 100. We expect the results to be announced in the next few days.
Whirlpool of India OFS Early Look – Another Large Selldown by Parent
- Whirlpool Corp (WHR US) is looking to raise about INR 46bn (US$530m) from selling a stake of about 31% in Whirlpool of India Limited (WHIRL).
- In an announcement released on Jan 30, 2025, the firm mentioned its ultimate parent’s intention to sell down its interest in WHIRL from 51% to 20% by mid-to-late 2025.
- In this note, we talk about the past deal performance and other deal dynamics.
NIFTY50 Index Rebalance Preview: Adds Secure; Tight Among the Deletes
- Following their inclusion in the F&O segment in November, Zomato (ZOMATO IN) and Jio Financial Services (JIOFIN IN) appear to be sure-shot inclusions to the NIFTY Index in March.
- Bharat Petroleum Corp (BPCL IN) is a certain deletion from the index. Britannia Industries‘ average free-float market cap is less than 0.004% below Hero Motocorp‘s. It’s very close.
- Passive trackers need to trade between 3.7-11.8 days of ADV on the stocks. The impact increases significantly to between 8.4-21.8 days of delivery volume to trade on the stocks.
The Beat Ideas: Aarti Drugs Revival
- Received US FDA Approval for both Tarapur & Baddi Facility & moving to regulated market.
- Increase in revenues & margins with the US FDA approvals & Many products are backward integration or import substitution which is expected to boost demand
- US entry to allow product & bottomline expansion and would also focus on increasing market presence from semi-regulated markets along with regulated markets
Brainbees Solutions (FirstCry) – US$2bn IPO Lockup Expiry with Most Investors Still in the Money
- BrainBees Solutions (FIRSTCRY IN) (FirstCry) raised around US$500m in its August 2024 India IPO. The lockup on its pre-IPO investors is set to expire soon.
- In India, FirstCry sells Mothers’, Babies’ and Kids’ products through its online platform, company-owned modern stores, franchisee-owned modern stores and general trade retail distribution.
- In this note, we will talk about the lockup dynamics and possible placement.
Ramkrishna Forgings Q3 FY25 Earnings: A Mixed Bag with a Promising Outlook
- Ramkrishna Forgings (RMKF IN) reported Q3 FY25 revenue growth of 8% and volume up 13.9%, alongside new capacity expansions and Rs. 697 crore in new orders.
- These robust results and strategic capacity boosts underscore RKFL’s resilience, positioning it for sustainable growth amid raw material and market headwinds.
- Investors should see the mixed Q3 performance as a sign of proactive investments that could translate into significant long-term value.
Dorf-Ketal Chemicals India Ltd Pre-IPO Tearsheet
- Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCIL) is looking to raise about US$579m in its upcoming India IPO. The bookrunners for the deal are JM Fin, Citi, HSBC, JPM, MS, Motilal.
- DKCIL is an R&D with innovation-focused global manufacturer and supplier of specialty chemicals, catering to the hydrocarbons and industrial supply chains.
- According to the F&S Report, the company is one of the major producers in the development, commercialization, and application of specialty chemicals in India.
Euro Pratik Sales Ltd Pre-IPO Tearsheet
- Euro Pratik Sales Ltd (7778885Z IN) (EPS) is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are Axis, Dam Capital.
- The company operates in the decorative wall panel and decorative laminates industry as a prominent seller and marketer of Decorative Wall Panels and Decorative Laminates.
- According to the Technopak Report, has established itself as one of the largest organized Wall Panel brands, with a market share of 15.87% by revenue.
Hudco’s Tough Time: Lower Capex, PMAY
- Government capex is revised to Rs. 10.2 lakh crore—8.3% below target—with significant PMAY allocation cuts amid revised funding for affordable housing projects.
- Lower capex and reduced PMAY funds signal execution challenges in housing, potentially straining Housing and Urban Development Corporation Limited (HUDCO IN)’s growth targets despite its strong loan expansion plans.
- Short-Term funding cuts create uncertainty, but HUDCO’s strategic focus on low-risk lending and ambitious loan targets suggests a promising long-term outlook.
Aarti Industries Limited: Q3 FY25 Update
- Aarti Industries (ARTO IN) reported Q3 FY25 revenue of Rs. 2,305 crores with 14% QoQ growth, robust volume gains, capacity expansions in MMA and nitro-toluene, and ongoing cost optimizations.
- Strong Q3 performance and capacity boosts bolster AIL’s long-term growth prospects, mitigating pricing pressures and forex challenges while fueling diversification into renewables and chemical recycling.
- AIL’s strategic investments and diverse product mix signal resilient growth and margin improvements, suggesting a promising long-term outlook despite current short-term forex volatility.
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