In today’s briefing:
- Canara HSBC Life Insurance IPO Trading – Muted Demand All Round
- Runwal Developers Pre-IPO Tearsheet
- Indian Public Sector Banks: Taking Profits on Bank of Baroda (BOB IN)
- Tech Mahindra Q2 Result: Stabilizing Core, Positioning for AI-Led Growth
- Securing the Franchise: Whirlpool India’s Long-Term Tech & Brand Deal De-Risks Growth
Canara HSBC Life Insurance IPO Trading – Muted Demand All Round
- Canara HSBC Life Insurance (CHLI) (2908709Z IJ) raised about US$284m from its India IPO.
- CHLI is an Indian private life insurer, promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, offering a range of life insurance products tailored for both individual and group customers.
- In this note, we will talk about the trading dynamics.
Runwal Developers Pre-IPO Tearsheet
- Runwal Developers (1639241D IN) is looking to raise about US$225m in its upcoming India IPO. The deal will be run by ICICI Securities, BOBCap, IIFL, JM Financial.
- Runwal Developers is a real estate development company based in India. It is primarily engaged in lifestyle-oriented projects with a diversified portfolio across multiple segments.
- Its core business lies in real estate development, encompassing the development of land, sale of land, and Transferable Development Rights (TDRs), along with the construction and operation of residential townships.
Indian Public Sector Banks: Taking Profits on Bank of Baroda (BOB IN)
- We focus on the five Indian public sector banks under our coverage in this report, and we identify growing credit and political risks for this group, including Bank of Baroda
- Political risk, in the form of a potential new round of public sector bank consolidation, could cut shareholder returns in the larger public sector banks absorbing the smaller banks
- Bank of Baroda is prominent – and well capitalised – amongst the larger public sector banks; we downgrade it to a neutral from a buy, locking in profits
Tech Mahindra Q2 Result: Stabilizing Core, Positioning for AI-Led Growth
- Tech Mahindra delivered sequential revenue growth and a 100-bps margin expansion in Q2FY26, supported by Project Fortius, stronger deal wins, and early traction in AI initiatives.
- Execution discipline, selective client focus, and rising AI investments indicate structural improvement in profitability and positioning, even as telecom softness and European weakness persist.
- The turnaround is taking hold gradually. With a stronger operating base, Tech Mahindra is better placed for steady growth and sustainable margin expansion heading into FY27.
Securing the Franchise: Whirlpool India’s Long-Term Tech & Brand Deal De-Risks Growth
- Whirlpool India renewed its Brand and Technology License Agreements with its US parent, granting exclusive brand and tech rights in India and neighboring countries until 2054.
- The revised agreements clarify long-term royalty, technical fee, and service markups, which together represent recurring outflows that materially impact earnings quality.
- While Whirlpool India secures continuity and exclusive IP access, its profit pool remains structurally capped by parent-level economics, making earnings trajectory highly sensitive to royalty and transfer pricing governance.
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