In today’s briefing:
- Gensol Engineering Scandal: Our AI System Saw This Coming
- Indusind Bank: KMP Resignations Amid Derivative Discrepancy Flags Strategic Concerns
- Prestige Hospitality Ventures Ltd Pre-IPO Tearsheet
- Seasonal Play: FDC Ltd- Electral’s Summer Surge and Expanding into Growing Categories
- Adani Energy Solutions Ltd. Q4 FY25 Update: Robust Growth Driven by T&D Expansion
- Lucror Analytics – Morning Views Asia
Gensol Engineering Scandal: Our AI System Saw This Coming
- Indian regulator barred Gensol Engineering’s founders for alleged fund diversion, causing a 90% stock plunge
- Unusual growth and poor governance were flagged in Gensol’s accounts by Transparently’s AI system
- Transparently’s “F” risk rating would have likely steered investors away from Gensol.
Indusind Bank: KMP Resignations Amid Derivative Discrepancy Flags Strategic Concerns
- Indusind Bank (IIB IN) , one of India’s prominent private-sector banks, recently disclosed a significant accounting discrepancy related to its derivatives portfolio.
- The estimated adverse impact of these lapses is INR 1,959 crore (~2.27% of the bank’s net worth), which will be accounted for in Q4FY25, likely resulting in a net loss.
- The resignations of the CEO and Deputy CEO raise concerns on potential unidentified issues, including regulatory scrutiny, other accounting lapses and potential slowdown in business post top management rejig.
Prestige Hospitality Ventures Ltd Pre-IPO Tearsheet
- Prestige Hospitality Ventures Ltd (1831338D IN) (PHVL) is looking to raise around US$317m in its upcoming India IPO. The bookrunners for the deal are JM Fin, CLSA, JPM, Kotak.
- PHVL is part of the Prestige Group. It is a hospitality asset owner and developer focused on luxury, upper upscale, and upper midscale properties in India.
- As of Dec 24, PHVL’s portfolio includes seven operating hospitality assets with a total of 1,445 keys, including one property under renovation with 190 keys.
Seasonal Play: FDC Ltd- Electral’s Summer Surge and Expanding into Growing Categories
- FDC Limited is a pioneer in India’s pharmaceutical landscape, especially in Oral Rehydration Salts (ORS) and specialized formulations.
- The company’s flagship brand, Electral, continues to be a major revenue contributor, despite margin pressures from regulatory price caps.
- FDC’s strategic capex in ophthalmic, ear, and nasal drops business, coupled with its domestic and international presence, positions it strongly for sustained growth.
Adani Energy Solutions Ltd. Q4 FY25 Update: Robust Growth Driven by T&D Expansion
- Adani Energy Solutions (ADANIT IN)’s Q4 FY25 PAT jumped 87% YoY to INR 714 crore, driven by strong transmission execution and distribution growth.
- The company’s record order book of INR 59,936 crore and aggressive smart metering ramp-up signal sustained growth ahead.
- AESL is strengthening its position across transmission, distribution, and metering, reinforcing its multi-year growth visibility.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Meituan
- US equity rose for the sixth consecutive day, the best streak since March 2022, as it continued to look past weak consumer confidence and labour data as well as no signs of an easing in the tariff situation .
- The S&P 500 was up by 0.6%, and the Nasdaq by 0.5%. US Treasury yields shrank 3-5 bps across the curve. The biggest move was probably a 6.7% correction in steel prices (HRC), following a YTD spike.
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