In today’s briefing:
- Birla Opus Assurance: Marketing Wars at Play
- OnEMI Technology Solutions (Kissht) Pre-IPO Tearsheet
- CleanMax Enviro Energy Solutions Pre-IPO Tearsheet
- Lumino Industries Limited Pre-IPO: Strong Momentum but Rising Risks Temper Outlook
- NIFTY 50 Tactical View: Risk-Off Scenario Before Sep-30 Rebalance + Tariffs Impact
- Ola Electric 2.0: From Scooters to Cells and Rare-Earth-Free Motors
Birla Opus Assurance: Marketing Wars at Play
- Grasim Industries (GRASIM IN) ‘s Birla Opus rolled out “Birla Opus Assurance”— India’s first 1-year free repainting program covering various defects.
- This is just another marketing technique, aimed at capturing market share from existing players. Because of the cut throat competition, other players are expected to launch similar programs.
- Ultimately, this would lead to higher warranty provisioning as well as higher A&P spends, thereby impacting the margins. But in long run, we expect warranty claims to be modest.
OnEMI Technology Solutions (Kissht) Pre-IPO Tearsheet
- OnEMI Technology Solutions (1553346D IN) is looking to raise about US$172m in its upcoming India IPO. The bookrunners for the deal are JM Financial, HSBC, Nuvama, SBI Caps.
- Also known as Kissht, its products include personal loans for salaried and self-employed individuals for consumption and business needs, and loans against property for asset-owning MSMEs and salaried individuals.
- As of March 31, 2025, Kissht had 53.23m registered users, 9.16m customers, and INR 40,866m in AUM.
CleanMax Enviro Energy Solutions Pre-IPO Tearsheet
- CleanMax Enviro Energy Solutions Ltd (8382406Z IN) (CEESL) is looking to raise about US$570m in its upcoming India IPO.
- The deal, a combination of a fresh issue and an offer for sale, will be run by Axis, HSBC, IIFL, JPM, Nomura, BNP Paribas, Bob Caps and SBI Caps.
- CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
Lumino Industries Limited Pre-IPO: Strong Momentum but Rising Risks Temper Outlook
- Lumino Industries Ltd (0349204D IN) is looking to raise US$116m in its upcoming India IPO.
- Lumino is an engineering, procurement, and construction (EPC) player in India, focusing on the manufacturing of conductors, power cables, electrical wires, and others for the power distribution and transmission industry
- In this note, we look at the company’s past performance.
NIFTY 50 Tactical View: Risk-Off Scenario Before Sep-30 Rebalance + Tariffs Impact
- As forecasted in our previous insight, the NIFTY Index rallied past 25k, but we said this was a BEARISH pattern – rally was short-lived (2 weeks), then this week down.
- Effective September 30 InterGlobe Aviation (IndiGo) and Max Healthcare Institute will be added to the NIFTY, replacing Hero MotoCorp and IndusInd Bank, in the meanwhile 50% US tariffs kicked in.
- We see a potential continuation of the recent bearishness with a RISK-OFF scenario where the index could drop to much lower prices in September, support target 23819 or below.
Ola Electric 2.0: From Scooters to Cells and Rare-Earth-Free Motors
- Ola secured Auto-PLI compliance for its Gen-3 scooters and guided first deliveries with in-house “Bharat” 4680 cells in Q2 FY26, with heavy rare-earth-free motors in Q3 FY26.
- ACC-PLI plus Auto-PLI and insourced cells/motors can lift gross margins structurally, derisk China-centric magnet supply, and shift Ola from assembler to integrated value-chain player.
- Watch PLI accrual from Q2 FY26, the 1.4→5 GWh cell ramp, and ferrite motor rollout in Q3 FY26. Execution across these will validate the “not just an EV company” narrative.
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