In today’s briefing:
- NIFTY100 Low Volatility 30 Index Rebalance Preview: 2 Changes as Review Cutoff Nears
- Vikram Solar IPO – RHP Updates, Peer Comp and Thoughts on Valuations
- Gem Aromatics IPO Analysis: A Niche Aroma Player
- The Beat Ideas: Vishnu Chemicals – Expanding Beyond Chromium, Building Specialty Strength
- JSW Steel & POSCO Sign HoA for 6mt JV in India
NIFTY100 Low Volatility 30 Index Rebalance Preview: 2 Changes as Review Cutoff Nears
- The review period for the Nifty 100 Low Volatility 30 Index ends on 29 August. The changes will be announced mid-September and implemented at the close on 29 September.
- Two potential constituent changes, volatility changes and capping changes will result in one-way turnover of 10.7% resulting in a round-trip trade of INR 12.6bn (US$145m).
- The forecast deletions will also have sell flows from the NIFTY Index, NSE Nifty Next 50 Index and/or the Nifty 100 Index, so the impact will add up.
Vikram Solar IPO – RHP Updates, Peer Comp and Thoughts on Valuations
- Vikram Solar (0490158D IN) is looking to raise about US$238m in its India IPO.
- Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.
- In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.
Gem Aromatics IPO Analysis: A Niche Aroma Player
- Gem Aromatics, a specialty ingredients manufacturer, opened its INR 450 crore IPO (Aug 19–21) at a INR 309–INR 325 price band.
- The company supplies sticky, specification-heavy ingredients (mint derivatives, aroma chemicals) to marquee FMCG and F&F players—segments benefiting from “China+1” and premiumisation in India.
- Quality of customers and process capabilities are positives, but concentration, raw-material cycles and a pending land litigation temper enthusiasm, execution on citral scale-up is key.
The Beat Ideas: Vishnu Chemicals – Expanding Beyond Chromium, Building Specialty Strength
- Vishnu Chemicals is expanding beyond its core chromium and barium verticals with a first-mover entry into strontium carbonate, positioning itself as the only producer in India and Asia.
- Strategic backward integration in chrome ore and barites mining reduces raw material volatility, safeguarding margins while strengthening long-term supply security.
- Near-Term growth guidance has been moderated to 10–15% due to U.S. tariff headwinds, but diversification and capacity expansion support a structurally stronger growth trajectory.
JSW Steel & POSCO Sign HoA for 6mt JV in India
- On 18 Aug 2025, JSW and POSCO agreed to explore a 6mt steel JV in Odisha under a 50:50 structure.
- JSW to reach 51.5mt by FY31 via Indian expansions; POSCO to hit 52mt by 2030 through green steel upgrades in Korea and overseas growth.
- Strategic Positive: The JV blends JSW’s domestic scale with POSCO’s technology and global network, accelerating India’s steel hub ambitions.
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