In today’s briefing:
- Quiddity Leaderboard NIFTY Sep25: Reference Period About to End; Some Changes to Expectations
- HDFC Bank (“HDFCB”): Separating the Wheat from the Chaff
- NSDL – New Management, Revised Strategy — The Battle for Market Share Continues
- Milky Mist Dairy Food Ltd Pre-IPO Tearsheet
- Executive Centre India Ltd Pre-IPO Tearsheet
- The Beat Ideas: GIPCL’s Strategic Shift – A New Dawn for Gujarat’s Energy Sector
Quiddity Leaderboard NIFTY Sep25: Reference Period About to End; Some Changes to Expectations
- 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 take a look at the names leading the race to become ADDs/DELs for these indices during the September 2025 index rebal event.
- We see two changes for NIFTY 50 and five changes for NIFTY 100 based on current data. We see US$1.2bn a side to trade.
HDFC Bank (“HDFCB”): Separating the Wheat from the Chaff
- The stress periods are the times when the mettle of the best gets tested. We are in such a period and HDFCB has remained unscathed.
- Even Bajaj Finance, which is also rated gold-standard in underwriting and risk management, noted issues with asset quality in the current environment, however, HDFCB’s asset quality has remained pristine.
- HDFCB’s retail NPA ex-Agri has been steady at 0.82%. While HDFCB’s competitors have provided a cautious outlook, especially in unsecured loans, HDFCB has provided a stable outlook on asset quality.
NSDL – New Management, Revised Strategy — The Battle for Market Share Continues
- This insight describes about NSDL (NSDL IN) ‘s complete overhaul in top management team over the last 12 months.
- The mandate for new team is to arrest the market share loss with new age/ discount brokers. The revised strategy seems to be working.
- The IPO provides investors a front-row seat opportunity to witness this turnaround.
Milky Mist Dairy Food Ltd Pre-IPO Tearsheet
- Milky Mist Dairy Food Ltd (1023949D IN) (MMDFL) is looking to raise about US$237m in its upcoming India IPO. The bookrunners for the deal are Axis, JM Fin and IIFL.
- MMDFL is a value-added dairy and packaged food manufacturer focused on premium products such as paneer, cheese, curd, yogurt, UHT milk, and frozen RTE/RTC foods.
- MMDFL is the fastest-growing packaged food firm in India among those with revenue above INR15,000m, having achieved a revenue CAGR of 29.82% from FY23-25, as per 1Lattice Report.
Executive Centre India Ltd Pre-IPO Tearsheet
- Executive Centre India Ltd (2026075D IN) (ECIL) is looking to raise about US$300m in its upcoming India IPO. The bookrunners for the deal are Kotak and ICICI.
- ECIL leases Grade A office spaces and converts them into premium flexible workspaces, catering to MNCs, SMEs, and other entities across various sectors and industries.
- As per Kantar Brand Study, it was recognised for offering high-end services in the premium flexible workspace segment across India, Singapore, the Middle East, and Asia in FY25.
The Beat Ideas: GIPCL’s Strategic Shift – A New Dawn for Gujarat’s Energy Sector
- GIPCL is executing a 2,375 MW renewable energy park at Khavda, marking a major shift from thermal to green energy.
- This transition is expected to improve EBITDA margins through lower operating costs and recurring O&M income.
- The shift enhances long-term visibility and positions GIPCL as a key player in Gujarat’s clean energy future, boosting investor confidence.
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