In today’s briefing:
- Quiddity NIFTY Sep25 Results: 13/14 Predictions Correct; Only One Surprise; ~US$1.2bn One-Way
- Business Breakdown: Kovai Medical – A Regional Leader in a Growing National Market
- HDFC Bank Limited: Record Ownership and Dominance Among EM Financials
- Lucror Analytics – Morning Views Asia
- Vikram Solar IPO Trading – Robust Insti-Led Demand; Decent Anchor
- Jindal Steel Ltd (JINDALSTEL IN): Margin Resilience Amid Volume Softness; Capex-Fueled Growth Intact
- Jindal Stainless (JSL): Monopoly Strength Supports Growth—Accumulate on Weakness
Quiddity NIFTY Sep25 Results: 13/14 Predictions Correct; Only One Surprise; ~US$1.2bn One-Way
- The semiannual index rebal events of the NIFTY 50 index and NIFTY 100 index will take place in September 2025. The index changes were announced on Friday 22nd August 2025.
- There will be two changes for NIFTY 50 index and five changes to NIFTY 100.
- In this insight, we take a look at our final flow expectations.
Business Breakdown: Kovai Medical – A Regional Leader in a Growing National Market
- Kovai Medical is entering Chennai with a 300–400 bed facility, marking its first move beyond Coimbatore and strengthening its presence in a high-growth metro market.
- The medical college now contributes 7% of revenue, up from 3% in FY22, ensuring recurring cash flows and deeper clinical-academic integration.
- Consistent investments in advanced robotics and AI-driven systems enhance KMCH’s differentiation, positioning it to capture premium demand and medical tourism opportunities in Southern India.
HDFC Bank Limited: Record Ownership and Dominance Among EM Financials
- ChatGPT said: HDFC Bank is now held by 71% of active EM funds — an all-time high, with steady inflows and just one exit in six months.
- Aggressive Growth funds show strongest conviction, with multiple holders above a 7% weight.
- Post-Merger, HDFC has widened its lead over ICICI and regional peers, cementing its role as EM managers’ core financials exposure.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, JSW Infrastructure
- UST yields plummeted on Friday, led by the short end, as the market priced in greater rate-cut expectations after Fed Chairman Jerome Powell signalled openness (albeit he remained non-committal) towards interest-rate reductions.
- The UST curve bull steepened, with the yield on the 2Y UST falling 10 bps to 3.70%, while that on the 10Y UST declined 7 bps to 4.25%.
Vikram Solar IPO Trading – Robust Insti-Led Demand; Decent Anchor
- Vikram Solar (0490158D IN) raised 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.
- We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.
Jindal Steel Ltd (JINDALSTEL IN): Margin Resilience Amid Volume Softness; Capex-Fueled Growth Intact
- Q1 FY26 saw stable production but weaker volumes, with EBITDA/t surging 35% QoQ to ₹15,680 on coal savings and higher VAS mix.
- Capacity ramp-up to 15.9 MT by FY27, coupled with >70% VAS share, drives a strong ~40% PAT CAGR through FY29.
- Trades at 16.2× P/E and 9.2× EV/EBITDA (FY26E), offering upside potential versus JSW’s premium multiples.
Jindal Stainless (JSL): Monopoly Strength Supports Growth—Accumulate on Weakness
- Jindal Stainless delivered solid Q1 FY26 performance with margin recovery, healthy domestic demand, and subsidiaries turning incrementally accretive.
- Management is guiding 9–10% volume CAGR with stable EBITDA/ton, supported by downstream capex, Chromeni ramp-up, and the Maharashtra greenfield project (Phase 1 by FY29–30).
- The stock trades at a premium (~11–12× EV/EBITDA, ~18–22× P/E forward) versus peers, implying confidence in earnings compounding but limited scope for re-rating.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
