In today’s briefing:
- EQD / NSE Volatility Update / 18-Mar-24 to 22-Mar-24
- ECM Weekly (25th Mar 2024) – TCS, Akeso, Coforge, ABSL, Tokio Marine, Trial, Migao, Mixue, Reddit
- Jindal Stainless (JDSL IN): Steady Volume Growth- A Positive For The Long Term
EQD / NSE Volatility Update / 18-Mar-24 to 22-Mar-24
- Indian markets to implement T+0 settlement cycle starting 28-March-2024. Phase-wise transition planned .
- Upcoming long weekends causing drastic markdown in IV levels. This combined with “High & Down” vol regime – short gamma/ short vega trades recommended.
- Contango shape of Volatility curves are an additional reason to be short gamma & earning theta
ECM Weekly (25th Mar 2024) – TCS, Akeso, Coforge, ABSL, Tokio Marine, Trial, Migao, Mixue, Reddit
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- On the IPO front, Trial Holdings (5882 JP) ended up doing better than we expected, while Hong Kong finally got its first US$100m+ listing for the year.
- For placements, India was again at the forefront, this time with a not-so-pleasant results of Tata Consultancy Svcs (TCS IN).
Jindal Stainless (JDSL IN): Steady Volume Growth- A Positive For The Long Term
- Healthy sales volume (up by 9% YoY to 512,205 MT) drive revenues in Q3FY24
- EBITDA per ton remain subdued, but expected to steadily gather strength
- Acquisitions coupled with ramp up of existing capacity will help take the growth story forward
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