In today’s briefing:
- Nifty IT Index Rebalance Preview: Oracle Financial Services Could Replace L&T Tech
- Hexaware Technologies IPO: Valuation Insights
- The Beat Ideas: Borosil Renewables- 50% Capacity Expansion
- Ajax Engineering IPO – Robust Growth Driven by a Comprehensive Dealer Network
Nifty IT Index Rebalance Preview: Oracle Financial Services Could Replace L&T Tech
- Oracle Financial Services (OFSS IN) could replace L&T Technology Services Limited (LTTS IN) in the Nifty IT Index (NSEIT INDEX) at the March rebalance.
- L&T Technology Services Limited (LTTS IN) will also be excluded from the F&O segment at the close on 27 March, so there could be some interesting dynamics at play.
- Passive trackers will need to trade between 0.5-0.6x ADV in the stock. The impact in terms of delivery volume increases to 1.6-2.2x.
Hexaware Technologies IPO: Valuation Insights
- Hexaware Technologies (HEXW IN), an Indian mid-sized global IT services company, aims to raise up to US$1.0 billion.
- We previously discussed the IPO in Hexaware Technologies IPO: The Bull Case and Hexaware Technologies IPO: The Bear Case.
- Our valuation analysis suggests that the IPO price range of Rs674-708 per share is attractive. Therefore, we would participate in the IPO.
The Beat Ideas: Borosil Renewables- 50% Capacity Expansion
- Borosil Renewables (BRSL IN) is India’s largest solar glass manufacturer having c apacity of 1000TPD in India and 350TPD in Germany.
- With the rising demand and government anti-dumping duty support company is increasing 50% capacity in India to 1500TPD in the upcoming 18 Months.
- Company also raised INR 700Crs of funds via preferential, 100Crs via equity from promoter and 600Crs via warrants from HNIs and family offices for capex and loan repayment.
Ajax Engineering IPO – Robust Growth Driven by a Comprehensive Dealer Network
- Ajax Engineering Limited (0896529D IN) is looking to raise about US$145m in its upcoming India IPO.
- Ajax Engineering Limited (AEL) is one of the leading concrete equipment manufacturers with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain.
- In this note, we take a quick look at the company’s past performance and the IPO valuations.
Before it’s here, it’s on Smartkarma
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