In today’s briefing:
- Orkla India Ltd. Pre-IPO Tearsheet
- Oswal Pumps IPO Trading – Decent Anchor; Strong Overall Demand
- Lalithaa Jewellery Mart Ltd Pre-IPO Tearsheet
- Apollo Hospitals (APHS IN): Sell – Priced for Perfection!
- Trent’s Zudio: The Fast Fashion Trend Reshaping India’s Retail
- Bajaj Finance (BAF IN) Vs. Kotak Mahindra Bank (KMB IN) – Trade Exit and Take Profit
- Indian NR Production Marginally Improves, Consumption Down
Orkla India Ltd. Pre-IPO Tearsheet
- Orkla India Ltd. (OI) is looking to raise about US$300mn in its upcoming India IPO. The deal will be run by ICICI, Citi, JPM, and Kotak.
- It’s a multi-category Indian food company offering a diverse range of products that cater to every meal occasion, from breakfast and lunch to dinner, snacks and beverages and desserts.
- OI was one of the top four companies in terms of revenue from operations among select leading species and convenience foods peers in FY24, as per Technopak Report.
Oswal Pumps IPO Trading – Decent Anchor; Strong Overall Demand
- Oswal Pumps (1019841D IN) raised about US$162m in its India IPO.
- Oswal Pumps Ltd (OPL) specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.
- 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.
Lalithaa Jewellery Mart Ltd Pre-IPO Tearsheet
- Lalithaa Jewellery Mart Ltd (1607844D IN) (LJML) is looking to raise about US$200m in its upcoming India IPO. The bookrunners for the deal are AnandRathi and Equirius.
- LJML is a jewellery retailer operating under the brand name “Lalithaa”, offering a range of gold, silver, and diamond jewellery tailored to regional preferences in southern India.
- As per the CRISIL Report, the company recorded the highest operating revenue per store among key organised jewellery players in India during FY22-9M25.
Apollo Hospitals (APHS IN): Sell – Priced for Perfection!
- We are bullish on the long-term growth of the hospital sector in India.
- We are, however, concerned that Apollo will face intense competition as it expands.
- A 53 FPE does not factor in the high cost of expansion and potential challenges.
Trent’s Zudio: The Fast Fashion Trend Reshaping India’s Retail
- Zudio has rocketed to 765 stores, now half of Trent’s revenue, with FY-25 sales topping to A Billion dollars and 244 outlets added in one year.
- Its asset-light FOCO rollout, 15-day design-to-rack cycle and sub-INR 999 pricing are redefining India’s value-fashion economics and pressuring rivals to mimic.
- Trent Ltd (TRENT IN) is no longer a steady Westside play; Zudio’s runaway scale and margins reposition the group as India’s fastest-growing, mass-market fashion juggernaut.
Bajaj Finance (BAF IN) Vs. Kotak Mahindra Bank (KMB IN) – Trade Exit and Take Profit
- Context: This article provides an update on a previously identified pair trading opportunity between Kotak Mahindra Bank (KMB IN) and Bajaj Finance (BAF IN), based on statistical mean reversion analysis.
- Key Insights: The trade has now reached its exit signal as the price ratio reverted to its one-standard deviation band, yielding a +4.7% return.
- Why Read It: For investors interested in quantitative trading strategies, this article demonstrates how statistical arbitrage can generate short-term alpha and highlights actionable similar opportunities in the current market.
Indian NR Production Marginally Improves, Consumption Down
- FY 2024-25 NR production at 875,000 tons, consumption 1.41 mn tons
- Compound rubber imports go up by 44.5% to 245,407 tons in FY 24-25
- Replanting supported primarily by pineapple farming contractors
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