Daily Brief India: Tata Capital Limited, Sify Infinit Spaces Ltd, Aarti Industries and more

• We forecast 7 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.
• From the new listings, 13 stocks are expected to be added to Large Cap, 5 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
• With the review period nearing completion, there could still be more outperformance given the momentum, but we would look to take profit on the stocks as the divergence gets wider.

• Sify Infinit Spaces Ltd (2026850D IN) is looking to raise US$484m in its upcoming India IPO.
• Sify Infinit Spaces Ltd is a provider of data center colocation services in India.
• In this note, we look at the company’s past performance.

• Aarti Industries is a leading Indian specialty chemical manufacturer with a diversified product portfolio catering to various industries, including pharmaceuticals, agrochemicals, polymers, and pigments. The company is well-positioned to benefit from the growth in these end-user markets and the “China plus one”strategy.
• The company is currently in a significant capital expenditure phase, focusing on expanding existing capacities and venturing into new high-value product chains. While this is expected to drive long-term growth, it has led to a recent decline in profitability and free cash flow due to higher depreciation and interest costs.
• Despite near-term headwinds such as margin pressures and global demand slowdown, Aarti Industries has demonstrated resilience with consistent volume growth. The company’s focus on cost optimization, backward integration, and securing long-term contracts is expected to improve profitability and shareholder returns in the medium to long term.

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