In today’s briefing:
- India’s Summer Stock: Voltas Ltd- Navigating Supply Headwinds
- Manappuram Finance: Bain Capital’s Entry Signals a New Chapter, But Challenges Remain
- Lucror Analytics – Morning Views Asia
India’s Summer Stock: Voltas Ltd- Navigating Supply Headwinds
- Voltas Ltd (VOLT IN) is shifting to a volume-led strategy while investing INR 260 crore to build in-house compressor manufacturing under PLI 3.0.
- This approach de-risks supply chains, maintains mass-market pricing, and supports growth amid rising raw material and currency pressures.
- Voltas is evolving from a margin-led to scale-focused player, making it a resilient long-term bet on India’s low AC penetration and summer-driven demand.
Manappuram Finance: Bain Capital’s Entry Signals a New Chapter, But Challenges Remain
- Bain Capital is acquiring a 41.7–46% stake in Manappuram Finance (MGFL IN), marking a shift from a promoter-led to a professionally managed NBFC.
- This deal injects INR 4,385 crore in fresh capital, strengthens governance, and positions Manappuram for growth beyond gold loans into microfinance, vehicle loans, and housing finance.
- While execution risks remain, Bain’s track record in financial services suggests a long-term transformation, potentially closing Manappuram’s valuation gap with Muthoot Finance.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Greenko Energy
- In the US, the Conference Board Leading Index declined 0.3% (-0.2% e / -0.2% revised p) in February to 101.1. Justyna Zabinska-La Monica, senior manager of business cycle indicators at The Conference Board, noted that “consumers’ expectations of future business conditions turned more pessimistic. Manufacturing new orders, which improved in January, retreated and were the second largest negative contributor to the Index’s monthly decline”.
- Separately, existing home sales unexpectedly rebounded 4.2% m-o-m (-3.2% e / -4.7% p) to 4.26 mn units in February. Sales climbed the most in the west and south regions, which were afflicted at the start of the year by wildfires in Los Angeles and severe winter storms, respectively.
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