In today’s briefing:
- India Food Delivery | Old Habits Die Easy
- IFC’s US$I25 Million Boost To Tire Manufacturing In India, Pakistan
- Macrotech Developers : Decoding Family Feud and Corporate Governance Overhang
- Dr Agarwal’s Health Care IPO: Profitable Business Expansion Amid Favorable Demand to Drive Growth
- The Beat Ideas: BCL Industries, An Ethanol Play
- Gujarat Fluro’s New Growth Lever: Battery Chemicals, Fluoropolymers and Aim for 4x EBITDA in 3 Years
- Lucror Analytics – Morning Views Asia
- Hexaware Technologies Pre-IPO- Decent Long-Term Track Record, Although a Large Overhang to Watch For
India Food Delivery | Old Habits Die Easy
- Gen Z consumers prioritize price over brand loyalty, affecting restaurateurs’ pricing strategies.
- Increasing platform dominance and discounting culture hinder profitability for restaurants in the competitive food delivery landscape.
- Food delivery companies are pivoting from mere consumer tech-enabled logistics businesses to data-driven market-dominant behemoths.
IFC’s US$I25 Million Boost To Tire Manufacturing In India, Pakistan
- Greenfield tire production facility to come up in Sindh, Pakistan
- JK Tyre to get US$100 million sustainability loan for expansion
- Sustainability-linked loan a first in India’s tire industry
Macrotech Developers : Decoding Family Feud and Corporate Governance Overhang
- The Lodha brothers, Abhishek and Abhinandan, are locked in a legal battle over the use of the “Lodha” brand, despite a 2017 family settlement agreement.
- Macrotech Developer is seeking a perpetual injunction against HoABL to cease the use of the “Lodha” brand in any form and is demanding INR5,000 crore in damages.
- The Bombay High Court on January 21 said that it would hear on January 27 the application filed by Abhishek Lodha-promoted Macrotech Developers Ltd
Dr Agarwal’s Health Care IPO: Profitable Business Expansion Amid Favorable Demand to Drive Growth
- Dr Agarwal’s Health Care is looking to raise ~$350M from its upcoming India IPO, which is a combination of fresh issue and OFS. The IPO price band is INR382–402.
- The company intends to utilize INR1.95B out of the fresh issue proceeds to repay its debts, which stand at INR3.61B as of December 31, 2024.
- The company’s proven capability to scale up the operation amid cut-throat competition and profitable business operation enhance our conviction on the long-term growth prospect of the company.
The Beat Ideas: BCL Industries, An Ethanol Play
- BCL Industries (BCLIL IN) is pivoting from volatile edible oils to a robust grain-based ethanol portfolio, leveraging its local sourcing advantage for upcoming capacity expansions.
- Government incentives and rising domestic demand are fueling higher margins, making BCL’s dedicated distilleries and fungible capacities key drivers in India’s booming ethanol sector.
- Its reliable execution, targeted capacity expansions, and pivot away from low-margin oils emphasize BCL’s potential as a high-growth, stable margin player in a rapidly evolving industry.
Gujarat Fluro’s New Growth Lever: Battery Chemicals, Fluoropolymers and Aim for 4x EBITDA in 3 Years
- Gujarat Fluorochemicals (FLUOROCH IN) new Fluoropolymer(FP) segment is projected to be a key revenue growth driver for the company in the medium term.
- The company is committed to significant capacity expansion in the FP segment and aims to commercialize new FP products, particularly EV battery chemicals, in the second half of fiscal 2025.
- While the FP segment holds strong growth potential, the ramp-up of new-age FPs and the potential reliance on debt-funded capex are areas to monitor.
Lucror Analytics – Morning Views Asia
- In the US, the S&P preliminary services PMI fell to 52.8 (56.5 e / 56.8 p), while the manufacturing PMI edged up to 50.1 (49.8 e / 49.4 p).
- The preliminary composite PMI declined to 52.4 (55.6 e / 55.4 p). Separately, the January (final) University of Michigan consumer sentiment index decreased to 71.1 (74.0 p).
- Treasuries climbed slightly, following the weaker than expected January preliminary PMI data.
Hexaware Technologies Pre-IPO- Decent Long-Term Track Record, Although a Large Overhang to Watch For
- Hexaware Technologies (HEXW IN)is looking to raise about US$1.2bn in its upcoming India IPO.
- Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.
- In this note, we look at the firm’s past performance.
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