In today’s briefing:
- Japan Strategy Weekly | Stocks Strong on Trade Optimism and Weaker Yen
- #141 India Insight: Adani Sells 400 MHz to Artl, ITC Signs 14 Hotels, Saudi-Ind to Build Refineries
- Thematic Report: Opportunity for India; US Anti-Dumping Duty on Solar Imports
- How Trump’s Tariffs Are Reshaping India’s Shrimp Export Market?
- AUCTUS ON FRIDAY – 25/04/2025
Japan Strategy Weekly | Stocks Strong on Trade Optimism and Weaker Yen
- The Nikkei 225 surged 2.7% over the week, reclaiming the 35,000 level as easing U.S.-China trade tensions and a softer yen bolstered investor sentiment.
- Tokyo core CPI jumped to 3.4% in April 2025 (highest in two years), driven by reduced energy subsidies and April food price increases.
- The weaker yen supported export-dependent sectors, such as machinery, auto parts and tech hardware. For individual stocks, it is all about results and capital policies.
#141 India Insight: Adani Sells 400 MHz to Artl, ITC Signs 14 Hotels, Saudi-Ind to Build Refineries
- Adani Group has exited the captive telecom space by offloading 400 MHz 5G spectrum to Bharti Airtel; this boosts Airtel’s 5G expansion while signaling Adani’s strategic retreat from telecom.
- ITC’s Fortune Hotels signed 14 and launched 7 new hotels this year; this rapid expansion strengthens its mid-market hospitality presence and capitalizes on India’s surging domestic travel demand.
- India and Saudi Arabia have agreed to jointly construct two oil refineries, this deepens energy ties and supports India’s fuel security amid rising consumption.
Thematic Report: Opportunity for India; US Anti-Dumping Duty on Solar Imports
- The imposition of reciprocal anti-dumping (AD) and countervailing duties (CVD) on solar imports to the United States, particularly targeting four major Asian exporters-Cambodia, Malaysia, Thailand, Vietnam-presents an opportunity for India
- Though India lacks competitive pricing and optional capacity to meet the demand,
- Waaree Energies emerges as a potential winner, considering its facilities in India and the US and a strong order book.
How Trump’s Tariffs Are Reshaping India’s Shrimp Export Market?
- The Trump administration imposed a 26% reciprocal tariff on Indian shrimp exports, significantly impacting India’s USD 4 billion shrimp export market, as India supplies 37% of U.S. shrimp imports.
- Ecuador, benefiting from a lower tariff rate, gains a competitive edge, making its shrimp exports cheaper compared to India, allowing it to capture more market share in the U.S. market.
- Companies like Avanti Feeds (AVNT IN) , Apex Frozen Foods (APEX IN) and Waterbase Ltd (WB IN) may face headwinds in raw shrimp export whereas tailwinds in prepared shrimp Exports.
AUCTUS ON FRIDAY – 25/04/2025
- Panoro Energy (PEN NO)C; Target price of NOK49 per share: Reserves addition much larger than expected – YE24 2P reserves were independently estimated at 42.3 mmbbl (+7.6 mmbbl vs YE23, representing a Reserve Replacement Ration of 309%).
- This figure far exceeds our previous expectation of 34.5 mmbbl for YE24 2P reserves – an estimate that included a 4 mmbbl addition in 1H24 to counterbalance 2024 production.
- The higher than expected reserves addition is driven by robust reservoir performance in Gabon coupled with the conversion of contingent resources into 2P reserves in EG.
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