Financials: Kotak Mahindra Bank, Life Insurance Corp of India (LIC), Amazon.com Inc, Dollar Index, NFT, ICICI Bank Ltd, Aditya Birla Capital Ltd and more

• Kotak Mahindra Bank (KMB IN) is not a part of the FTSE All-World Index since the foreign room was less 20% over the last couple of years.
• Foreign room is 19.8% as of end March and small foreign selling is needed for Kotak Mahindra Bank to be added to the FTSE All-World Index at the September SAIR.
• If added to the FTSE All-World Index, passive trackers will need to buy 38.2m shares (US$861m; 11.1 days ADV; 22 days delivery volume) of Kotak Mahindra Bank (KMB IN).

• Life Insurance Corp of India (LIC) (1248Z IN) filed its Red Herring Prospectus (RHP) with SEBI yesterday to raise between US$2.61bn and US$2.74bn selling 221.375m shares (3.5% of the company).
• The stake sale will value Life Insurance Corp of India (LIC) (1248Z IN) at between US$74.4bn-78.3bn. This is 1.1x the Embedded Value and sharply lower than initial indications.
• Fast Entry inclusion to the MSCI India index will be a close call, while inclusion to the FTSE All-World Index, NIFTY Index and SENSEX INDEX will take much longer.

• Giverny Capital Asset Management, LLC is a partnership between GivernyCapital of Montreal and David Poppe, the former president and chief executive officer of Ruane, Cunniff & Goldfarb, LLC.
• The best companies tend to weather crises better than average ones, Poppe says.

• Government of India (GoI) is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO. 
• This is less than half of its initial plans in terms of fundraising target and comes at less than half of its initial valuation target.
• In this note, we will talk about the likely final deal terms and the likelihood of fast entry in the various indices.

• As the US dollar approaches its highest level in a decade in line with my expectation, I reiterate my view of the dollar remaining strong in the near term.
• The dollar spike coincides with the rise in US rates volatility, which makes sense as the market is trapped between Fed tightening and risk aversion arising from rising recession probability.
• As the year progresses, I expect the dollar to weaken and the environment to turn supportive of EM currencies. Until then, I recommend relative-value trades and hedging with the euro.

• The latest sensation in the NFT space is some automatically generated pixel art animals that people are buying for astonishing amounts of money to use as their profile pictures.
• Yet here we are again. This new collection is Moonbirds: a set of 10.000 (yes, they also used the 10k number) cute little creatures, and it has broken records with over $281M in sales.
• The reason being, probably, that they have masterfully recapped under one collection some of the best practices in the NFT space, and then added their own flavor.

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• ICICI Bank: ICICI Bank (ICICIBC) delivered yet another strong quarter, with superior all-round balance sheet metrics (growth and asset quality), reflecting in +59% YoY growth in net profit
• The bank continued to gain traction on both sides of the balance sheet, with average CASA clocking 45% and YoY loan growth at 17%
• Net slippages were negative, resulting in negligible credit costs (adjusted for contingent provisions), as the stressed pool (restructured portfolio at 1%, BB & below portfolio at 1.3%) declined 40bps sequentially

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• Countercyclical diversified conglomerate evolution – ABCL has, over the past decade under Mr. Srinivasan’s leadership, seeded, nurtured and evolved as a countercyclical diversified conglomerate.

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