India: Ashok Leyland, Keystone Realtors, L&T Finance Holdings and more

• Ashok Leyland (AL IN) ‘s volumes recovered in FY22 thanks to a much milder than expected omicron wave and market share gains.
• Discounting lead gains, the absence of retail fleet owners in the market, and little excitement around the scrappage policy all warrant caution. 
• While the stock is currently outperforming, channel feedback and valuations point to caution. 

• Keystone Realtors (3324626Z IN)  is looking to raise about US$109m in its upcoming India IPO. The deal will be run by Axis Capital and Credit Suisse.
• Keystone Realtors is a real estate developer which develops projects under the Rustomjee brand, with operations based solely in India.  
• As of March 31, 2022, it has developed 20.05m sqft of residential buildings, premium gated estates, townships, corporate parks, retail spaces, schools, iconic landmarks and various other real estate projects.

• Apollo Global Management is in advanced talks with LTFH to acquire real estate loans worth Rs80-90bn in a deal pegged at $1bn, reported The Economic Times
• The report suggests the deal is expected to be finalized in the next few weeks. 
• The transaction will help LTFH get upfront cash, which it could use to deleverage the balance sheet and move toward its aim of becoming a retail-focused NBFC.

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