India: Kotak Mahindra Bank, Sea Ltd, Mindtree Ltd, Life Insurance Corp of India (LIC), Tata Communications, Aditya Birla Capital Ltd, Tatva Chintan Pharma Chem, Azure Power Global 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).

• This insight focuses on private unicorns backed by Sea Ltd (SE US) , Walmart (WMT US) , Softbank Group (9984 JP) & Prosus NV (PROSY US) 
• Growth would require new and even larger investments across the Internet Sector.  
• Reliance and Tata’s retail plans are likely to challenge even giants like Amazon and Flipkart.

• The S&P BSE family of indices represents the performance of stocks listed on the Bombay Stock Exchange (BSE) across various sizes, themes, industries, and strategies.
• This series will mainly focus on the following indices of the S&P BSE family: S&P BSE 500, S&P BSE 200, S&P BSE 100, and S&P BSE SENSEX.
• In this insight, we take a look at the leading candidates who could become Adds/Deletes during the June 2022 Semi-annual Rebalance.

• 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.

• 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.

• 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

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

• Tata Communications’ (TCom) Q4FY22 data business net revenue grew only 5% YoY (+0.7% QoQ) which is below expectations.
• This should be partially weak from orderbook of Q3; while orderbook funnel has sequentially improved, management commentary does indicate gradual recovery in revenue growth.
• TCom revenue growth faced headwinds from fewer feet on the street, delay in decision making and under-performance of usage-based services.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

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

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• Azure Power Global Ltd