india Archives | Page 14 of 153 | Smartkarma

In today’s briefing:

All You Need to Know About Anil Ambani’s 17000Cr Loan Fraud Case
Knowledge Realty Trust IPO – Steady FY25 Growth, Digestible Pricing
July’s Insider Playbook – Buying Activity In 14 Small Cap Companies
KPIT Tech (“KPIT”): Decent Q1FY26 Despite Tough Macro
Lucror Analytics – Morning Views Asia

All You Need to Know About Anil Ambani’s 17000Cr Loan Fraud Case

Anil Ambani is being investigated by the ED for a massive INR 17,000 crore loan fraud case involving Reliance Group companies.
The case centers on allegations of fund diversion and financial irregularities related to loans from a consortium of nearly 20 public and private banks.
The investigation is being conducted under the PMLA, which involves even arrest and a parallel probe by SEBI into alleged fund diversion by Reliance Infrastructure.

Knowledge Realty Trust IPO – Steady FY25 Growth, Digestible Pricing

Knowledge Realty Trust (258259D IN) is looking to raise around US$551m in its India IPO. It has undertaken a pre-IPO placement round of around INR14bn (US$160m) in June 2025.
Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India’s office supply and gross absorption between CY16-1QCY25, as per the CBRE report.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.

July’s Insider Playbook – Buying Activity In 14 Small Cap Companies

By Sreemant Dudhoria,CFA

July 2025 saw significant buying by promoters and key management in 14 companies, signaling insider confidence across diverse sectors.
Engineering, Pharmaceuticals, Consumer, Infrastructure, and Financials stood out with consistent insider purchases.
Notable Companies:Shoppers Stop (SHOP IN),Anup Engineering (ANUP IN), D.B. Corp Ltd (DBCL IN) , La Opala Rg Ltd (LOG IN) , and Paisalo Digital (PAISALO IN) saw aggressive accumulation.

KPIT Tech (“KPIT”): Decent Q1FY26 Despite Tough Macro

By Ankit Agrawal, CFA

KPIT reported a decent Q1FY26 considering the tough macro environment faced by its global auto OEM clients, who are struggling due to tariff uncertainty and intense competition from China OEMs.
KPIT announced new deal wins worth $241mm vs typical run-rate of $170mm. Q1FY26 revenue grew 4.9% YoY and -3.2% QoQ in constant currency terms, led by Powertrain and Connected domains.
A key highlight of Q1FY26 was KPIT announcing partnership with JSW for its new EV vehicle program. EBITDA margin stayed steady at 21% led by operational efficiency and currency gains.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, Tata Motors
UST yields fell slightly yesterday, led by the long end, with yield movements muted ahead of this week’s heavy slate of bond auctions. The yield on the 2Y UST declined 1 bp to 3.68%, while the yield on the 10Y UST fell 2 bps to 4.19%.
Equities recovered from last Friday’s sell-off, driven by solid earnings and expectations of Fed rate cuts.

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Aug 05

Daily Brief India: Paytm, Pennar Industries, Thirumalai Chemicals, NIFTY Index, Pokarna Ltd, Sambhv Steel Tubes, NSDL and more

In today’s briefing:

PayTM Block – US$434m Clean-Up by Antfin
M&B Engineering Ltd. IPO Analysis
The Beat Ideas: Thirumalai Chemicals – A ₹2,000 Cr Capex Bet on the Next Growth Cycle
Global Markets Tactical Outlook: Week of August 4 – August 8
Business Breakdown: Pokarna Limited, A Niche Quartz Player Facing Challenge Due to US Tariff
Sambhv Steel: Anchor Lock-In Opens, Bet on Capacity Expansion, Debt Reduction & Value Addition
National Securities Depository Limited (NSDL) IPO Trading – Strong Demand, Set for a Pop

PayTM Block – US$434m Clean-Up by Antfin

Antfin (Netherlands) Holding B.V. (Antfin) is looking to raise up to US$434 via a cleanup of its remaining 5.8% stake in Paytm (PAYTM IN).
Antfin has been selling off its stake in PayTM since it pared around 12% in Nov 2021 IPO. It last sold a 4% stake to raise upto US$242m in May2025.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

M&B Engineering Ltd. IPO Analysis

By Sudarshan Bhandari

M&B Engineering, a leader in the PEB space, launched a INR 650 crore IPO with a price band of INR 366-385, opening July 30, 2025.
The company will use the INR 275 crore fresh issue proceeds for capital expenditure to expand manufacturing facilities, upgrade technology, and repay certain borrowings.
Growth is fueled by 60% capacity expansion by FY28 and a booming PEB market; valuation appears reasonable given its high PAT CAGR of 53%.

The Beat Ideas: Thirumalai Chemicals – A ₹2,000 Cr Capex Bet on the Next Growth Cycle

Thirumalai Chemicals is nearing completion of two transformative capex projects in Dahej (India) and West Virginia (USA) set to expand capacity by over 130,000 TPA across commodity and specialty chemicals.
These investments position TCL to capture demand in both domestic import-substitution and underserved global food ingredient markets, while reducing dependency on cyclical PAN margins.
The company is transitioning from a commodity-heavy profile to a more diversified, global specialty player, unlocking long-term margin expansion and reducing volatility in earnings.

Global Markets Tactical Outlook: Week of August 4 – August 8

By Nico Rosti

A quick synoptic look at the tactical models for the key indices, stocks, commodities and bonds we cover, for the week August 4 – August 8.
OVERSOLD: China Mobile (941 HK) , NIFTY Index , KOSPI 200 INDEX
OVERBOUGHT: NVIDIA Corp (NVDA US) is the only stock clearly overbought.

Business Breakdown: Pokarna Limited, A Niche Quartz Player Facing Challenge Due to US Tariff

Pokarna is India’s leading quartz exporter, leveraging italian Bretonstone technology to deliver industry-leading margins, growth in Natural Quartz segment.
Company is doing major capex worth Rs. 440Crs, that will add an additional 500Cr in topline once fully operational.
The company is facing demand challenges due to the US 25% Tariff since more than 80% revenue is coming from the US.

Sambhv Steel: Anchor Lock-In Opens, Bet on Capacity Expansion, Debt Reduction & Value Addition

In Sambhv Steel Tubes (SAMBHV IN), the anchor investor lock-in expiry ends brought expected selling pressure, testing the stock’s resilience and investor conviction in its fundamentals.
The company posted record Q1 revenue and profit, driven by strong volumes and margin expansion from its strategic value-added product focus.
Management guides for sustained 12-13% EBITDA margins, backed by aggressive brownfield and greenfield expansions to capture future market demand.

National Securities Depository Limited (NSDL) IPO Trading – Strong Demand, Set for a Pop

By Sumeet Singh

National Securities Depository Limited NSDL (NSDL IN) raised around US$460m in its India IPO.
It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
We have looked at the past performance in our previous note. In this note, we talk about the demand and trading dynamics.

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Aug 04

Daily Brief India: CG Power and Industrial Solutions, NSDL, NIFTY Index, TVS Motor , Aditya Infotech Ltd and more

In today’s briefing:

India: Potential Free Float Changes & Passive Flows in August
Curator’s Cut: China Healthcare Rally, Financial Market Infra Moves, and Korea’s Equity Upswing
RBI Rate Decision on 6 Aug: Nifty 50’s Historic Moves Matched by Options Market
TVS Motor (TVSL) – The Juggernaut; Solid Outlook
Aditya Infotech IPO Trading – Strong Overall Demand with Decent Anchor

India: Potential Free Float Changes & Passive Flows in August

Companies in India have disclosed their shareholding pattern as of end-June in July. There are companies with significant float changes from end-March and/or end-December.
The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in flow from passive trackers.
Depending on the date that the shareholding was published, there could be 11 stocks with passive inflows from global trackers while 5 could have passive outflows in August.

Curator’s Cut: China Healthcare Rally, Financial Market Infra Moves, and Korea’s Equity Upswing

By Pranav Rao

Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published in the past two weeks on Smartkarma
In this cut, we review the rally in Chinese healthcare in 2025, track some updates in financial markets infrastructure companies, and see how Korean equities have done since end-May
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next

RBI Rate Decision on 6 Aug: Nifty 50’s Historic Moves Matched by Options Market

By Gaudenz Schneider

Event Preview: The Reserve Bank of India will announce its next policy decision on Wednesday, August 6, 2025. After June’s larger-than-expected 0.5% rate cut, consensus expects no change.
Market Reaction History: The NIFTY 50 has historically moved more when the RBI surprises markets – a 27% occurrence rate over the past decade.
Options Perspective: This Insight investigates past market behavior during comparable RBI policy announcements and contrasts it with what current option pricing implies for this week’s move.

TVS Motor (TVSL) – The Juggernaut; Solid Outlook

By Sreemant Dudhoria,CFA

TVS Motor (TVSL IN) posted its highest-ever revenue and EBITDA in Q1FY26, with 20% topline growth. Strong export recovery (+39%) and robust EV sales (+35%) helped offset modest domestic growth.
Strong Festive Outlook: Management expects festive demand, rural recovery, and new launches—including EVs and Norton bikes—to drive strong H2 FY26 performance.
But the Valuation At 57x P/E TTM EPS, TVS commands a steep premium over peers.Despite the sustained outperformance in EV adoption,export monetization, and upcoming premium product launches, we retain HOLD.

Aditya Infotech IPO Trading – Strong Overall Demand with Decent Anchor

Aditya Infotech Ltd (6596564Z IN) raised about US$151m in its India IPO.
Aditya Infotech is a CCTV/video surveillance provider offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

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Aug 02

Daily Brief India: Nesco Ltd, WeWork India Management Ltd and more

In today’s briefing:

Nesco: Strong Q1FY26 Led by the Exhibitions and the Foods Segments
WeWork India Pre-IPO – Lease Mismatch and Structural Strains

Nesco: Strong Q1FY26 Led by the Exhibitions and the Foods Segments

By Ankit Agrawal, CFA

Q1 tends to be a seasonally weak quarter. However, Nesco posted 60%+ YoY growth in the Exhibition business. The Foods business grew 147% YoY led by restaurants and catering division.
The IT Parks segment saw its revenue grow by 3.6% QoQ and 12% YoY in Q1FY26. Overall, Nesco’s revenue grew 37% YoY and PBT grew 23% YoY in Q1FY26.
Given that Nesco due to its leasing based revenue is a bond proxy investment, we are increasing our fair valuation target to take into account the low interest rate environment.

WeWork India Pre-IPO – Lease Mismatch and Structural Strains

WeWork India Management Ltd (1690124D IN) is looking to raise about US$407m in its upcoming India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
In this note, we talk about the not-so-positive aspects of the deal.

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Aug 01

Daily Brief India: Tech Mahindra, WeWork India Management Ltd, Adani Ports & Special Economic Zone, Sharda Motor Industries and more

In today’s briefing:

Quiddity Leaderboard BSE SENSEX Dec25: Tech Mahindra Close to Deletion; Indigo Close to Addition
WeWork India Pre-IPO – Enterprise-Led, Promising Metrics
Lucror Analytics – Morning Views Asia
Business Breakdown: Sharda Motors – The Shift from Pass-Through Revenue to Product-Led Profitability

Quiddity Leaderboard BSE SENSEX Dec25: Tech Mahindra Close to Deletion; Indigo Close to Addition

By Janaghan Jeyakumar, CFA

BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) of India.
In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index in the December 2025 index rebal event.
As things stand, there are no index changes expected for the BSE SENSEX index. However, if there are strong relative price swings, ADDs/DELs could be triggered.

WeWork India Pre-IPO – Enterprise-Led, Promising Metrics

WeWork India Management Ltd (1690124D IN) is looking to raise about US$407m in its upcoming India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
In this note, we talk about the positive aspects of the deal.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, AAC Technologies, Tata Motors
UST yields rose yesterday, as the market priced in lower rate cuts for 2025, following the strong Q2 GDP numbers and after Fed Chair Jerome Powell said no decision has been made on a September rate cut. The UST curve bear flattened, with the yield on the 2Y UST rising 7 bps to 3.94%, while that on the 10Y UST was up 5 bps at 4.37%.
Equity movements were mixed, as tech stocks were supported by solid earnings from Microsoft and Meta Platforms.

Business Breakdown: Sharda Motors – The Shift from Pass-Through Revenue to Product-Led Profitability

Sharda Motors has phased out catalytic converter trading and commissioned a new plant, marking a shift toward high-margin through change in mix and exports.
These developments support margin expansion, strengthen supply capabilities, and align with the company’s focus on engineering-led growth.
Sharda Motors is evolving into a high-margin, technology-driven manufacturer with strong OEM linkages and export ambition, improving visibility on long-term value creation.

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Jul 31

Daily Brief India: Max Healthcare Institute, HDFC Bank, NSDL, Milky Mist Dairy Food Ltd, Executive Centre India Ltd, Gujarat Inds Power and more

In today’s briefing:

Quiddity Leaderboard NIFTY Sep25: Reference Period About to End; Some Changes to Expectations
HDFC Bank (“HDFCB”): Separating the Wheat from the Chaff
NSDL – New Management, Revised Strategy — The Battle for Market Share Continues
Milky Mist Dairy Food Ltd Pre-IPO Tearsheet
Executive Centre India Ltd Pre-IPO Tearsheet
The Beat Ideas: GIPCL’s Strategic Shift – A New Dawn for Gujarat’s Energy Sector

Quiddity Leaderboard NIFTY Sep25: Reference Period About to End; Some Changes to Expectations

By Janaghan Jeyakumar, CFA

NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices during the September 2025 index rebal event.
We see two changes for NIFTY 50 and five changes for NIFTY 100 based on current data. We see US$1.2bn a side to trade.

HDFC Bank (“HDFCB”): Separating the Wheat from the Chaff

By Ankit Agrawal, CFA

The stress periods are the times when the mettle of the best gets tested. We are in such a period and HDFCB has remained unscathed.
Even Bajaj Finance, which is also rated gold-standard in underwriting and risk management, noted issues with asset quality in the current environment, however, HDFCB’s asset quality has remained pristine.
HDFCB’s retail NPA ex-Agri has been steady at 0.82%. While HDFCB’s competitors have provided a cautious outlook, especially in unsecured loans, HDFCB has provided a stable outlook on asset quality.

NSDL – New Management, Revised Strategy — The Battle for Market Share Continues

By Sreemant Dudhoria,CFA

This insight describes about NSDL (NSDL IN) ‘s complete overhaul in top management team over the last 12 months.
The mandate for new team is to arrest the market share loss with new age/ discount brokers. The revised strategy seems to be working.
The IPO provides investors a front-row seat opportunity to witness this turnaround.

Milky Mist Dairy Food Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Milky Mist Dairy Food Ltd (1023949D IN) (MMDFL) is looking to raise about US$237m in its upcoming India IPO. The bookrunners for the deal are Axis, JM Fin and IIFL.
MMDFL is a value-added dairy and packaged food manufacturer focused on premium products such as paneer, cheese, curd, yogurt, UHT milk, and frozen RTE/RTC foods.
MMDFL is the fastest-growing packaged food firm in India among those with revenue above INR15,000m, having achieved a revenue CAGR of 29.82% from FY23-25, as per 1Lattice Report.

Executive Centre India Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Executive Centre India Ltd (2026075D IN) (ECIL) is looking to raise about US$300m in its upcoming India IPO. The bookrunners for the deal are Kotak and ICICI.
ECIL leases Grade A office spaces and converts them into premium flexible workspaces, catering to MNCs, SMEs, and other entities across various sectors and industries.
As per Kantar Brand Study, it was recognised for offering high-end services in the premium flexible workspace segment across India, Singapore, the Middle East, and Asia in FY25.

The Beat Ideas: GIPCL’s Strategic Shift – A New Dawn for Gujarat’s Energy Sector

By Sudarshan Bhandari

GIPCL is executing a 2,375 MW renewable energy park at Khavda, marking a major shift from thermal to green energy.
This transition is expected to improve EBITDA margins through lower operating costs and recurring O&M income.
The shift enhances long-term visibility and positions GIPCL as a key player in Gujarat’s clean energy future, boosting investor confidence.

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Jul 30

Daily Brief India: NSDL, Hitachi Energy India, Aditya Infotech Ltd and more

In today’s briefing:

National Securities Depository Limited (NSDL) IPO – Peer Comparison and Thoughts on Valuation
Hitachi Energy India (POWERIND IN): Powering into a Global Index in August
Aditya Infotech: Niche Opportunity at Fair Valuations but Concerns Lurk

National Securities Depository Limited (NSDL) IPO – Peer Comparison and Thoughts on Valuation

By Sumeet Singh

NSDL (NSDL IN) is looking to raise around US$460m in its upcoming India IPO.
It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
In this note, we undertake a peer comparison and talk about valuations.

Hitachi Energy India (POWERIND IN): Powering into a Global Index in August

A big rally in Hitachi Energy India (POWERIND IN) this year could lead to the stock being added to a global index in August.
Hitachi Energy India (POWERIND IN) has outperformed its peers and now trades at significantly higher valuations compared to its peer group.
There is positioning in the stock and early entrants could be looking to unwind some of their holdings over the next couple of weeks.

Aditya Infotech: Niche Opportunity at Fair Valuations but Concerns Lurk

By Himanshu Dugar

Company operates home grown CCTV brand ‘CP PLUS’. Also the sole distributor for Zhejiang Dahua Technology A (002236 CH) in India. Dahua is also its primary components supplier.
Expect 15-25% revenue growth vs 16% for industry with operating margins gradually improving to 10% translating to FY26E earnings range of 20-24.
Company is raising 1,300cr (500cr fresh and 800cr OFS) at implied multiple of ~30x in line with valuation paid by Dixon Technologies India Ltd (DIXON IN) for its 6.5% stake.

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Jul 29

Daily Brief India: NSDL, Indusind Bank, Dr Agarwal’s Health Care Ltd, Aditya Infotech Ltd, Adani Energy Solutions and more

In today’s briefing:

NSDL IPO Analysis: India’s First & Largest Depository
NSDL (NSDL IN) IPO: Offering Details & Index Inclusion Timeline
Indian Banking’s Longest-Serving, Highest-Paid HR-Head Quits IndusInd Bank
Dr Agarwal’s Health Care IPO Lockup – US$725m Lockup Release; PE Investors May Look to Cash Out
National Securities Depository Limited (NSDL) IPO – RHP Updates – Revenue Slowing, Margins Growing
Aditya Infotech IPO – RHP Updates & Thoughts on Peer Comp and Valuation
Lucror Analytics – Morning Views Asia

NSDL IPO Analysis: India’s First & Largest Depository

By Sudarshan Bhandari

NSDL (NSDL IN)‘s IPO is an OFS priced at INR 760-800 per share, targeting an issue size of INR 3,810-4,011 crore
As India’s pioneering SEBI-registered MII, company is the largest depository, serving 79,773 issuers as of March 2025, driven by market growth and innovation.
Valuation indicators suggest a fair assessment relative to industry peers, underscored by a robust issuer base and inherent financial stability.

NSDL (NSDL IN) IPO: Offering Details & Index Inclusion Timeline

NSDL (NSDL IN) is looking to list on the exchanges by selling up to INR 40bn (US$464m) of stock at a valuation of up to INR 160bn (US$1.85bn).
The stock will not get Fast Entry to either of the global indices. The earliest inclusion in a global index should take place in November.
Central Depository Services (CDSL IN)‘s stock price has dropped following the announcement of NSDL‘s IPO price band and the muted results could lead to further downside in the stock.

Indian Banking’s Longest-Serving, Highest-Paid HR-Head Quits IndusInd Bank

By Hemindra Hazari

Zubin Mody, Chief Human Resources Officer (CHRO) abruptly quits Indusind Bank (IIB IN)
His resignation adds to the leadership vacuum at the top as the bank has no CEO or any executive directors on the board
Apparently the board of directors wants to reboot the bank with a clean senior executive slate

Dr Agarwal’s Health Care IPO Lockup – US$725m Lockup Release; PE Investors May Look to Cash Out

Dr Agarwal’s Health Care Ltd (8140044Z IN) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
In this note, we will talk about the lockup dynamics and possible placement.

National Securities Depository Limited (NSDL) IPO – RHP Updates – Revenue Slowing, Margins Growing

By Sumeet Singh

NSDL (NSDL IN) is looking to raise around US$460m in its upcoming India IPO.
It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
In this note, we talk about the updates from its RHP filing.

Aditya Infotech IPO – RHP Updates & Thoughts on Peer Comp and Valuation

Aditya Infotech Ltd (6596564Z IN) is looking to raise about US$151m in its India IPO.
Aditya Infotech is a CCTV/video surveillance provider offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

UST yields were largely stable on Friday, after long-dated yields erased 3-4 bps of increases during the day.
The UST curve flattened marginally, with the yield on the 2Y UST rising 1 bp to 3.92%, while the yield on the 10Y UST declined 1 bp to 4.39%.
The S&P 500 rose for the fifth straight day, and was up 0.4% at 6,389.

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Jul 28

Daily Brief India: Swiggy and more

In today’s briefing:

Swiggy/Eternal: Free Float Increase & Foreign Room Decrease ‘Delivering’ BIG Passive Flows

Swiggy/Eternal: Free Float Increase & Foreign Room Decrease ‘Delivering’ BIG Passive Flows

Increased free float should result in passives buying Swiggy (SWIGGY IN) and lower foreign room should lead to passives selling Eternal (ETERNAL IN) at the end of August.
The increased free float should also result in passive buying for Swiggy (SWIGGY IN) in September.
Eternal has outperformed Swiggy last week following strong earnings. Swiggy announces earnings later this week and that could be a short-term catalyst for a narrowing of the spread.

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Jul 27

Daily Brief India: Indian Energy Exchange Ltd and more