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In today’s briefing:

Infosys (INFY) — No Fireworks but Better Performance than TCS

Infosys (INFY) — No Fireworks but Better Performance than TCS

By Sreemant Dudhoria,CFA

Infosys Ltd (INFO IN) reported a stable Q1FY26 with constant currency (CC) revenue growth of 2.6% QoQ and 3.8% YoY, despite persistent macro headwinds in key geographies.
While the company increased its lower end of guidance from 0 to 3% to 1%-3% CC, the sector still faces challenges from macro uncertainty.
While there are no fireworks in the results, it is much getter than Tata Consultancy Svcs (TCS IN) . We present analysis on the same.

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Jul 25

Daily Brief India: Tilaknagar Industries, Indian Energy Exchange Ltd, Natco Pharma, Brigade Hotel Ventures Ltd and more

In today’s briefing:

Event Driven: Tilaknagar Ind ₹4,150 Cr Imperial Blue Acq.~Transformational Play or Leverage Trap?
India’s Energy Exchanges: Market Coupling, the Next Big Disruption
Event Driven: Natco Pharma’s Strategic Acquisition of Adcock Ingram
Brigade Hotel IPO: Not Suited for a Long Term Stay for Now, Can Try For a Quick Day Trip Gain
Market Coupling Mandate: Structural Risk or Opportunity Reset for IEX (NSE: IEX, BSE: 540750)?

Event Driven: Tilaknagar Ind ₹4,150 Cr Imperial Blue Acq.~Transformational Play or Leverage Trap?

Tilaknagar Industries (TLNGR IN) acquires Pernod Ricard India’s Imperial Blue for INR 4,150 crore, diversifying its portfolio into whisky from dominance in brandy.
This acquisition will establish TI as a pan-India spirits player, significantly enhancing distribution and is expected to be accretive.
However, substantial deal size raises concerns about equity dilution, high leverage risks, and significant integration challenges for TI

India’s Energy Exchanges: Market Coupling, the Next Big Disruption

India’s CERC has approved the implementation of Market Coupling in the DAM(Day Ahead Market) by Jan-26, with Real Time Market (RTM) coupling to follow after operational experience is gained.
IEX currently commands 99.8% market share in both DAM and RTM. With MC, price discovery will be centralized, eroding IEX’s platform advantage and likely resulting in loss of market share.
If MC had been implemented in FY25, IEX’s earnings would have been 20% lower. This regulatory shift poses a clear structural risk to IEX’s volume dominance and earnings growth.

Event Driven: Natco Pharma’s Strategic Acquisition of Adcock Ingram

Natco Pharma acquires a 35.75% stake in South Africa’s Adcock Ingram, marking its largest overseas expansion to date.
This move instantly gives Natco a strong foothold in Africa’s pharma market and diversifies its global revenue streams from current headwind of US market.
Natco transitions from a primarily India/US-focused player to a serious contender in strategic emerging markets, enhancing its growth outlook.

Brigade Hotel IPO: Not Suited for a Long Term Stay for Now, Can Try For a Quick Day Trip Gain

By Tina Banerjee

Brigade Hotel Ventures has filed for IPO to raise up to INR 7,596M. The company plans to sell 84.4M shares at between INR 85 and INR 90 per share.
The company owns and develops hotels in key cities in India, with a portfolio of nine operating hotels. The hotels are operated by global marquee hospitality companies.
The debt-to-equity ratio for Brigade Hotel being at 5.8x is the highest among its peers. The company’s plans to use the proceeds to service the outstanding debts makes sense.

Market Coupling Mandate: Structural Risk or Opportunity Reset for IEX (NSE: IEX, BSE: 540750)?

By Rahul Jain

CERC has mandated market coupling for the Day-Ahead Market starting Jan 2026, shifting price discovery to a central engine.
This dilutes IEX’s pricing power but core execution role, user trust, and market share offer downside protection.
Valuations at 38–40× FY25 EPS imply a fair value range of Rs175–195, with upside if growth in green and RTM segments accelerates.

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Jul 24

Daily Brief India: Vishal Mega Mart, DLF Ltd and more

In today’s briefing:

Vishal Mega Mart (VMM IN): Increased Float & Global Index Inclusion
DLF’s Mumbai Re-Entry: A New Era for Premium Real Estate?
India Real Estate: Domestic Demand & Infrastructure Boom – LONG DLF

Vishal Mega Mart (VMM IN): Increased Float & Global Index Inclusion

An increase in the stock price and free float should result in Vishal Mega Mart (VMM IN)‘s inclusion in a global index in August.
Estimated passive buying is 191m shares (US$312m; 5.8x ADV; 15.4x delivery volume) at the close of trading on 26 August.
The index inclusion could take the stock higher in the short-term but buyers in the June placement could be looking for an exit.

DLF’s Mumbai Re-Entry: A New Era for Premium Real Estate?

DLF Ltd (DLFU IN) re-entered Mumbai after a decade with ‘The Westpark’, a luxury project in Andheri West, featuring 416 apartments and INR 800-900 crore investment
Company launched a Mumbai luxury project targeting INR 2,000-2,300 crore revenue from phase one, with broader market expansion and new launch plans
This signals a strategic shift for debt-free DLF towards high-margin luxury developments, leveraging Mumbai’s booming market and demand for premium homes

India Real Estate: Domestic Demand & Infrastructure Boom – LONG DLF

By Jacob Cheng

As the second largest population in the world, India real estate is on a transformational path, driven by economic growth and domestic demand
In particular, we think the rapid urbanization, rising disposable income, infrastructure demand as well as capital inflow from NRI provided further boost to the sector
We like DLF, which is one of the largest real estate developers in the country, on the back of its product positioning and strong fundamentals

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Jul 23

Daily Brief India: NIFTY Index, Waaree Energies, Sona Blw Precision Forgings Lt, Prestige Hospitality Ventures Ltd, Uco Bank, Veritas Finance Ltd, Pine Labs and more

In today’s briefing:

NIFTY50 Index Outlook Amid Ongoing Rebalance Review
Waaree Energies (WAAREEEN IN): Increased Float & Global Index Inclusion
Sona Comstar’s China JV: Tapping into the World’s Largest EV Market
Prestige Hospitality Ventures Pre-IPO-Marriott-Heavy Portfolio with Other Operating Revenue Concerns
UCO Bank (UCO IN) Vs. IOB (IOB IN): Catch-Up Potential
Veritas Finance Pre-IPO: Fast Growing Lender to the Un/Under-Banked
Pine Labs Pre-IPO – The Negatives – …some Segments Slowing, Lots Unexplained

NIFTY50 Index Outlook Amid Ongoing Rebalance Review

By Nico Rosti

As outlined by Brian Freitas , the NIFTY Index ‘s September rebalance ends July 31st, the announcement of the changes will take place end August and implemented on September 29th.
The index has been pulling back for 3 weeks, it’s oversold according to our model, 75% probability of reversing up this week.
Lower support limit would be 24319, while a rally could take the index to 25642 across a couple of weeks. The rally won’t last more than 2 weeks probably.

Waaree Energies (WAAREEEN IN): Increased Float & Global Index Inclusion

An increase in the stock price and free float should result in Waaree Energies (WAAREEEN IN) being included in a global index in August.
Estimated passive buying is 8.2m shares (US$295m; 3x ADV; 10.8x delivery volume) at the close of trading on 26 August.
Waaree Energies (WAAREEEN IN) has outperformed Premier Energies (PREMIERE IN) over the last 3 months but still trades at a lower forward PE.

Sona Comstar’s China JV: Tapping into the World’s Largest EV Market

On July 20, 2025, Sona Blw Precision Forgings Lt (SONACOMS IN) announced a $20 million joint venture with China’s JNT to enter the world’s largest EV market.
The move aims to capture growth in China’s dominant EV market, aligning with the company’s new strategy to expand into eastern markets
An EV slowdown is expected in FY26 while the China JV and railway business, despite driving future growth from FY27 onwards, are expected to lower margins.

Prestige Hospitality Ventures Pre-IPO-Marriott-Heavy Portfolio with Other Operating Revenue Concerns

By Akshat Shah

Prestige Hospitality Ventures Ltd (1831338D IN) is looking to raise about US$317m in its upcoming India IPO.
Prestige Hospitality Ventures Ltd (PHVL) is part of the Prestige Group. It is a hospitality asset owner and developer focused on luxury, upper upscale, and upper midscale properties in India.
In this note, we talk about the company’s historical performance.

UCO Bank (UCO IN) Vs. IOB (IOB IN): Catch-Up Potential

By Gaudenz Schneider

Context: The Indian Overseas Bank (IOB IN) vs. UCO Bank (UCO IN) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
Highlights: Statistical mean reversion suggests short-term outperformance of UCO Bank (UCO IN), also supported by more attractive valuations.
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

Veritas Finance Pre-IPO: Fast Growing Lender to the Un/Under-Banked

By Nicholas Tan

Veritas Finance Ltd (1392490D IN) is looking to raise up to US$323m in its upcoming Indian IPO.
It was established in 2015, and is a non-deposit taking non-banking financial company (NBFC) registered with the Reserve Bank of India (RBI), classified as an ‘NBFC-Middle Layer’.
In this note, we look at the firm’s past performance.

Pine Labs Pre-IPO – The Negatives – …some Segments Slowing, Lots Unexplained

By Sumeet Singh

Pine Labs is looking to raise up to US$1bn in its upcoming India IPO.
Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
In this note, we talk about the not-so-positive aspects of the deal.

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Jul 22

Daily Brief India: Mazagon Dock Shipbuilders , Bajaj Finance Ltd, PNB Housing Finance Ltd, Infosys Ltd, Heg Ltd, HDFC Bank, Adani Energy Solutions, Pine Labs and more

In today’s briefing:

NIFTY NEXT50 Index Rebalance Preview: Potential Changes & Close Names
Bajaj Finance CEO Resignation: Rajeev Jain Returns, But Succession Looms Large
Asian Equities: Revisiting Indian Mid-Caps After Sharp Outperformance – A New Quant Screen
Infosys (INFO IN) Q1 Results: What Options Markets Are Pricing In
HEG IN – Graphite Leader Expands into Anodes; Capacity Edge and Battery Optionality Key
HDFC Bank-Quality Franchise but Credit Growth Will Lag in near Term; Likely Revive in H2FY26 & FY27
Lucror Analytics – Morning Views Asia
Pine Labs Pre-IPO – The Positives – Some Segments Growing..

NIFTY NEXT50 Index Rebalance Preview: Potential Changes & Close Names

With the review period nearing completion, there could be 4 changes (including 1 migration) for the NSE Nifty Next 50 Index (NIFTYJR INDEX) in September.
There is one stock close to inclusion zone and one stock close to deletion zone and price movements over the rest of the month will determine the final changes.
Estimated one-way turnover is 7.8% resulting in a one-way trade of INR 30.06bn (US$350m). Six of the eight potential changes will have over 2x ADV to trade from passive trackers.

Bajaj Finance CEO Resignation: Rajeev Jain Returns, But Succession Looms Large

Anup Saha’s sudden resignation as MD of Bajaj Finance Ltd (BAF IN), just three months into the role, raises succession planning concerns.
The architect of BAF’s growth resumes full control as VC & MD until March 2028, ensuring near-term continuity.
While operations remain stable, the event sharpens focus on long-term leadership depth in India’s most premium NBFC.

Asian Equities: Revisiting Indian Mid-Caps After Sharp Outperformance – A New Quant Screen

By Manishi Raychaudhuri

Since inception on February 27, our equal-weighted Indian Mid-Cap basket has appreciated 29.4%, sharply outperforming the BSE Mid-Cap Index (18.6%). We revisit our basket and apply the relevant screens again.
We screen on minimum 10% EPS CAGR over next two years, maximum PEG of 1.3x, consensus rating of buy/overweight and upward revision in consensus EPS estimate over past 6 months.
14 stocks come up in our new India Mid-Caps basket – fewer than the 20 that we had earlier. Four stocks are common with the previous basket.

Infosys (INFO IN) Q1 Results: What Options Markets Are Pricing In

By Gaudenz Schneider

Infosys (INFO IN / INFY US) reports Q1 FY26 results on Wednesday, 23 July 2025 at 15:45 IST; earnings days historically triggered outsized price moves.
Highlight: Analyzing historical post-earnings price movements, along with forward-looking options-implied volatility, provides valuable insights for event-driven strategies.
Why Read: Access the data and insights to take advantage of anticipated price moves and volatility crush. Potential option strategies explained.

HEG IN – Graphite Leader Expands into Anodes; Capacity Edge and Battery Optionality Key

By Rahul Jain

Q4 FY25 delivered best operational quarter with 27% EBITDA margin and steady 80–85% utilization despite global steel demand weakness.
Expanding graphite electrodes to 100 ktpa, commissioning 20 ktpa anode plant by FY27, and deepening exposure via GrafTech stake.
Base case SOTP implies Rs614/share, valuing core at 8× EV/EBITDA and anode business at 2.5× invested capital.

HDFC Bank-Quality Franchise but Credit Growth Will Lag in near Term; Likely Revive in H2FY26 & FY27

By Sreemant Dudhoria,CFA

HDFC Bank (HDFCB IN)‘s Q1FY26 PAT up 12% YoY, driven by strong other income; core NII growth remained modest at 5.4%.
Deposit growth remained robust; CASA revival and CD ratio improvement are key near-term priorities. However, margins under pressure from EBLR resets,but contingent provisions and stable asset quality offer medium-term stability.
Bank should come back to its pre-merger metric by end of FY26. However, current valuation at 3x P/B leaves little room for error.

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 Energy Solutions, Vedanta Resources, JSW Steel
UST yields declined on Friday, led by the front end, after Fed Governor Christopher Waller reiterated his case for a July rate cut and given lower-than-expected inflation projections in the University of Michigan survey.
The yield on the 2Y UST and 10Y UST fell 4 bps to 3.87% and 4.42%, respectively. Equities were steady at record high levels, with the S&P 500 and Nasdaq flat at 6,297 and 20,896, respectively.

Pine Labs Pre-IPO – The Positives – Some Segments Growing..

By Sumeet Singh

Pine Labs is looking to raise up to US$1bn in its upcoming India IPO.
Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
In this note, we talk about the positive aspects of the deal.

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Jul 21

Daily Brief India: Max Healthcare Institute, Anthem Biosciences, JSW Steel Ltd and more

In today’s briefing:

NIFTY50 Index Rebalance Preview: Forecast Changes, Impact, Positioning
Anthem Biosciences IPO: Lists Today; Index Inclusion Timing
JSW Steel (NSE: JSWSTEEL) – Strong Q1 Beat, Confident FY26 Guidance, Premium Valuation

NIFTY50 Index Rebalance Preview: Forecast Changes, Impact, Positioning

InterGlobe Aviation Ltd (INDIGO IN) and Max Healthcare Institute (MAXHEALT IN) should replace Indusind Bank (IIB IN) and Hero Motocorp (HMCL IN) in the NIFTY Index in September.
The review period for the September rebalance ends 31 July, the announcement of the changes will take place end August and implemented at the close of trading on 29 September.
While there has been a steady increase in cumulative excess volume for Max Healthcare Institute (MAXHEALT IN), there could be more room to run in the stock.

Anthem Biosciences IPO: Lists Today; Index Inclusion Timing

Anthem Biosciences raised INR 34bn (US$394m) in its IPO valuing the company at INR 320bn (US$3.7bn). The stock lists today.
The grey market premium is INR 132/share, so the stock could list 23.2% higher than the IPO price. That will help in getting larger index flows.
Anthem Biosciences could be added to one global index in November while the stock price gain will determine whether the stock is added to the other global index in December.

JSW Steel (NSE: JSWSTEEL) – Strong Q1 Beat, Confident FY26 Guidance, Premium Valuation

By Rahul Jain

Recent Results: Q1 EBITDA surged 38% YoY to ₹7,576 Cr, driven by volume ramp-up, improved product mix, and lower coking coal costs.
FY26 Guidance: Company maintains production at 30.5 mt and sales at 29.2 mt, reflecting confidence in its ramp-up and downstream expansion roadmap.
Valuation & Growth: Trading at ~18× FY27E P/E and ~7× EV/EBITDA—above global peers—justified by projected 20% EBITDA and 23% EPS growth into FY27.

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Jul 20

Daily Brief India: NSDL and more

In today’s briefing:

NSDL Vs CDSL: A Bottom-Up Comparison

NSDL Vs CDSL: A Bottom-Up Comparison

By Himanshu Dugar

NSDL has been gearing up for its IPO and is very likely to hit the markets shortly within the SEBI stipulated deadline of 31st July.
NSDL historically had the upper hand over CDSL as institutional clients led to strong outperformance. But the booming retail investment landscape since 2021 has turned the tables on the leader.
Given that the trend of retail participation inching is expected to continue, NSDL needs to rejuvenate its approach to plough back market share. Payments banking business cant offset the impact.

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Jul 19

Daily Brief India: Anthem Biosciences and more

In today’s briefing:

Anthem Biosciences IPO Trading – Robust Insti Coverage Drives Overall Demand

Anthem Biosciences IPO Trading – Robust Insti Coverage Drives Overall Demand

By Akshat Shah

Anthem Biosciences (1234D IN) raised about US$397m in its India IPO.
Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the peer comp and IPO valuations.

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Jul 18

Daily Brief India: Max Healthcare Institute, Safex Chemicals (India) Limited, Adani Ports & Special Economic Zone, ICICI Prudential AMC, Asian Paints and more

In today’s briefing:

Max Healthcare (MAXHEALT IN): Sell
Safex Chemicals India Ltd Pre-IPO Tearsheet
Lucror Analytics – Morning Views Asia
ICICI Prudential AMC IPO: Over 55% of AUM in High-Margin Equity, Powering B30 Growth
Asian Paints Vs. Grasim: The Anti-Trust Showdown

Max Healthcare (MAXHEALT IN): Sell

By Avien Pillay

We are bullish on the long-term growth of the hospital sector in India.
Like in the case of Apollo Hospitals, Max Healthcare will have tough competition from both listed and unlisted players.
A 65 FPE does not factor in the high cost of expansion and potential challenges.

Safex Chemicals India Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Safex Chemicals (India) Limited (1414700D IN) (SCIL) is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are Axis, JM Fin, SBI.
SCIL is a specialty chemicals company in agrochemicals, operating across branded formulation, specialty chemicals, and CDMO segments, serving both farmers and global agrochemical firms.
According to the Frost & Sullivan Report, SCIL was among the fastest-growing players in the Indian agrochemical industry in terms of revenue growth between FY2023-25.

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
Front-end UST yields declined yesterday, on account of subdued PPI data. The curve steepened meaningfully, following reports that US President Donald Trump had discussed with Republican members of Congress the dismissal of Fed Chairman Jerome Powell (which Mr Trump subsequently denied).
The yield on the 2Y UST fell 5 bps to 3.89%, while the yield on the 10Y UST was down 3 bps at 4.46%. Equities recovered from an earlier sell-off, with the S&P 500 and Nasdaq both ending 0.3% higher at 6,264 and 20,730, respectively.

ICICI Prudential AMC IPO: Over 55% of AUM in High-Margin Equity, Powering B30 Growth

ICICI Prudential AMC (570643Z IN) is the largest AMC in India by active mutual fund QAAUM with 13.3% market share.
Company is growing at more than 30% CAGR in last 3 years and having focus on B30 Cities and emerging markets to drive growth.
Since company is cash rich with no borrowings, they are coming up with 100% OFS.

Asian Paints Vs. Grasim: The Anti-Trust Showdown

Grasim (Birla Opus) filed an antitrust complaint alleging Asian Paints used dealer-exclusivity, supply-chain pressure, and reputational tactics to throttle its rollout.
CCI’s prima-facie order opens a DG probe; outcome could reset the playbook on dealer contracts in all B2C staples.
DG has 90 days to file its report. Possible end-states: (i) dismissal, (ii) monetary penalty + conduct remedies (exclusivity clauses void), (iii) structural remedy (unlikely).

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Jul 17

Daily Brief India: State Bank Of India, Jubilant Pharmova, Tata Consultancy Svcs, HDFC Bank, Zee Entertainment Enterprises, Oswal Pumps, ICICI Prudential AMC, P N Gadgil Jewellers and more

In today’s briefing:

SBI US$3bn QIP – No Surprises – Not the World’s Best Kept Secret
The Beat Ideas: Jubilant Pharmova – Turning Capex Into Catalysts for Long-Term Value
TCS – Fighting on All Fronts: Gen AI, Competition & Macro Uncertainty. Underperformance Ahead
HDFC Bank (HDFCB IN) Outlook: Any Rally From Here May End Quickly
Zee Entertainment: A Forensic Perspective
Oswal Pumps Ltd- IPO to the Rescue
ICICI Pru AMC Pre-IPO Tearsheet
The Beat Ideas: P N Gadgil Jewellers- Betting Big on High-Margin Lightweight Jewellery

SBI US$3bn QIP – No Surprises – Not the World’s Best Kept Secret

By Sumeet Singh

State Bank Of India (SBIN IN) plans to raise around US$3bn via a QIP. The deal is very well flagged and we wrote on it last week.
Although the stock has been running up a bit going into the deal and the previous deal didn’t do well.
In this note, we will talk about the placement and run the deal through our ECM framework.

The Beat Ideas: Jubilant Pharmova – Turning Capex Into Catalysts for Long-Term Value

Jubilant Pharmova is investing over USD 285 million to expand its PET radiopharmacy sites, CDMO Sterile Injectables, and CRDMO capacity (FTEs from 1,000 to 4,000 by FY27).
These segments, contributing over 80% of FY25 EBITDA, are positioned for faster growth and margin expansion, with Line 3 in Spokane expected to reach peak utilization in 3 years.
A pivot towards higher-margin businesses with targeted RoCE above 20% enhances confidence in achieving Vision 2030 goals of doubling revenue and reaching 23–25% EBITDA margins.

TCS – Fighting on All Fronts: Gen AI, Competition & Macro Uncertainty. Underperformance Ahead

By Sreemant Dudhoria,CFA

Broad-based Weakness:Tata Consultancy Svcs (TCS IN) ‘s revenue declined 3.1% YoY in CC; domestic business fell sharply due to BSNL, while international demand remained soft across key verticals.
GenAI Pivot Amid Margin Pressure: TCS is shifting from GenAI pilots to scaled deployments, investing heavily in AI skilling, while margins face pressure from underutilization and delayed deal ramps.
Outlook Cautious Despite TCV Growth: TCV rose 13.2% YoY to $9.4 Bn, but mega deals are missing; execution delays and macro concerns cloud near-term visibility.

HDFC Bank (HDFCB IN) Outlook: Any Rally From Here May End Quickly

By Nico Rosti

HDFC Bank (HDFCB IN) has been rallying strongly since early January 2025, a rally we predicted back then. After 2 weeks down, the stock this week is rising.
However, according to our model the current uptrend pattern does not lead to long-lasting rallies, but rather to new, short-term corrections.
The time horizon for this rally is 1-2 weeks, when this trend pattern is encountered, so we could expect the stock to rally briefly and then pull back again.

Zee Entertainment: A Forensic Perspective

Shareholders recently rejected Zee’s promoter-led capital infusion, limiting the founding family’s stake increase and influence.
The failed fundraise underscores persistent questions about financial transparency and management’s past conduct. This decision further impacts market perception and investor confidence.
This insight covers the whole story from the beginning of the allegations to the current status of the allegations and fundraising.

Oswal Pumps Ltd- IPO to the Rescue

By Nitin Mangal

Oswal Pumps (1019841D IN) came out with an IPO in June to raise fresh equity of INR 8.9 bn and offer for sale of 8.1 mn shares.
They are among the few fully integrated Turnkey Solar Pumping System providers in India, manufacturing solar pumps, modules, controllers, and offering complete installation services for agricultural applications.
Forensic takeaways include misstatement of cash flow, absence of details on the order book, possible margin and growth concerns and certain violations of regulations and regular delay in filing dues.

ICICI Pru AMC Pre-IPO Tearsheet

By Akshat Shah

ICICI Prudential AMC (570643Z IN) (IPru AMC) is looking to raise about US$1bn in its upcoming India IPO. The deal will be run by a consortium of banks.
IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.
The IPO is entirely an offer for sale by one of the promoters, Prudential Corporation Holdings Limited.

The Beat Ideas: P N Gadgil Jewellers- Betting Big on High-Margin Lightweight Jewellery