india Archives | Page 17 of 153 | Smartkarma

In today’s briefing:

VIL’s Revival Impossible or a State-Backed Turnaround Feasible?
Nuvama Wealth: The “Blessing in Disguise” Amidst Market Jitters in Jane Street Case
The Beat Ideas: Capri Global Capital: Small-Ticket Loans, Big-Ticket Growth
Credila Financial Services Pre-IPO Tearsheet
Can Patanjali’s Foray Into the Underpenetrated Insurance Market Drive Growth Via This Acquisition?
SeedWorks International Ltd Pre-IPO – Sowing Seeds Amid Sluggish Bottomline
Tire Giants Redraw India Playbooks; Indian Firms Rework Overseas

VIL’s Revival Impossible or a State-Backed Turnaround Feasible?

Vodafone Idea (IDEA IN) faces severe financial distress due to INR 83,400 crore in mounting Adjusted Gross Revenue (AGR) dues and substantial deferred payment obligations.
Management warns Vi cannot operate beyond Financial Year 2026 without timely government support for AGR dues, halting crucial bank funding. market.
Vi proposes payment plans and seeks substantial funding, while ARPU is growing, and the government supports a three-player

Nuvama Wealth: The “Blessing in Disguise” Amidst Market Jitters in Jane Street Case

Nuvama Wealth Management (NUVAMA IN)‘s stock fell sharply due to SEBI barring Jane Street, its domestic trading partner, over alleged market manipulation, despite no direct accusations against Nuvama.
This dip is an overreaction; Nuvama’s strong wealth/asset management (74% revenue) and robust FY26 growth guidance insulate it from Capital Markets segment impact (26%). PAG’s ongoing exit also signals value.
The market correction presents a “blessing in disguise,” opportunity into a fundamentally strong, diversified Indian financial services firm.

The Beat Ideas: Capri Global Capital: Small-Ticket Loans, Big-Ticket Growth

Capri Global’s foray into merchant banking, investment banking, and wealth management signals a major shift towards becoming a full-spectrum financial services provider, broadening its business model.
With a target of reaching INR 50,000 crore AUM in the next three years, CGCL is positioning itself for significant expansion in India’s underserved financial segments, highlighting strong growth potential.
By integrating AI, data science, and machine learning into its operations, Capri Global is enhancing underwriting, improving customer acquisition, and streamlining business processes, positioning itself for sustained competitive advantage.

Credila Financial Services Pre-IPO Tearsheet

Credila Financial Services Ltd (3452223Z IN) is looking to raise about US$584m in its upcoming India IPO. The deal will be run by Axis, Citi, IIFL, Jefferies and GS.
Credila Financial Services (CFSL) is an Indian education finance company focused on providing education loans to Indian students pursuing higher education in India and overseas.
It was the largest education-focused non-banking financial company (NBFC) in India, in terms of net loans and net profit in FY25, according to a Redseer Report.

Can Patanjali’s Foray Into the Underpenetrated Insurance Market Drive Growth Via This Acquisition?

Patanjali Ayurved (holding company of Patanjali Foods (PATANJAL IN)) acquired a 73.555% majority stake in Magma General Insurance for approximately INR 4,500 crore.
Patanjali seeks to diversify, leveraging its brand and distribution network to tap India’s underpenetrated insurance market, aligning with IRDAI’s “Insurance for All by 2047” vision.
Magma General brings established operations, a 26% GWP CAGR, and a network of 18,000 agents, providing an immediate platform for market expansion and growth.

SeedWorks International Ltd Pre-IPO – Sowing Seeds Amid Sluggish Bottomline

By Rosita Fernandes

SeedWorks International Ltd (1441147D IN) (SIL) is planning to raise about US$115m in its upcoming India IPO.
SIL is a seed research and development organization engaged in the research, production, and marketing of hybrid seeds.
As per F&S Report, in FY24, the company ranked 3rd in cotton seeds, 4th in hybrid rice and pearl millet seeds, in terms of volume of seeds sold in India.

Tire Giants Redraw India Playbooks; Indian Firms Rework Overseas

By Vinod Nedumudy

Continental, Michelin, Bridgestone pivot to premium with local focus
MRF expands in EV, defence, and export markets amid capacity growth
Apollo restructures in Europe, bolstering premium bicycle

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Jul 04

Daily Brief India: Apollo Hospitals Enterprise, Wakefit Innovations, Karnataka Bank, Yes Bank, Punjab National Bank, NIFTY Index and more

In today’s briefing:

Event Driven: Apollo’s Restructuring-Unlocking Value in India’s Omni-Channel Healthcare Ecosystem
Wakefit Innovations Ltd Pre-IPO Tearsheet
Executive Exodus at Karnataka Bank: More Than Just “Personal Reasons”?
Yes Bank (YES IN) Vs. IDFC First Bank (IDFCBK IN): Quant Divergence Opens Statistical Arb Window
Canara Bank (CBK IN) Vs. Punjab National Bank (PNB IN): Positive Outcome as Pair Reverts to Mean
Nifty’s Summer Setup: Quiet Vol and Strong Price Seasonals

Event Driven: Apollo’s Restructuring-Unlocking Value in India’s Omni-Channel Healthcare Ecosystem

Apollo Hospitals Enterprise (APHS IN) is demerging its omni-channel pharmacy and digital health business into a new entity, later merging with Keimed ltd, the wholesale pharmacy distribution arm.
The reorganisation aims to unlock shareholder value, enhance operational focus, and create a transparent, comprehensive pharmacy and digital healthcare platform.
The NewCo(AHL) targets INR 25,000 crore revenue(50%+) by FY27 from digital health and pharmacy scale-up, while core hospitals expand with new beds and high-value therapies.

Wakefit Innovations Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Wakefit Innovations (1684049D IN) (WIL) is looking to raise about US$231m in its upcoming India IPO. The bookrunners for the deal are Axis, IIFL, Nomura.
Wakefit Innovations is direct‑to‑consumer and sleep and home‑solutions company, founded in 2016.
According to the Redseer Report, the company was the largest D2C home and furnishings company in India by revenue in FY24.

Executive Exodus at Karnataka Bank: More Than Just “Personal Reasons”?

Karnataka Bank (KBL IN)‘s top two executives resigned under unclear circumstances, with boardroom friction, unauthorized spending, and weak financial performance raising concerns.
Even audit report also suggests some red flags of minuscule amounts in unauthorized expenses, raising governance issues.
The bank’s leadership shakeup and declining financials suggest instability; while governance reforms are needed along with new and strong leadership and governance realignment.

Yes Bank (YES IN) Vs. IDFC First Bank (IDFCBK IN): Quant Divergence Opens Statistical Arb Window

Context: The Yes Bank (YES IN) vs. IDFC First Bank (IDFCBK IN) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
Highlights: Going long Yes Bank (YES IN) and short IDFC First Bank (IDFCBK IN) targets a 9% return to the statistical mean reversion level.
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.

Canara Bank (CBK IN) Vs. Punjab National Bank (PNB IN): Positive Outcome as Pair Reverts to Mean

Context: This article provides an update on a previously identified pair trading opportunity between Punjab National Bank (PNB IN) and Canara Bank (CBK IN), based on statistical mean reversion analysis.
Key Insights: The trade has now reached its exit signal as the price ratio reverted to its one-standard deviation band, yielding a positive return.
Why Read It: For investors interested in quantitative trading strategies, this article demonstrates how statistical arbitrage can generate short-term alpha and highlights actionable similar opportunities in the current market.

Nifty’s Summer Setup: Quiet Vol and Strong Price Seasonals

By John Ley

Nifty enters July with supportive seasonal trends in both price and volatility.
Trump-Era seasonal trends point to subdued summer volatility compared to historically low July volatility.
Nifty’s proximity to all-time highs sets up attractive strike locations for vol sellers.

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Jul 03

Daily Brief India: ICICI Bank Ltd, Pine Labs, Adani Power, FSN E-Commerce Ventures (Nykaa), Crizac, Steel, Torrent Pharmaceuticals, Centrum Capital, Coal India Ltd, Capillary Technologies India Ltd (CTIL) and more

In today’s briefing:

Long ICICI (ICICIBC IN) Vs. Short HDFC (HDFCB IN): Spread Trade in High-Profile Indian Bank Pair
Pine Labs Pre-IPO Tearsheet
Adani Power (ADANIPOWER IN): Bangladesh Clears Dues, Strengthens Balance Sheet
Nykaa Block – US$140m Selldown by Banga Family
Crizac Limited IPO Analysis
Steel Trade: India’s BIS Mandate Spurs Import Shock Amid Rising Global Protectionism
Event Driven: Torrent Acquires JB Chemicals ~ The Second-Largest Pharma Deal in Indian History
The Beat Ideas: Centrum Capital -Unlocking the Hidden Value from Unity Small Finance Bank
India Coal Sector Q1 FY26: Private Miners Surge, CIL Stumbles
Capillary Technologies India Ltd Pre-IPO Tearsheet

Long ICICI (ICICIBC IN) Vs. Short HDFC (HDFCB IN): Spread Trade in High-Profile Indian Bank Pair

Context: The ICICI Bank (ICICIBC IN) vs. HDFC Bank (HDFCB IN) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
Highlights: Going long ICICI Bank (ICICIBC IN) and short HDFC Bank (HDFCB IN) targets a 2% return to the statistical mean reversion level. The pair has closely aligned fundamentals.
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.

Pine Labs Pre-IPO Tearsheet

Pine Labs (0568874D IN) is looking to raise up to US$1bn in its upcoming India IPO. The deal will be run by Axis, Citi, MS, JPM and Jefferies.
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.
According to a Redseer Report, PL was the largest player in issuances of closed and semi-closed loop gift cards by transaction value in India in FY24.

Adani Power (ADANIPOWER IN): Bangladesh Clears Dues, Strengthens Balance Sheet

Adani Power faced nearly USD 900 million in overdue receivables from its 1,600 MW Godda plant under a long-term export PPA.
Bangladesh resumed regular payments and cleared USD 437 million in June; future dues secured via Letter of Credit and sovereign guarantee.
Working capital improves over 40%, interest costs fall by ₹300–400 crore, and credit upgrade likely; boosts cash flow and strategic flexibility.

Nykaa Block – US$140m Selldown by Banga Family

Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a 2% stake in FSN E-Commerce Ventures (NYKAA IN).
He has been gradually reducing his holding, currently owns about 4.97% of Nykaa. Prior to Nykaa’s IPO in Nov 2021, he held a stake of 8.7% in the company.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

Crizac Limited IPO Analysis

Crizac’s INR 860-crore, 100% OFS IPO opens at INR 233-245, giving investors exposure to its fast-growing B2B overseas-education marketplace.
International student demand is booming, yet 95 % of revenue hinges on UK-Canada-Ireland; any visa tightening or pricing shock could squeeze growth.
Valuation looks fair and model asset-light, but high concentration and no fresh funds temper enthusiasm.

Steel Trade: India’s BIS Mandate Spurs Import Shock Amid Rising Global Protectionism

Recent Impact: India’s BIS mandate has disrupted steel imports overnight, stranding shipments and pressuring MSMEs.
Pricing: While prices have remained broadly stable so far, rising input tightness and seasonal factors suggest upward pressure is likely ahead.
Global Trends: Around 25–35% of global steel trade is now under protectionist measures, reflecting a broader shift toward regionalization and defensive trade policies.

Event Driven: Torrent Acquires JB Chemicals ~ The Second-Largest Pharma Deal in Indian History

Torrent Pharmaceuticals (TRP IN) is acquiring a controlling stake in J.B. Chemicals & Pharmaceuticals (JBCP IN) for INR 25,689 crore, marking the second-largest pharma deal in India’s history.
The acquisition strengthens Torrent’s market share in India, expands its therapeutic presence, and opens entry into the growing CDMO sector, diversifying its business model.
The merger is expected to drive revenue growth, improve margins, and provide operational synergies, with long-term gains in both domestic and international markets.

The Beat Ideas: Centrum Capital -Unlocking the Hidden Value from Unity Small Finance Bank

Centrum Capital’s expansion into Unity Small Finance Bank and Modulus Alternatives marks a significant shift from a niche advisory firm to a diversified platform. This transformation opens new growth avenues.
The move to digital banking with Unity SFB and the Modulus AIF enhances Centrum’s ability to capture broader market segments, offering greater revenue diversification and reducing reliance on volatile markets.
The shift to digital-first banking and AIF repositions Centrum for long-term growth, making it a more resilient, multi-vertical financial player, though risks related to asset quality and capital needs remain.

India Coal Sector Q1 FY26: Private Miners Surge, CIL Stumbles

CIL reports 8.5% drop in June output, while private and captive mines post double-digit growth
Unusual monsoon, logistics bottlenecks, and subsidiary underperformance drag PSU volumes
Unless execution improves in Q2 and beyond, outlook on CIL remains cautious amid structural market shifts.

Capillary Technologies India Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Capillary Technologies India Ltd (CTIL) (0611334D IN) is looking to raise about US$240m in its upcoming India IPO. The bookrunners for the deal are JM Fin, IIFL, Nomura.
CTIL provides AI-based, cloud-native SaaS products and solutions, primarily serving enterprise customers generating over ₹8 million in annual revenue from operations.
As per the Zinnov Report, CTIL was the global leader in loyalty and engagement management by product count in FY25, and among few offering end-to-end loyalty solutions.

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Jul 02

Daily Brief India: HDB Financial Services Ltd, Kalpataru Limited, NIFTY Index and more

In today’s briefing:

HDB Financial Services IPO Trading – Strong Demand, Driven by Instis
Kalpataru IPO Trading – Decent Anchor; Muted Overall Demand
NIFTY Index at a Crossroads: Two-Week Tactical Outlook

HDB Financial Services IPO Trading – Strong Demand, Driven by Instis

By Sumeet Singh

HDB Financial Services (HDBFS) raised around US$1.4bn in its India IPO.
HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.
We have looked at the past performance and pricing in our previous note. In this note, we talk about the trading dynamics.

Kalpataru IPO Trading – Decent Anchor; Muted Overall Demand

Kalpataru Limited (KTARU IN) raised about US$184m in its India IPO.
Kalpataru (KL) is an integrated real estate developer involved in identification and acquisition of land, planning, designing, execution, sales, and marketing of its projects.
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.

NIFTY Index at a Crossroads: Two-Week Tactical Outlook

By Nico Rosti

The NIFTY Index rally may stop briefly, for 1 or 2 weeks. At the moment the index hast started a very mild pullback, after closing higher for 2 consecutive weeks.
Usually the rally does not last more than 3 weeks when this pattern is encountered although there has been occasions where it lasted 7 weeks.
Two scenarios lie ahead: (1) if this week closes higher, expect a near-term pullback; or (2) if it closes lower—possibly continuing into next week—the rally may resume afterward.

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Jul 01

Daily Brief India: Mazagon Dock Shipbuilders , Canara Bank, RPSG Ventures Limited, Aditya Birla Fashion and Retail Ltd, Edelweiss Financial Services, HDB Financial Services Ltd, Nesco Ltd, Nuvama Wealth Management, Rajshree Polypack and more

In today’s briefing:

AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows
Relative Value Roundup: Opportunities and Performance Recap of Pair Trades in Asia-Pacific
RPSG Ventures: BPO Business Doing Well | Holding Company Discount at 82%
Event Driven: ABFRL~ Value Unlocking Through Strategic Demerger
Edelweiss: Last 3Y Have Seen Tremendous Shift, Next 2Y Should Be Even Better
HDB Financial Services: Float Cap Expansion Sets Stage for Global Index Inclusion
Nesco: Weak Q4FY25 Due to Underwhelming Performance in BEC
Nuvama: FY25 Ends To Be a Breakout Year
RPPL: Strong Q4FY25 | Next 2Y Look Promising

AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows

By Brian Freitas

We forecast 10 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 10 stocks from SmallCap to MidCap, and 13 stocks from MidCap to SmallCap.
From the new listings, 1 stock is expected to be added to Large cap, 2 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
There are multiple stocks among the AMFI changes that will be changes for global indices, NIFTY Index, NSE Nifty Next 50 Index and/or Nifty Midcap 150 Index in September.

Relative Value Roundup: Opportunities and Performance Recap of Pair Trades in Asia-Pacific

Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
Highlight: Three pair trade opportunities across three markets and two sectors persist.
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

RPSG Ventures: BPO Business Doing Well | Holding Company Discount at 82%

RPSG Ventures reported a strong Q4FY25 led by the BPO business that has been growing well. BPO revenues grew 3%+ QoQ and 30%+ YoY. EBIT margin has sustained at 11%+.
The FMCG business after posting INR 550cr+ annualized revenue run-rate for the past few quarters saw a dip in Q4FY25 with annualized revenue at INR 520cr.
The Sports segment reported similar revenue YoY at INR 135cr+, led by part revenue recognition from IPL 2025 that began at end of March, similar to that in 2024.

Event Driven: ABFRL~ Value Unlocking Through Strategic Demerger

Aditya Birla Fashion and Retail Ltd (ABFRL IN) demerged its business into two focussed entities, ABLBL(Stable Business) and ABFRL(High growth Business).
The separation aligns capital with business maturity isolating cash-generating lifestyle brands from high-growth, capital-hungry verticals like ethnic, luxury, and digital-first.
The two entities are targeting a combined INR 30,000 Cr in revenue and 3x cash profit by FY30 through unlocking sharper execution, better capital efficiency, and distinct investor appeal.

Edelweiss: Last 3Y Have Seen Tremendous Shift, Next 2Y Should Be Even Better

Edelweiss has executed well over the past three years led by its pivot towards fee-based model. Its asset management businesses have grown rapidly, contributing significantly to the fee income.
The credit businesses are still struggling in terms of growth, but they have been pivoted successfully towards the co-lending model and the next couple of years could see significant growth.
The insurance businesses are also on track to breakeven over the next couple of years in line with the management’s prior guidance.

HDB Financial Services: Float Cap Expansion Sets Stage for Global Index Inclusion

By Dimitris Ioannidis

The free float is estimated to gradually increase from ~15% up to 30% over six months due to the lock-up expiries of Anchor Investors and pre-IPO Shareholders.
HDB Financial Services is forecasted to be added to Global All-World in December 2025 following the lock-up expiry of the Anchor Investors.
HDB Financial Services has a chance of inclusion in Global Standard in February 2026 following the lock-up expiry of pre-IPO shareholders which can increase free float up to 30%.

Nesco: Weak Q4FY25 Due to Underwhelming Performance in BEC

Nesco reported a weak Q4FY25 led by weak performance in the exhibition segment (“BEC”). Revenue in the BEC segment was down -25% YoY and -30% QoQ.
On the other hand, the IT Parks segment performed strong. IT Parks segment’s Q4FY25 revenue grew 2% QoQ and 15%+ YoY, led by improved occupancy and rise in rental rates.
Typically, the Foods business is linked to the BEC business. However, in Q4FY25, despite weak BEC revenues, the Foods business did well led by the catering business.

Nuvama: FY25 Ends To Be a Breakout Year

Nuvama Wealth Management (“Nuvama”) has consistently outperformed expectations throughout FY25 and Q4FY25 was no exception. In particular, the Asset Services sub-segment has been the outlier.
The Wealth Management and Asset Management segments continued to perform steadily providing resilience to the platform, despite cyclicality. They saw net inflows despite challenging market conditions during 2HFY25.
Due to market volatility, certain pockets of the investment bank and institutional equities sub-segments saw somewhat muted performance, however, Nuvama fared much better relative to its peers.

RPPL: Strong Q4FY25 | Next 2Y Look Promising

Rajshree Polypack (“RPPL”) reported excellent Q4FY25 led by strong growth in injection molding and exports revenue. Exports quarterly revenue grew to INR 20cr vs INR 10cr+ run-rate earlier.
Injection molding segment has grown well. It clocked INR 15cr+ in revenue in Q4FY25 vs INR 8cr YoY. For FY25, revenue from injection molding more than doubled to INR 40cr+.
Led by growing mix of high-value segments like injection molding, barrier packaging and exports in Q4FY25, EBITDA margin improved to 13.7% vs 13.5% YoY and 12.5% QoQ.

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Jun 30

Daily Brief India: Uco Bank and more

In today’s briefing:

UCO Bank (UCO IN) Vs. Indian Overseas Bank (IOB IN): Trade Closed as Mean Reversion Hits Target

UCO Bank (UCO IN) Vs. Indian Overseas Bank (IOB IN): Trade Closed as Mean Reversion Hits Target

Context: This article provides an update on a previously identified pair trading opportunity between Uco Bank (UCO IN) and Indian Overseas Bank (IOB IN), based on statistical mean reversion analysis.
Key Insights: The trade has now reached its exit signal as the price ratio reverted to its one-standard deviation band, yielding a positive return.
Why Read It: For investors interested in quantitative trading strategies, this article demonstrates how statistical arbitrage can generate short-term alpha and highlights actionable similar opportunities in the current market.

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Jun 29

Daily Brief India: Crizac and more

In today’s briefing:

CRIZAC IN: Upcoming IPO – Niche B2B Educational Platform: Should You Subscribe?

CRIZAC IN: Upcoming IPO – Niche B2B Educational Platform: Should You Subscribe?

By Himanshu Dugar

Crizac is a play on growth of overseas education. Its network of agents help candidates file University applications, which are then processed by Crizac before passing it to the universities
Universities are increasingly outsourcing application and assessment processes to tap inbound students from emerging markets like India/China. 7mn people study abroad today, off which 3+mn are from India and China.
IPO is priced attractively at TTM PE of 28x. We estimate FY27 EPS of 11-13 and potential multiple of 30x implying an upside of 35-60% from IPO price of 245

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Jun 28

Daily Brief India: Copper, Natco Pharma, Delhi International Airport Limited, Sambhv Steel Tubes and more

In today’s briefing:

DXY Cracks 97: Commodity Stocks in Focus as Dollar Slide Deepens
Natco Pharma (NTCPH IN): Getting Ready for the Next Moonshot
Lucror Analytics – Morning Views Asia
Sambhv Steel Tubes: Backward Integration, Rising Margins,Capacity-Led Growth Steel Pipe Player

DXY Cracks 97: Commodity Stocks in Focus as Dollar Slide Deepens

The U.S. Dollar Index (DXY) has fallen sharply to 97.33, down over 10% year-to-date and hitting a fresh 1-year low.
This decline is being driven by rising expectations of Fed rate cuts, political uncertainty around central bank independence, and a broader shift in global risk appetite.
Over the past two years, gold miners, aluminum, copper, and diversified metal stocks have shown the strongest inverse correlation with DXY.

Natco Pharma (NTCPH IN): Getting Ready for the Next Moonshot

By Himanshu Dugar

Natco specializes in complex generics with a catalogue of 30 Para IV filings (14 approved), demonstrating strong R&D expertise and a track record of successful high-value launches most prominently gRevlimid.
Its current pipeline include potential blockbuster drugs like generic versions of Evrysdi, Ozempic/Wegovy (GLP-1), Kyprolis, and Imbruvica, which could drive future growth and offset concerns about declining Revlimid revenues post-FY26.
We estimate Natco (ex-Revlimid) can generate ~2,500cr in revenues with profit of 320-350cr. Its 3,500cr cash-in-hand, Para IV optionalities and NCE investments (Gene therapy) make its current valuation attractive.

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: Delhi Int’l Airport, Longfor Group, Softbank Group, Xiaomi Corp
US treasury yields continued to decline for a fifth straight day, on the back of a strong auction of 7Y notes, as well as increased market expectations for rate cuts. The yield on the 2Y UST fell 6 bps to 3.72%, while that on the 10Y UST declined 5 bps to 4.24%.
Equities climbed towards record high levels. The S&P 500 gained 0.8% to 6,141, just shy of the peak of 6,144 in February. The Nasdaq advanced 1.0% to 20,168.

Sambhv Steel Tubes: Backward Integration, Rising Margins,Capacity-Led Growth Steel Pipe Player

Sambhv’s single-location, fully backward-integrated facility – from sponge iron to pipes—ensures strong cost control and superior EBITDA per ton, outpacing peers reliant on outsourced raw materials and power.
Capacity ramp-up from 2.5L MT to 4.5L MT in FY25, new stainless-steel lines, and Kesda’s greenfield project set the stage for multi-year growth visibility and operating leverage.
With ₹390 crore from IPO proceeds going toward debt repayment, Sambhv strengthens financial flexibility, improves credit metrics, and positions itself well for capex execution and margin retention.

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Jun 27

Daily Brief India: Max Healthcare Institute, Kalpataru Limited and more

In today’s briefing:

Quiddity Leaderboard NIFTY Sep25: Multiple Changes to Expected ADDs/DELs; New Pair Trade Ideas
Kalpataru Ltd IPO – Cemented by Debt Repayment

Quiddity Leaderboard NIFTY Sep25: Multiple Changes to Expected ADDs/DELs; New Pair Trade Ideas

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 in the September 2025 rebal.

Kalpataru Ltd IPO – Cemented by Debt Repayment

Kalpataru Limited (KTARU IN) is looking to raise about US$184m in its upcoming India IPO.
Kalpataru (KL) is an integrated real estate developer involved in identification and acquisition of land, planning, designing, execution, sales, and marketing of its projects.
In this note, we take a quick look at the company’s past performance and the IPO valuations.

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Jun 26

Daily Brief India: Pvr Inox, Uco Bank, Kolte Patil Developers and more

In today’s briefing:

PVRINOX IN: Tactical Bet – Strong Content Pipeline Can Translate to near Term Outperformance
Uco Bank Vs. Indian Overseas Bank: Quant-Driven Pair Trade with Fundamental Edge
Kolte Patil: FY25 Was Tough But FY26 Is Poised To Be Strong

PVRINOX IN: Tactical Bet – Strong Content Pipeline Can Translate to near Term Outperformance

By Himanshu Dugar

FY25 was Indian boxoffice’s worst performance ever (ex-covid). FY26 has started strong with multiple hits and June-Dec lineup boasts multiple action-oriented and sequel movies; genres that are witnessing high occupancy.
Company has strengthened its balance sheet post ‘INOX’ acquisition despite the revenue slump. fixed cost/screen is flat vs FY20 at 2cr while average ticket prices have grown at 5% CAGR
Comfortable entry level valuation (10.5x TTM EBITDA vs global peers CNK/AMC at 12/35x) supported by improved operational execution position the stock as a near term re-rating candidate.

Uco Bank Vs. Indian Overseas Bank: Quant-Driven Pair Trade with Fundamental Edge

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: Going long UCO Bank (UCO IN) and short Indian Overseas Bank (IOB IN) based on statistical mean reversion, with UCO Bank supported by cheaper 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.

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