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• There will be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.
• Estimated one-way turnover is 64.6% resulting in a round-trip trade of INR 161.3bn (US$1.8bn). There are 27 stocks with over 1x ADV to trade.
• Some stocks will have passive flows from other index trackers at the same time while others are potential adds/close adds to global indices over the next couple of months.

• IGI (India) Limited (IGIL IN) (IGII) raised around US$500m in its India IPO in December 2024. The lockup on its PE shareholders is set to expire soon.
• IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.
• In this note, we will talk about the lockup dynamics and possible placement.

• Citius TransNet Investment Trust (CTIT IN) is looking to raise about US$148m in its upcoming India IPO. The deal will be run by Axis, Ambit and ICICI.
• CTIT is a transport sector-focused infrastructure investment trust (InVIT) with an objective to acquire, manage and invest in a portfolio of transport infrastructure assets, including roads, in India.
• The InVIT’s initial asset portfolio will comprise a total of 3,406.71 lane-kilometers across nine different Indian states as of the date of this DRHP (Dec 3, 2025).

• A Business So Perfect, It’s Almost Boring : Industry Tailwinds, Leader and extra ordinary return on equity makes ICICI Prudential AMC (570643Z IN) an attractive long term investment.
• In this insight, we also present reasons why the near term listing gains may not be so attractive.
• Business and industry insights, valuation comparison and our view on this IPO are presented in this insight

• Meesho has established itself as a significant player in Indian e-commerce, particularly targeting price-sensitive consumers in Tier 2 and Tier 3 cities with its zero-commission, mobile-first marketplace.
• The company exhibits a strong growth trajectory, evidenced by rapidly increasing revenues and a large, expanding user base. However, this growth has been accompanied by significant net losses, raising concerns about its path to sustainable profitability.
• A key strategic initiative is the development of its proprietary logistics platform, Valmo, aimed at reducing costs, improving efficiency, and insourcing a critical part of the value chain, which presents both a major opportunity and an execution risk.

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• InterGlobe Aviation Ltd (INDIGO IN)’s 2,000+ flight cancellations expose internal planning failures, triggering regulatory scrutiny and a fall of more than 15% in the stock price. 
• The crisis mandates permanent higher crew costs, challenging the core cost moat, but regulatory dependence shields its 63%+ dominance. 
• Short-Term volatility will persist, yet the long-term outlook remains bullish, supported by unmatched scale and a consolidated market structure.

• Meesho successfully went  public with a Fresh Issue of up to INR4,250 crore. Notably, nearly 44% of the fresh capital is earmarked specifically for deepening its technology and AI moat.
• Unlike traditional search-led e-commerce, Meesho is proving the viability of a “discovery-led” model powered by an immense data engine (5.9 billion daily data points), integrating a high-growth content commerce business. 
• Meesho presents a compelling play on consumption. IPO is not just for funding growth, but for funding AI infrastructure required to defend its “Everyday Low Price” moat against deep-pocketed competitors.

• Indian Bank (INBK IN)’s management has aggressively revised its full-year GNPA guidance down to below 2% from previous targets, driven by a best-in-class NNPA ratio of 0.16% in Q2 FY26.
• The sharp reduction in credit costs, management’s confident guidance is amplifying earnings, driving a high RoE of nearly 20%, and attracting substantial, yet still value-seeking, DII flows.
• With asset quality structurally de-risked and the core business growing robustly through high-yielding RAM segments, Indian Bank presents a compelling re-rating candidate.

• Dominant Market Leader Poised for Diversified Growth: Gabriel India is the flagship company of the ANAND Group and a market leader in ride control products in India, with an 89% market share in the commercial vehicle segment, 32% in two/three-wheelers, and 24% in passenger vehicles. A recent strategic restructuring is set to transform the company from a suspension-focused entity into a diversified mobility solutions provider, integrating businesses in EV drivetrains, automotive fluids, NVH solutions, and sunroofs.
• Strong Financial Performance and Growth Trajectory: The company has demonstrated a robust growth track record, with a 3-year revenue CAGR of 20.35% and a net income CAGR of 39.88%. This financial strength is underpinned by its leadership position, strong OEM relationships, and a vast aftermarket network of over 700 dealers and 12,000 retailers.
• Strategic Pivot to High-Growth Areas: Gabriel is proactively adapting to industry trends by expanding into higher-growth segments. It has a first-mover advantage in the electric two-wheeler (E2W) space, commanding over 70% market share. Furthermore, new joint ventures for sunroofs and EV fluids position the company to capitalize on vehicle premiumization and electrification trends.

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• TCPL Packaging is a leading Indian converter of paperboard and a significant player in the flexible packaging market, well-positioned to capitalize on the growth of consumer-driven sectors like FMCG, food & beverage, and pharmaceuticals.
• The company has demonstrated a strong growth trajectory, driven by consistent capacity expansions, a ‘close-to-demand’ strategy with multiple manufacturing units across India, and a growing focus on sustainable and value-added packaging solutions.
• Favorable industry tailwinds, including rising disposable incomes, growth in e-commerce, and a regulatory push towards sustainable packaging, provide a solid foundation for future growth, though the company must navigate risks such as raw material price volatility and intense competition.

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• Nuvama is a leading integrated wealth management firm in India, well-positioned to capitalize on the country’s strong economic growth and the increasing financialization of savings.
• The company has demonstrated a robust growth trajectory, with significant year-over-year increases in revenue and profitability, driven by its focus on affluent and high-net-worth clients.
• Key risks include high dependency on volatile capital markets, intense industry competition which could pressure margins, and evolving regulatory changes.

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• In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Lenovo, SK Hynix
• UST yields rose for the fourth straight day yesterday following the release of strong JOLTS data, albeit losses in treasuries were pared after good demand for a 10Y note auction.
• The UST curve bear flattened, with the yield on the 2Y UST rising 4 bps to 3.62%, while that on the 10Y UST was up 2 bps at 4.19%. Equities were steady ahead of the FOMC rate decision tonight. The S&P 500 fell 0.1% to 6,841, while the Nasdaq was up 0.1% at 23,576.

• Strategic Position in a High-Growth Market: Benares Hotels holds a commanding presence in Varanasi, a city experiencing an unprecedented tourism boom driven by spiritual and cultural travel. Its association with the prestigious ‘Taj’ brand, through its parent company IHCL, provides a significant competitive advantage in the luxury segment.
• Exceptional Financial Performance: The company has demonstrated a remarkable growth trajectory, with a 3-year net income CAGR of 97.05% and consistent margin expansion. This is supported by a strong, almost debt-free balance sheet, indicating high operational efficiency and financial resilience.
• Favorable Industry Dynamics: The Indian hospitality sector, particularly the luxury segment, is poised for robust growth, fueled by rising disposable incomes, government infrastructure development, and increased international and domestic tourism. BHL is well-positioned to capitalize on these tailwinds, especially the surge in tourism in its primary market.

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• AU Small Finance Bank Limited (AUBANK IN) has received approval from the Ministry of Finance to increase its Foreign Ownership Limit from 49% to 74% (the maximum permitted).
• The increased FOL will result in passive inflows from global index trackers in February and March. The inflows are multiple days of ADV.
• There has been little increase in positioning. The increased Foreign Ownership Limit and the passive flows to come could lead to the stock moving higher over the next few weeks.

• ICICI Prudential AMC is looking to raise about US$1.2bn in its upcoming India IPO.
• 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.
• We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.

• Meesho (1546271D IN) raised around US$606m in its India IPO.
• Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
• We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.

• Swiggy (SWIGGY IN)  and Eternal (ETERNAL IN)  are in heavy investment cycles, with quick commerce driving capital needs and dictating near-term unit economics across India’s hyper competitive hyperlocal ecosystem.
• Swiggy shows clearer visibility to margin recovery by June 2026, while Eternal offers faster growth but higher dependence on marketing, inventory execution, and store expansion.
• Meituan (3690 HK) appears optically cheap but faces delayed profitability amid intense competition and overseas losses, making its lower-growth profile less attractive versus Indian peers.

• Wakefit Innovations (1684049D IN) is looking to raise up to US$144m in its upcoming India IPO. 
• Wakefit Innovations is a direct‑to‑consumer sleep and home‑solutions company, founded in 2016. 
• We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.

• ICICI Prudential AMC is the largest asset management company in India in terms of active mutual fund QAAUM with a market share of 13.3% as of Sept 2025.
• It manages a massive INR 10.15 trillion (active) in Mutual Fund QAAUM, driven by a diversified product suite and a robust distribution network.
• The company reported a Profit After Tax (PAT) of INR 26.5 billion for FY25, with a strong Return on Equity (RoE) of 82.8%.

• Kaynes Technology clarified financial disclosures, acquisition accounting, and a related-party reporting lapse, while affirming consolidated accuracy and enhancing internal controls and auditor oversight.
• Despite volatility, Kaynes’ strategic investments in OSAT, PCB, and design-led electronics support long-term growth, with recent share correction viewed as sentiment-based, presenting a valuation opportunity.
• Tightened governance, expanding capacity, and strong demand in key sectors position Kaynes for medium-term growth, offering investors an attractive risk-reward in India’s electronics supply chain evolution.

• InterGlobe Aviation (IndiGo) is the undisputed market leader in the Indian aviation sector, commanding a domestic market share of over 60%. Its disciplined low-cost carrier (LCC) model, focus on operational efficiency, and a single-type aircraft fleet have provided a significant cost advantage.
• The company is poised for significant growth, driven by a burgeoning Indian middle class and ambitious international expansion plans. A massive order book for new aircraft, including next-generation A321XLRs and A350s, underpins its strategy to increase its international capacity share from 28% to 40% by 2030.
• Key risks to the outlook include the inherent volatility of jet fuel prices and currency exchange rates, intense competition within the Indian market, and execution risks associated with its large-scale expansion. Recent operational disruptions have also highlighted challenges in managing its rapid growth.

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• Ashok Leyland (AL IN) enters 2026 with strong momentum. This insight discusses the various factors that benefit the company and what will drive the margins ahead.
• Also discussed in this note are details about company’s R&D initiatives to reduce cyclicality and strengthen earnings quality. 
• Finally, we discuss about valuation and the potential upside from its core business and soon to be listed – Hinduja Leyland Finance.

• Strong Q2 FY26 performance was driven by the accretive Railways division and domestic EV traction motors, effectively offsetting the deceleration from a major global BEV customer.  
• The bankruptcy of three core European competitors has unlocked a substantial INR 2,500-3,000 crore opportunity, accelerating the potential for significant international market share gain and geographic de-risking. 
• The pivot into Railways, Rare Earth-Free Motors, and advanced robotics reinforces a high-visibility, multi-year growth runway that transcends near-term EV cyclicality and justifies its premium valuation.

• Options ADT surged 91% YoY, bullion now drives 57% of ADT, and the costly technology transition is complete, sharply improving MCX’s margin profile. 
• Options-Led participation, lower tech costs, and new products like electricity derivatives create a stronger, more diversified growth engine while reinforcing MCX’s quasi-monopoly in metals and energy. 
• With operating leverage unlocked, product expansion underway, and volume visibility improving, MCX shifts from a cyclical trade to a high-conviction multi-year structural compounding story.

• CRL is a fast-growing domestic-focused Indian pharma company that focuses on chronic therapies related to Women’s healthcare and cardio-diabetics. It has a diversified portfolio of 550+ products across 71 brands
• It follows a roll-up growth model, acquiring brands from global MNCs that are complementary to its existing infrastructure. It has successfully scaled 7 brands  from ~1-2cr to 50+ crores
• We estimate the company to deliver high teens earnings growth in the medium term and hence find the IPO attractive at ~30x FY27 earnings relative to peers trading at 25-40x

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, Xiaomi Corp, Reliance Industries, Biocon Biologics
• UST yields climbed 4 bps across the curve on Friday, in tandem with a decline in Canadian government bonds, even though the belatedly-released September PCE inflation numbers were line with estimates.
• Yields on the 2Y and 10Y USTs rose to 3.56% and 4.14%, respectively. Equities notched small gains towards October’s record-high levels, with the S&P 500 and Nasdaq up 0.2% and 0.3%, respectively.

• Park Medi World has filed for IPO to raise up to INR 9,200M. The company plans to sell 56.8M shares at between INR 154 and INR 162 per share.
• Park Medi World is the second largest private hospital chain in North India with a capacity of 3,000 beds, and the largest private hospital chain in Haryana.
• Valuation reasonable considering the fact that it lags behind on many fronts compared to its peers. Bullish on Indian hospital players, but we think investors can comfortably skip this issue.

• Delhivery has consolidated its leadership position in Express Parcel segment through ‘Ecom Express’ acquisition. We believe this is a cash-cow business with consistent mid-teens industry growth and sustainable 16-18% margins.
• Express PTL business is taking off along with the industry cycle. Supported by Delhivery’s tech stack and deep infrastructure, it is ready to corner market share with margin expansion.
• We estimate 15% revenue CAGR, translating to an EBITDA range of 1,000-1,300cr for FY28 (vs 376cr in FY25). With Net cash of 4,200cr, stock trades at EV/EBITDA of 20-25x.

• Corona Remedies IPO will open for subscription on December 8 and close on December 10. The IPO price band has been set at INR 1,008–1,062 per share.
• The issue is entirely an OFS worth of INR 6,553.71M. Promoters including Dr. Kirtikumar Laxmidas Mehta, and investors including Sepia Investments, an affiliate of ChrysCapital are the main selling shareholders.
• Fast growth, demonstrated capabilities of building a diversified portfolio, high presence in chronic and sub-chromic segments, and nationwide marketing network are the main investment thesis for Corona Remedies.  

• Wakefit Innovations (1684049D IN) ‘s INR 12.9 bn IPO is a combination of fresh issue worth INR 3.8 bn and OFS component worth INR 9.1 bn.
• Wakefit is among the top 3 companies in the organised mattress market and has been growing much faster than its rival B2C companies.
• Wakefit’s turnaround in profitability in H1FY26 however relies on other income, inventory changes and A&P spends. Moreover, stagnant provisions for loyalty, and slow moving inventory warrant attention

• Lenskart is a dominant, vertically integrated eyewear retailer in India with a rapidly growing omnichannel presence, well-positioned to capitalize on the under-penetrated and fast-growing Indian eyewear market.
• The company has demonstrated strong revenue growth and improving profitability, driven by its unique blend of online and offline sales channels, in-house manufacturing, and a strong brand recall.
• While the company’s high valuation at IPO and dependence on the Indian market present risks, its aggressive expansion plans, both domestically and internationally, coupled with a technology-driven approach, offer a compelling long-term growth story.

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• Milestone Gears Ltd (1049966D IN) (MGL) is looking to raise about US$124m in its upcoming India IPO. The deal will be run by Axis, JM Fin and Motilal Oswal.
• MGL is a manufacturer of high-precision, complex engineered transmission components that have applications across multiple sectors, including tractors, construction equipment, electric vehicles, locomotives, windmills and other heavy industries.
• According to 1Lattice, between April 1, 2022 and June 30, 2025, MGL had supplied products to over 50 customers, including all the top nine OEMs in the Indian tractor sector.

• Wakefit Innovations’ INR 1,288.89 crore IPO signaling the pivot of India’s largest D2C home brand toward institutional funding for accelerated omnichannel expansion.
• The fund utilization is heavily skewed towards offline growth and brand building, confirming a strategic shift from pure-play digital to a capital-intensive, integrated retail model.
• While the model mitigates supply chain risk through vertical integration, we must weigh the past profitability volatility and strategic roadmap for capturing India’s rapidly formalizing home and furnishings sector.

• Sedemac Mechatronics Ltd (1560389D IN) (SML) is looking to raise about US$100m in its upcoming India IPO. The deal will be run by Axis, Avendus and ICICI.
• SML is a designer and supplier of critical, control-intensive electronic control units to major vehicle and industrial equipment manufacturers in India, the United States, and Europe.
• SML held an approximate 30% market share of the domestic ISG ECU market, in terms of volume and are amongst the top four players for FY25, as per CRISIL.

• Wakefit Innovations is a leading direct-to-consumer (DTC) brand in India’s home and sleep solutions market, rapidly expanding its omnichannel presence. The company has demonstrated strong revenue growth, driven by diversification from its core mattress business into furniture and home furnishings.
• Despite impressive top-line growth, the company has faced challenges in achieving consistent profitability, with losses widening in some fiscal years. The upcoming IPO is crucial for funding its ambitious offline expansion and marketing initiatives.
• The company’s vertically integrated business model provides a competitive advantage in terms of cost and quality control. However, it faces significant competition from both established players and other online-first brands in a fragmented market.

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• Since inception (May 15th), our Model Portfolio has appreciated 17.0% – same as MSCI Asia-ex Japan.  Since the last rebalancing (7th November) our Portfolio declined 2.5% vs MXASJ’s 1.3% drop.
• The recent underperformance came from drawdowns in Tencent Music, Tencent, Alibaba, Hynix, Hyundai Rotem, TSMC. We reduce the first two slightly, exclude BBCA, include Adani Ports, SCB, MAPI, HK Land.
• We remain Overweight HK/China and Korea. We upgrade India to Overweight from Neutral, Thailand from Underweight to Neutral, and downgrade Indonesia to Underweight from Neutral. Stay Underweight Taiwan, Neutral Singapore.

• Meesho (1546271D IN)‘s INR 52.4 bn IPO is currently open for subscription. It consists of fresh issue worth INR 42.5 bn and OFS component worth INR 11.7 bn 
• The company is India’s largest E-Com platforms in terms of placed orders and user base, and make its mark in the value segment, offering mostly unbranded and regional branded products. 
• While KPIs signal growth and operational efficiencies, Meesho is still a loss maker. It has high litigation risk and seeing rapid increase in impairments and write offs with receivables

• Meesho (1546271D IN) is looking to raise around US$607m in its upcoming India IPO.
• Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
• In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.

• Delhivery (DELHIVER IN) faces immediate volume erosion as Meesho (1546271D IN) migrates 65% of orders to Valmo, destabilizing a key client relationship historically contributing ~16% of total revenue.
• Valmo’s rise structurally shrinks the addressable 3PL market, creating a permanent headwind that compresses pricing power and intensifies competition for remaining open volumes.
• Anchor client insourcing caps Delhivery’s growth trajectory, rendering the Ecom Express acquisition insufficient to offset the structural decay in organic B2C volume velocity.

• In this insight, we highlight why Meesho (1546271D IN) is a data science workhorse masquerading as an E-Commerce Platform
• We discuss about the various advancements made by the company towards AL/ML models which are difficult to replicate.
• Finally, we discuss our view on future prospects and valuation of the company.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Greenko Energy, New World Development
• UST yields fell 2-3 bps yesterday, following the release of weaker than expected November ADP payrolls data. The yield on the 2Y and 10Y UST declined 2 bps to 3.49% and 4.06%, respectively. Equities rose, as the labour market slowdown reinforced market expectations for a Fed rate cut this month. The S&P 500 advanced 0.3% to 6,850, while the Nasdaq was up 0.2% at 23,454.
• In the US, the ADP employment report showed that private-sector payrolls declined by 32 k in November (10 k e / 47 k revised p), with payrolls having fallen in four of the past six months. Hiring has been choppy of late, as employers weather cautious consumers and an uncertain macroeconomic environment, according to ADP chief economist Nela Richardson. While the November slowdown was broad-based, it was led by a pullback among small businesses.

• Ambuja Cements (ACEM) has raised its FY28 capacity target to 155 million tonnes per annum and secured the acquisition of Jaiprakash Associates’ (JAL) cement business.
• This aggressive scale-up, underpinned by a target cost reduction of INR 550/t and a green power push, is expected to drive EBITDA to INR 15000/t over FY26-28E.
• ACEM’s integrated strategy of inorganic growth and operational efficiency suggests a strong re-rating potential, justifying a deeper review of core fundamentals.

• Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.
• Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network
• In this note, we will talk about the deal dynamics and possible placement.

• Aequs has a strong integrated aerospace ecosystem and deep OEM ties, but consolidated margins remain weak due to low overseas utilisation and losses in the consumer vertical.
• A robust ₹4,200–4,500 Cr aerospace backlog and India cluster scale provide visibility, but working-capital stretch and customer concentration elevate execution risk.
• View: Operating-Leverage story; valuation upside (₹180–200) requires utilisation lift and margin recovery. OFS-heavy structure and promoter dilution temper near-term sentiment.

• Castrol India stands as a leading player in the Indian lubricant market, commanding a significant market share of approximately 20-22% driven by its powerful brand equity, extensive distribution network, and technological prowess inherited from its parent company, BP.
• The company demonstrates robust financial health characterized by consistent profitability, strong cash flow generation, and a debt-free balance sheet, enabling a generous dividend policy.
• While facing the long-term strategic challenge of the transition to electric vehicles (EVs), Castrol is proactively diversifying its portfolio by investing in EV fluids, auto care products, and vehicle servicing networks to mitigate future risks and capture new growth opportunities.

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• Dominant Regional Player with Diversified Revenue Streams: KSE Ltd. is a leading manufacturer of compound cattle feed in Southern India, with a growing presence in the dairy and coconut oil processing segments. This diversification provides a natural hedge against volatility in any single business line.
• Strong Financial Performance and Attractive Valuation: The company has demonstrated robust profit growth and maintains a healthy balance sheet with minimal debt. Trading at a significant discount to its peers, the stock presents a compelling value proposition for long-term investors.
• Favorable Industry Tailwinds: The Indian animal feed market is poised for significant growth, driven by rising demand for protein-rich diets, increasing livestock population, and a shift towards organized farming practices. KSE is well-positioned to capitalize on these trends.

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• PTL Enterprises operates a unique, low-risk business model, leasing its tyre manufacturing plant in Kerala to its associate company, Apollo Tyres Ltd., generating a stable and predictable rental income stream.
• The company is characterized by its high dividend yield and attractive valuation, trading at a significant discount to its book value. Its financial profile is robust, with virtually no debt and consistent profitability.
• The primary risk and key determinant of future performance is the heavy dependence on a single lessee, Apollo Tyres. The terms and renewal of the long-term lease agreement are critical to the company’s outlook.

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• Niche Player with Strong Recent Growth: Repco Home Finance has demonstrated robust growth in recent years, evidenced by a 3-year net income CAGR of 33.47%. The company focuses on the underserved self-employed and non-salaried segments in Tier-II and Tier-III cities, particularly in South India, which provides a pricing power advantage.
• Attractive Valuation with Improving Asset Quality: The company trades at a significant discount to fair value, with a Price-to-Book ratio of 0.61 and a Price-to-Earnings ratio of 4.55. Asset quality has shown marked improvement, with Gross Non-Performing Assets (GNPA) declining from a peak of 7% in FY22 to 4.1% in FY24.
• Key Risks Center on Concentration and Competition: The business faces risks from its high geographical concentration in South India (83% of its loan portfolio) and its reliance on the economically sensitive self-employed segment. Intense competition from larger banks and other Housing Finance Companies (HFCs) could pressure margins and growth.

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• Sukhjit Starch & Chemicals is a well-established player in the Indian starch industry with over seven decades of experience, making it one of the oldest and largest producers in the country. The company has a strong foothold in the maize-based starch and derivatives market, with a diverse product portfolio catering to various industries including food and beverage, pharmaceuticals, paper, and textiles.
• The company is strategically expanding its manufacturing capacities to meet the growing demand for starch and its derivatives. This expansion, coupled with a focus on high-value products and deeper penetration into Tier 2 and 3 cities, positions the company for future growth. The favorable global environment for the starch industry, due to higher corn costs in other major producing countries, presents an additional tailwind.
• Key risks for the company include the volatility of raw material prices, particularly maize, which constitutes a significant portion of its operating income. The company’s operating margins are susceptible to fluctuations in maize prices and changes in government regulations, such as the implementation of minimum support prices.

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• Ambika Cotton Mills (ACML) is a specialized manufacturer of premium compact and Elitwist cotton yarn, catering to high-end apparel makers globally, which affords it a niche position and pricing power compared to commodity yarn producers.
• The company demonstrates strong financial resilience with a historically conservative, low-debt approach, funding capacity expansions primarily through internal accruals and maintaining healthy profitability margins.
• Key risks include volatility in raw cotton prices, high dependence on a few large clients, and cyclical demand from the global textile industry, which has impacted recent financial performance.

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• There could be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.
• If all changes are on expected lines, one-way turnover is estimated at 64.2% and that will result in a round-trip trade of INR 163bn (US$1.8bn).
• The adds have outperformed the deletes in the short-term. With the index based on momentum, there could be further gains over the next couple of weeks.

• Brian Freitas has discussed in a recent insight the methodology changes for the NSE Nifty Bank Index that will be implemented starting from December 30.
• HDFC Bank (HDFCB IN) is one of the two stocks that passive trackers need to sell (the other is ICICI Bank Ltd).
• HDFC Bank (HDFCB IN) is falling this week, so we analyze our model’s WEEKLY support entry zones, to evaluate how much HDFC Bank can fall, for hedging or re-entry purpose. 

• Meesho has positioned itself as a value-shopping platform catering to rural consumers and small sellers. It charges the seller only for fulfillment and advertising while bringing value deals for consumers
• We believe Meesho has a right to win in the value-shopping category ahead of Flipkart/Amazon with its focus on pricing vs quality/convenience. However, it may not attract high-spending aspirational consumers
• IPO valuation at $5.6bn(5x FY25 sales) is relatively cheap vs listed e-commerce peers (6-13x). Closest peer Flipkart was most recently valued at $35bn (14x FY25 revenues).

• NLCIL has outlined a transformative Rs. 1.17 lakh crore capex plan and guided to a 42% PAT growth from FY26E to FY28E.
• This dual-pronged strategy balances India’s persistent base-load thermal power need with an aggressive pivot towards 10 GW of renewable energy by FY30.
• The substantial planned capacity additions and robust financial guidance suggest NLCIL is poised for material earnings expansion, necessitating a fresh look at long-term valuation multiples.