india Archives | Page 25 of 152 | Smartkarma

In today’s briefing:

LG Electronics India Pre-IPO – Peer Comparison – Largest but One of the Slowest
LG Electronics India Pre-IPO – Thoughts on Valuation
Park Medi World Pre-IPO Tearsheet

LG Electronics India Pre-IPO – Peer Comparison – Largest but One of the Slowest

By Sumeet Singh

LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India.
LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.
We have looked at the company’s past performance in our previous note. In this note, we undertake a peer comparison.

LG Electronics India Pre-IPO – Thoughts on Valuation

By Sumeet Singh

LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India.
LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.
We have looked at the company’s past performance and undertaken a peer comparison in our previous note. In this note, we talk about valuations.

Park Medi World Pre-IPO Tearsheet

By Nicholas Tan

Park Medi World (1605334D IN) is looking to raise at least US$147m in its upcoming India IPO. The deal will be run by Nuvama, CLSA, DAM Capital and Intensive FS.
It is the second largest private hospital chain in North India, with an aggregate bed capacity of 3,000 beds.
It the largest private hospital chain in terms of bed capacity in Haryana with 1,600 beds located in the state as of 1H25.

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Apr 08

Daily Brief India: Mazagon Dock Shipbuilders , Jindal Stainless, Reliance Industries, Dixon Technologies India Ltd, Tata Motors ADR, NIFTY Index and more

In today’s briefing:

Mazagon Dock Shipbuilders (MAZDOCKS IN): OFS & Potential Global Index Inclusion
Jindal Stainless: Near-Term Headwinds Appear to Be Well Factored
Reliance’s Campa Cola Comeback: Disrupting India’s Soft Drink Market
#1 Leadership Bytes(07-Apr-25)
Lucror Analytics – Morning Views Asia
NSE NIFTY50/ Vol Update / Trade Tensions Prevail: Reduce Vol Harvesting & Position for +ve Vega.

Mazagon Dock Shipbuilders (MAZDOCKS IN): OFS & Potential Global Index Inclusion

By Brian Freitas

Mazagon Dock Shipbuilders (MAZDOCKS IN) has announced an Offer for Sale of 4.01% of the Government holding in the stock. That is INR 41bn (US$481m) at the last close.
The increase in float brings the stock very close to inclusion in a global index at the May rebalance. However, that is dependent on how the stock performs from here.
Inclusion in the index will bring around US$222m/ 2x ADV of passive inflows and could help support the stock.

Jindal Stainless: Near-Term Headwinds Appear to Be Well Factored

Management has lowered its volume and margin guidance over the last few quarters even as they have gradually lowered their export share to less than 10%.
Despite a 40% drop from its high over the last few months JDSL trades at premium to its historic valuations. Significant investments in Indonesia to raise capacity is positive
A 20-25% increase in volumes (through Indonesia investments) over the next 2-3 years coupled with 20% ROIC and Debt <1X EBITDA implies that premium valuations could sustain.

Reliance’s Campa Cola Comeback: Disrupting India’s Soft Drink Market

By Sudarshan Bhandari

Reliance Industries (RIL IN) has relaunched Campa Cola with a disruptive INR 10 price tag, targeting Bharat through regional branding, aggressive retail margins, and deep distribution.
Campa’s revival is shaking up India’s INR 50,000 crore soft drink market, challenging Pepsi and Coke with rapid share gains and frenzied rural demand.
This is not nostalgia, it’s Ambani’s Jio-style FMCG disruption. Expect more brand revivals, deeper pricing wars, and a new cola war driven from the grassroots.

#1 Leadership Bytes(07-Apr-25)

By Sudarshan Bhandari

Dixon Technologies India Ltd (DIXON IN), Metropolis Healthcare Limited (METROHL IN), Hitachi Energy India (POWERIND IN) have shared major updates on expansion plans, acquisitions, order growth, and strategic shifts across sectors.
Each company is taking strategic steps to expand market share, strengthen operations, and tap into emerging growth sectors.
These updates highlight diverse growth strategies, from Dixon’s manufacturing expansion to Apollo’s focus on defense, suggesting a balanced approach across market leaders.

Lucror Analytics – Morning Views Asia

By Trung Nguyen

In today’s Morning Views publication we comment on developments of the following high yield issuers: Tata Motors
In the US, the March nonfarm payrolls unexpectedly increased to 228 k (140 k e / 117 k revised p), albeit the February figure was revised downwards to 117 k (from 151 k). The unemployment rate edged up to 4.2% (4.1% e / 4.1% p).
Average hourly earnings came in at 0.3% m-o-m (0.3% e / 0.2% revised p) and 3.8% y-o-y (4.0% e / 4.0% p).

NSE NIFTY50/ Vol Update / Trade Tensions Prevail: Reduce Vol Harvesting & Position for +ve Vega.

By Sankalp Singh

Nifty50 risk premia recovers from depressed levels due to Global trade tensions. Lags global equity Vol-spike. Monthly IVs: 11.0% -> 12.5%. Vol-Regime moves to “Low & Up” state.
Term-Structure swings into Backwardation in the Front-End, but curve finally settled back in Contango by week’s end. Skew/ Smile characteristics held steady with slight compression in Strangle markups.
Tactical Implications: (1) Continue reduced exposure to Risk-premia harvesting, (2) Long Vega structures recommended in “Low & Up” vol-state.

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Apr 07

Daily Brief India: NIFTY Index and more

In today’s briefing:

Nifty Index Options Weekly (Apr 01 – 04): Lowest Implied Vol Amid a Global Meltdown

Nifty Index Options Weekly (Apr 01 – 04): Lowest Implied Vol Amid a Global Meltdown

By John Ley

Nifty remains the global market with the lowest implied volatility and has been outperforming its peers in this sell off.
We assess where Nifty is likely to open on Monday and the expected impact on implied vol and discuss whether hedging should be considered.
We highlight the absence of a flight-to-quality bid in this global meltdown and what that could mean for relative returns vs. the SP500.

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Apr 06

Daily Brief India: Navkar Corporation Limited and more

In today’s briefing:

Navkar Corporation: How JSW’s Acquisition of Navkar Creates a Logistics Powerhouse.

Navkar Corporation: How JSW’s Acquisition of Navkar Creates a Logistics Powerhouse.

By Viral Kishorchandra Shah

JSW group aims to become a complete port and logistics solution provider to end customers, by combining JSWIL’s port infrastructure with Navkar’s inland logistics capabilities (CFS, ICD, PFT,CTO license).
Access to Navkar’s 100 acres undeveloped land in strategic areas offers JSW Infrastructure Ltd( JSWIL) opportunities for further development and expansion of logistics infrastructure.
JSW targets INR 9,000 crore Capex in logistics by FY30, expecting INR 8,000 crore revenue, INR 2,000 crore EBITDA, and 17-18% ROCE.

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Apr 05

Daily Brief India: NIFTY Index, JSW Steel Ltd, Tata Motors Ltd, Pace Digitek Ltd and more

In today’s briefing:

Global Stocks Outlook: Where Is the Bottom for This Crash?
JSW Steel: Low Cost Capacity Expansion Underpin Premium Valuations
Can Tata Motors Withstand the 25% U.S. Auto Tariffs Or It Will Collapse Further?
Pace Digitek Ltd Pre-IPO Tearsheet

Global Stocks Outlook: Where Is the Bottom for This Crash?

By Nico Rosti

Analysis of the NIFTY, Nikkei 225, Hang Seng, KOSPI 200, S&P/ASX 200, S&P 500 and Nasdaq-100 stock indices: where is the bottom for the global stock market rout?
As explained in this insight, our models have been battle-tested since 2008. While they can’t predict the future, they provide valuable insights for identifying market bottoms during crashes.
What follows is a focused analysis of each market index we track, aimed at identifying potential bottoms amid extreme sell-offs, helping position ahead of the next Bear Market rally/reversal.

JSW Steel: Low Cost Capacity Expansion Underpin Premium Valuations

JSW Steel has grown its domestic steelmaking capacity at CAGR of 14% over the last 2 decades (2x industry) and at 25% lower costs
Gradual capacity ramp-up at recently completed expansion at Vijayanagar (5m) and actively pursuing 10-15mt of new capacity additions over the next 3-5 years
Valuations: JSW Steel trades at premium to its 5yr average EV/EBITDA likely due to a) impending imposition of a 12% safeguard duty b) superior capital allocation etc.

Can Tata Motors Withstand the 25% U.S. Auto Tariffs Or It Will Collapse Further?

By Sudarshan Bhandari

The US imposed a 25% tariff on auto imports, affecting Tata Motors’ JLR unit, where the US accounts for 22% of sales.
This could shave off 200–300 bps from JLR’s EBITDA margin or weaken US volumes if costs are passed on to consumers.
Tata Motors’ FY25 EBIT margin guidance of ≥8.5% looks ambitious; a realistic range may shift to 6.5–7.5% without swift demand or cost-side offsets.

Pace Digitek Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Pace Digitek Ltd (0180382D IN) (PDL) is planning to raise about US$105m through its upcoming India IPO. The lead bookrunner for the deal is Unistone.
PDL provides multi-disciplinary solutions in telecom passive infrastructure, offering turnkey services across India, Myanmar, and Africa. Initially manufacturing passive equipment, it expanded into products, projects, O&M, and service solutions.
PDL transitioned from manufacturing passive telecom equipment to providing multi-disciplinary solutions, including telecom, energy, and ICT products, services, and turnkey projects, with a focus on O&M, renewables, and infrastructure development.

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Apr 04

Daily Brief India: Wns Holdings Ltd Adr, JSW Infrastructure and more

In today’s briefing:

WNS Could Be The Hottest M&A Target In Tech Outsourcing Right Now: Capgemini & Other Tech Giants Are Circling!
JSW Infrastructure – ESG Report – Lucror Analytics

WNS Could Be The Hottest M&A Target In Tech Outsourcing Right Now: Capgemini & Other Tech Giants Are Circling!

By Baptista Research

WNS Holdings reported its fiscal 2025 third-quarter results, highlighting some key financial metrics and operational dynamics.
The company achieved net revenue of $319.1 million, marking a year over-year increase of 1% on a reported basis, though it remained flat when adjusted for constant currency.
Sequentially, however, there was a more robust performance with revenue increasing by 2.7% on a reported basis and 3.2% in constant currency terms.

JSW Infrastructure – ESG Report – Lucror Analytics

By Trung Nguyen

Established in 2004, JSW Infrastructure (JSWIL) is the second-largest commercial port operator in India in terms of cargo-handling capacity.
The company owned nine ports/terminals for a total installed capacity of 173.2 mn mtpa at end-December 2021.
The company is majority-owned and controlled by the Sajjan Jindal Family Trust, which also owns and controls other JSW Group-related companies, including JSW Steel.

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Apr 03

Daily Brief India: Solar Industries India and more

In today’s briefing:

AMFI Stock Reclassification Preview (Jun 2025): Plenty of Change With More Likely

AMFI Stock Reclassification Preview (Jun 2025): Plenty of Change With More Likely

By Brian Freitas

We currently forecast 10 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 9 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.
From the new listings, 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 the NSE Nifty Next 50 Index (NIFTYJR INDEX) and/or Nifty Midcap 150 Index in September.

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Apr 02

Daily Brief India: Hindware Home Innovation, Voltas Ltd, ITC Ltd, Vodafone Idea , Hindalco Industries and more

In today’s briefing:

Hindware Home Innovation Ltd: Will Restructuring Change the Company’s Fortunes?
India Air Conditioners | Who’s Chilling How
Event Driven: ITC Acquiring Aditya Birla Group’s Paper Business
Vodafone Idea: Another Lifeline, But Structural Challenges Persist
Hindalco (HNDL IN): Investor Day Reaffirms Strategic Growth Plans

Hindware Home Innovation Ltd: Will Restructuring Change the Company’s Fortunes?

By Nimish Maheshwari

Hindware Home Innovation (HINDWARE IN) plans to demerge its consumer appliances division into a separate listed entity.
Demerger removes loss-making drag, improving profitability and segment-specific valuation clarity.
Unlocks hidden value; better execution with new CEO with clear growth trajectory may lead further value creation for shareholders.

India Air Conditioners | Who’s Chilling How

By Pranav Bhavsar

In this Insight, we aim to understand the current demand, environment, competition, and margin trends for major air conditioner manufacturers in India.
Dealers remain optimistic despite a slower seasonal start, anticipating accelerated growth in this season. While there have been price increases, competition, and cost inflation may not translate into margins.
Some of the companies in Focus include Voltas Ltd (VOLT IN), Havells India (HAVL IN), Johnson Controls-Hitachi Air Conditioning India (JCHAC IN).

Event Driven: ITC Acquiring Aditya Birla Group’s Paper Business

By Nimish Maheshwari

ITC Ltd (ITC IN) recently announced the strategic acquisition of Century Pulp and Paper (CPP) from AB Real Estate (ABREL) for INR 3,500 crore on a slump sale basis.
This Business Transfer Agreement (BTA) occurs amid an industry downturn marked by surging input costs, subdued demand, and competition from low-priced imports.
This acquisition significantly expands ITC’s paper segment capacity by 60%, targeting a 30-40% EBITDA per tonne improvement.

Vodafone Idea: Another Lifeline, But Structural Challenges Persist

By Nimish Maheshwari

GoI converts ₹36,950 crore of spectrum dues into equity, increasing its stake to ~49%. Promoters’ stake diluted to ~25.5%, with public shareholders now owning just ~23.8%.
While the move eases cash outflows till H1FY28, Vodafone Idea’s AGR dues, weak subscriber base, and funding needs remain material headwinds.
Structural concerns remain unresolved, and further dilution risks persist along with loosing market share.

Hindalco (HNDL IN): Investor Day Reaffirms Strategic Growth Plans

Hindalco provided details of its ongoing expansion plans of about US$9.1b (US$1.7b spent).
We note near-term headwinds from a) likely weakness in aluminium prices driven by cheaper alumina b) scrap market tightness c) sharp contraction in copper Tc/Rc’s
Valuations: Hindalco trades at about 6.8x EV/EBITDA FY26e which is inline with historic multiples. A lower multiple is warranted to factor impending headwinds.

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Apr 01

Daily Brief India: NIFTY Index and more

In today’s briefing:

NSE NIFTY50/ Vol Update / SEBI Intervenes Stalling Expiry Day Shift. IVs Pushed to 1Yr Lows.

NSE NIFTY50/ Vol Update / SEBI Intervenes Stalling Expiry Day Shift. IVs Pushed to 1Yr Lows.

By Sankalp Singh

SEBI intervenes on constantly changing Option contract specifications. NSE halts expiry day shift indefinitely & awaits clarity from regulator.
IVs slid lower to 11% levels – extended weekend being a primary factor. Risk premia is nearing historically low extremes. “Low & Down” state persists for the Vol-Regime model.
Tactical Implications: (1) Scale back Vol harvesting structures as “Low & Down” Vol-state persists. (2) Reverse Calendars for long gamma exposure to upcoming events. Utilize Low IVs & curve Contango.

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Mar 31

Daily Brief India: Edelweiss Financial Services, NIFTY Index, Nuvama Wealth Management, Nesco Ltd, Rajshree Polypack, HealthCare Global Enterprises, RPSG Ventures Limited, Tata Steel Ltd and more

In today’s briefing:

Edelweiss: Growing Well and Unlocking Value
Nifty Index Options Weekly (Mar 24 – 28): Sticky Implied Vol and a Tactical Hedge Ahead of Tariffs
Nuvama: Yet Another Strong Quarter
Nesco: Strong Q3FY25
RPPL: Weak Q3FY25, However Medium-Term Outlook Is Strong
HCG: Strong Q3FY25 and Promoter Change Update
RPSG Ventures: FMCG Business Is Scaling Up Well | BPO Business Is Growing Now
Tata Steel (TATA IN): Scaling Up Domestic Operations, Easing EU Drag

Edelweiss: Growing Well and Unlocking Value

Edelweiss reported a decent Q3FY25 with ex-Insurance PAT of INR 185cr, a growth of 16% YoY excluding NBFC PAT. Growth was led by Asset Management and Insurance businesses.
Within the Credit business, the Home Finance business which operates under the brand Nido is scaling up well. It disbursed INR 400cr+ worth of retail loans during Q3FY25.
Edelweiss is focusing on unlocking value and has already filed DRHP for its Alternative Asset Management business. Once approved, it will proceed for an IPO with OFS of INR 1500cr.

Nifty Index Options Weekly (Mar 24 – 28): Sticky Implied Vol and a Tactical Hedge Ahead of Tariffs

By John Ley

Weekly recap of volatility and price metrics, covering option volumes, volatility trends, the spot/implied relationship, and open interest.
Implied vol remained stable, and we discuss why it may be sticky at current levels.
With global weakness and the upcoming April 2 reciprocal tariffs announcement, we reiterate a tactical hedge.

Nuvama: Yet Another Strong Quarter

Nuvama continues to post strong earnings. Its Q3FY25 revenues grew 30% YoY to INR 723cr. Q3FY25 PAT grew 43% YoY to INR 252cr.
Q3FY25 performance was surprisingly led by the Asset Services segment where revenue grew 77% YoY with addition of new clients and positive asset flow, leading to market share gain.
Together the Wealth and Asset Management segments performed steady with revenue growth of 18% YoY. Net flows in 9MFY25 in ARR and MPIS assets exceeded that for whole of FY24.

Nesco: Strong Q3FY25

Nesco reported a strong Q3FY25 with 16% YoY revenue growth and 17% YoY PAT growth. The exhibitions (BEC) segment grew 13% YoY and the IT Parks segment grew 16% YoY.
Nesco Foods segment reported 29% YoY growth in revenues led by improved BEC footfalls and scaling up of the Food Court and Restaurants business.
Recently, Nesco also received IOD from the municipal corporation of Mumbai, thus paving way for receiving future approvals for Tower 2. Tower 2 construction is expected to commence in Q3FY26.

RPPL: Weak Q3FY25, However Medium-Term Outlook Is Strong

Earlier this month, RPPL announced a new factory to expand its thermoforming and extrusion capacity by 1250 MTPA and 1600 MTPA, respectively. This will come on-stream within a month.
RPPL reported a weak Q3FY25 due to adverse fluctuation in raw material prices as well as seasonal impact. Q3 tends to be a weak quarter seasonally.
RPPL’s capacity expansion has been leading to upfront expenses. The new Olive Ecopak JV also reported losses, share of which was INR -2.6cr in Q3FY25.

HCG: Strong Q3FY25 and Promoter Change Update

HealthCare Global Enterprises (“HCG”) reported a strong Q3FY25 despite Q3 being a seasonally weak quarter. Revenue growth was strong across both the established centers and the emerging centers.
Revenue from established centers grew 20% YoY while that from emerging centers grew 25% YoY in Q3FY25. Within emerging centers, Kolkata led the growth with 40% YoY rise in revenues.
HCG saw promoter change in Feb 2025. KKR announced acquisition of 54% stake from CVC who owns around 60%+. Dr. BS Ajaikumar, the founder promoter, will continue to own 10%+.

RPSG Ventures: FMCG Business Is Scaling Up Well | BPO Business Is Growing Now

With INR 145cr revenue in the FMCG business in Q3FY25, RPSGV has sustained its INR 550cr+ annualized revenue run-rate from the last quarter, which implies it is scaling up well.
The BPO business (“Firstsource”) has normalized after seeing tough times a few quarters ago. Q3FY25 revenue grew 30%+ YoY and 10%+ QoQ. EBIT margin has been steady at 11% QoQ.
Within the Sports business, the IPL franchise, Lucknow Super Giants, announced a new captain, Rishabh Pant, under whose leadership there is likely to be more aggression towards result orientation.

Tata Steel (TATA IN): Scaling Up Domestic Operations, Easing EU Drag