india Archives | Page 26 of 152 | Smartkarma

In today’s briefing:

NIFTY Outlook: Possible Breakout as Options Expiry Moves to Monday
Ashok Leyland Restructuring: Switch UK Winds Down & Switch India’s Strategic Pivot
How SEBI’s Expiry Date Proposal Could Halt BSE’s Market Share Erosion?
Innova Captab’s Jammu Expansion Update
Kolte Patil: Q3FY25 Performance and Promoter Change Update

NIFTY Outlook: Possible Breakout as Options Expiry Moves to Monday

By Nico Rosti

The NIFTY Index had rallied quite hard the week before last week, then stalled last week, however its looks like maybe is changing in its trend structure, maybe a breakout…
However the breakout may have to wait a bit more, as the NIFTY is overbought WEEKLY according to our model: before the uptrend resumes, there will be a pullback.
Last: as written by AceGama Advisors the WEEKLY options expiry will be moved from Thursday to Monday, starting in April 2025, impacting the market. Read their insight for detailed analysis.

Ashok Leyland Restructuring: Switch UK Winds Down & Switch India’s Strategic Pivot

Ashok Leyland (AL IN) plans to shut manufacturing at its UK EV subsidiary, Switch Mobility UK, and shift focus to India and UAE plants.
The UK exit curbs cash burn and earnings drag, while Switch India, driven by rising demand, nears breakeven with 1800+ e-Bus orders and 80%+ e-LCV share.
This marks a value-accretive pivot, realigning capital to India’s high-growth EV market and improving group-level profitability and return metrics.

How SEBI’s Expiry Date Proposal Could Halt BSE’s Market Share Erosion?

SEBI’s March 27 proposal suggests standardising expiry dates: Thursdays for Bombay Stock Exchange (BSE IN) and Tuesdays for National Stock Exchange (NSEIN IN) .
NSE’s previous strategic expiry days aimed at better liquidity, marginalising BSE’s Tuesday expiry, potentially impacting it’s trading volumes.
Post-Consultation was released, NSE faces a setback, deferring its planned monday expiry shift for Nifty contracts, indirectly protecting BSE from market share erosion.

Innova Captab’s Jammu Expansion Update

Innova Captab (1605221D IN) has commissioned a new 11-acre manufacturing facility in Jammu, with capacity for 10.7 bn tablets and 562 mn LVP/respules.
The plant adds new dosage forms and therapy areas (Penicillin, Penum) and enables strategic domestic-export capacity balancing, with potential ROIC >20%.
This is not just a capacity bump, it positions Innova for premium exports, higher utilization, and long-term revenue scale-up to INR 14–16Bn from Jammu alone.

Kolte Patil: Q3FY25 Performance and Promoter Change Update

By Ankit Agrawal, CFA

Kolte Patil’s Q3FY25 performance update’s key highlight was acquisition of a 22 acre joint development project with topline potential worth INR 4000cr representing saleable area of 5 Million Square Feet.
Q3FY25 pre-sales was not as robust as approval of new projects got delayed in Mumbai due to elections. However, Kolte Patil has guided to cover this up in early FY26.
Even with the delay, Kolte Patil is projecting to close FY25 pre-sales at INR 3000cr+ (vs INR 3500cr guided), which implies that Q4FY25 pre-sales could be INR 850cr+.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Mar 28

Daily Brief India: Transformers & Rectifiers (India) Ltd, Punjab National Bank and more

In today’s briefing:

Transformers & Rectifiers (India) Ltd- Ambitious Targets
Indian Banks Screener: Adding Punjab National Bank (NSEI:PNB) To the Buy List

Transformers & Rectifiers (India) Ltd- Ambitious Targets

By Nitin Mangal

Transformers & Rectifiers (India) Ltd (TRIL IN) is a prominent player in the manufacturing of transformers and reactors with the largest private sector facility in India producting diverse product range
With three transformer manufacturing facilities, the company has embarked on a capex spree, with planned additions of ~30,000-35,000 MVA.
Taking about forensics, the company has faced concerns with regarding liquidity, issuance of a stop-deal notice and stop payment by a major customer, write offs, etc.

Indian Banks Screener: Adding Punjab National Bank (NSEI:PNB) To the Buy List

By Victor Galliano

We recommend three smaller cap Indian banks, namely Baroda, Bandhan adding Punjab National Bank (PNB); we remove Union Bank of India from the buy list, PNB is more compelling
Bandhan and Baroda are attractive for their value attributes relative to their returns, with newly added PNB delivering better returns and it continues to improve credit quality
Richly valued Kotak Mahindra has the group’s highest returns post credit costs, but returns continue to trend downwards; we upgrade premium-valued ICICI to neutral as it delivers further improved returns

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Mar 27

Daily Brief India: Indian Hotels, SGX Rubber Future TSR20, Nestle India, Apl Apollo Tubes, Veeda Clinical Research Ltd and more

In today’s briefing:

NIFTY Indices: Flows (Post Capping) At the Close Today; Round-Trip US$2.6bn
UK Breaks Ground On First Tire To Fuel Facility Amid ELT Export Row
Quiddity Leaderboard BSE/SENSEX Jun25: Some Names Are Still Close to the Border
APL Apollo Tubes (APAT IN) Stepping up the Gas on Capacity Expansions
Veeda Clinical Research Pre-IPO – Positioned for Growth Amid Financial Risks

NIFTY Indices: Flows (Post Capping) At the Close Today; Round-Trip US$2.6bn

By Brian Freitas

The NIFTY Index, Nifty Next 50 Index, Nifty Bank Index, Nifty IT Index, Nifty Midcap 150 Index, Nifty100 Low Volatility30 Index and the CPSE ETF rebalance at the close today.
The round-trip trade across the indices is US$2.6bn and there are 26 stocks with over 1 day of ADV to trade from passive trackers.
Stocks with the largest impact are Britannia Industries, Bharat Petroleum, Adani Total Gas, Indian Hotels, Jio Financial, IRCTC, Zomato, Federal Bank, Union Bank Of India and Crompton Greaves.

UK Breaks Ground On First Tire To Fuel Facility Amid ELT Export Row

By Vinod Nedumudy

US$127 million tire recycling plant coming up in Sunderland
TRA calls for immediate action to end the T8 exemption
ATMA’s stress to rein in ELT imports comes as wakeup call for UK

Quiddity Leaderboard BSE/SENSEX Jun25: Some Names Are Still Close to the Border

By Janaghan Jeyakumar, CFA

In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 Indices in the June 2025 index rebal event.
As things stand, there could be two index changes for the SENSEX index.
There could be two ADDs/DELs for the BSE 100 index and eight ADDs/DELs for the BSE 200 index.

APL Apollo Tubes (APAT IN) Stepping up the Gas on Capacity Expansions

By Rahul Jain

APL Apollo has raised its capex guidance to accelerate growth in high-margin, value-added products (VAP) and new segments like heavy structural tubes, pre-engineered buildings, and solar structures.
Margins have recovered from Q2 lows but remain subdued due to weak steel prices. Sales volumes have grown at an 18% CAGR.
Trading at 65x TTM P/E vs. a 5-year average of 50x. A strong execution track record and RoCE >25% provide confidence in growth execution.

Veeda Clinical Research Pre-IPO – Positioned for Growth Amid Financial Risks

By Rosita Fernandes

Veeda Clinical Research Ltd (3340714Z IN) (VCRL) is planning to raise about US$115m in its upcoming India IPO.
VCRL is a global contract research organization offering comprehensive drug development services, including non-clinical, pre-clinical, clinical trials, and studies across diverse drug types like generics, biosimilars, and medical devices.
The company operates in key global markets, including North America, Europe, and Asia, with a presence in India.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Mar 26

Daily Brief India: SKF India Ltd, Tata Motors Ltd, InterGlobe Aviation Ltd, Zoomcar Holdings and more

In today’s briefing:

Event Driven- SKF India Demerger: The Automotive & Industrial Split
Tata Motors: Is the Worst Finally Over? A Turnaround & Demerger Play
The Beat Ideas: InterGlobe Aviation- Growth Via Fleet Expansion and International Ambitions
Zoomcar Holdings – Vastly Improved Customer Experience…

Event Driven- SKF India Demerger: The Automotive & Industrial Split

SKF India Ltd (SKF IN) has announced the demerger of its industrial business, which will be listed separately for enhanced focus and operational efficiency in both segments.
The company’s automotive business has high volume but low margins, whereas the industrial segment offers higher margins, highlighting a significant contrast in profitability between the two business segments.
The automotive business would attract investors seeking long-term, steady growth, while the industrial segment would appeal to investors focused on higher margins and more lucrative returns.

Tata Motors: Is the Worst Finally Over? A Turnaround & Demerger Play

The Chinese slowdown and JLR’s ICE phase-out pressure near-term margins, but Indian PV growth and EV leadership offer a strong domestic counterbalance.
Tata Motors is demerging its Commercial Vehicle and Finance arms to sharpen focus and unlock value across its core Passenger Vehicle and JLR businesses.
Tata Motors is transitioning from a cyclical turnaround story to a long-term structural play on India’s mobility and global EV transformation.

The Beat Ideas: InterGlobe Aviation- Growth Via Fleet Expansion and International Ambitions

InterGlobe Aviation Ltd (INDIGO IN) placed a record aircraft order and announced plans to double its size by 2030, including entry into long-haul international routes via Airbus A350s.
This signals a shift from being a low-cost, short-haul leader to a global aviation player aiming for 40% international capacity by FY30.
IndiGo is no longer just a domestic LCC story: its scale, global ambitions, and diversification make it a long-term structural compounder in aviation.

Zoomcar Holdings – Vastly Improved Customer Experience…

By Zacks Small Cap Research

Peer-to-peer (P2P) car sharing is a new and growing industry that competes with traditional car rental companies.
Rather than renting access to a company-owned fleet (B2C), car sharing allows owners of cars to rent their own vehicles directly to consumers through a platform (P2P) and charges a fee for the services.
The industry looks to emulate other successful shared economy businesses such as Airbnb, etc., which are platforms for property owners to rent real estate directly to consumers.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Mar 25

Daily Brief India: LG Electronics India, Borosil Renewables, Adani Enterprises, NIFTY Index, Bajaj Finance Ltd, SGX Rubber Future TSR20 and more

In today’s briefing:

LG Electronics India IPO: It’s A Big Deal. Potential Pricing and Valuation Preview
Insiders’ Playbook: Who’s Buying and Selling Amid Market Turbulence?
What Does Adani’s Foray into Wires & Cables Mean for Investors and the Industry?
NSE NIFTY50/ Vol Update / Expiry Day Shifted to Mondays – Expect Major Changes in Vol Dynamics
Bajaj Finance: The Overhang Clears as Rajeev Jain Steps Up as Vice Chairman
Indian Rubber Prices Soar As Rubber Board Prepares For EUDR

LG Electronics India IPO: It’s A Big Deal. Potential Pricing and Valuation Preview

By Devi Subhakesan

LG Electronics India has secured regulatory approval for its IPO, expected to raise between USD 1 to 1.5 billion.
However, it remains unclear whether the company will delay the launch until market sentiment shows further improvement.
LG Electronics India (123D IN) IPO is a 100% offer for sale by parent and hence the entire proceeds from the IPO will accrue to LG Electronics (066570 KS).

Insiders’ Playbook: Who’s Buying and Selling Amid Market Turbulence?

The start of 2025 has been particularly turbulent for Indian equities as broader market sentiment soured due to elevated valuations, foreign institutional investor (FII) outflows, and global macro uncertainty.
However, amid this volatility, one signal stood out: insider trading activity.
In this report, we deep-dive into insider buying and selling trends from January 1 to March 3, 2025, to uncover where company promoters and top executives are placing their bets

What Does Adani’s Foray into Wires & Cables Mean for Investors and the Industry?

Investors should keep a close eye on Adani’s execution timeline, the impact on valuations in the sector, and the fundamentals of existing players in the C&W industry.
While Adani’s entry may bring some disruption, the sector’s strong growth prospects and the resilience of leading players suggest that there is still value to be found.
In the end, long-term success in this industry will depend on a combination of strategic vision, operational excellence, and the ability to adapt to changing market dynamics.

NSE NIFTY50/ Vol Update / Expiry Day Shifted to Mondays – Expect Major Changes in Vol Dynamics

By Sankalp Singh

Effective 05.04.2025, Expiry for Options will be moved from Thursday to Monday. Premiums still adjusting to retroactive implementation of the technical change.
Option markets shun additional risk premia on account of U.S. trade tensions – IVs remain subdued. Vol-state transitioned to “Low & Down” & term-structure pushed further into Contango.
IVs were higher on the weekly open, but premiums decayed rapidly post U.S. Fed event risk. Skew has unwound its earlier compression.

Bajaj Finance: The Overhang Clears as Rajeev Jain Steps Up as Vice Chairman

Rajeev Jain elevated to Vice Chairman and Executive Director; Anup Saha to take over as MD from April 2025, ensuring continuity at India’s top consumer finance company.
Jain’s continued executive role removes leadership overhang, reinforcing confidence in Bajaj Finance’s Long-Range Strategy 2029 amid rising competitive intensity in digital lending.
Succession clarity and strategic alignment suggest Bajaj Finance is not just preserving momentum—but doubling down on execution for its next phase of scale and innovation.

Indian Rubber Prices Soar As Rubber Board Prepares For EUDR

By Vinod Nedumudy

Prices crosses the magical level of INR 200/kg after five months
Supply short but farmers who stock and didn’t rainguard benefit
Rubber Board starts geo-mapping of rubber plantations

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Mar 24

Daily Brief India: NIFTY Index and more

In today’s briefing:

Market Movers: Key Dates at a Glance (March 24-30)
Nifty Index Options Weekly (Mar 17 – 21): A Familiar Rally Pattern—We Outline a Hedge

Market Movers: Key Dates at a Glance (March 24-30)

By Gaudenz Schneider

India: Index changes for Nifty indices will take place. Multiple option expiries are scheduled, impacting stocks and indices such as the NIFTY 50 Index, and the SENSEX Index.
Asia-Pacific: Key events include Hong Kong’s earnings week and Tokyo CPI release, while Australia reports its Monthly CPI indicator.
USA: Significant releases include the final Q4 2024 GDP figures and the PCE Price Index, the Fed’s preferred inflation gauge.

Nifty Index Options Weekly (Mar 17 – 21): A Familiar Rally Pattern—We Outline a Hedge

By John Ley

Weekly recap of volatility and price metrics, covering option volumes, volatility trends, the spot/implied relationship, and open interest.
Nifty posts its largest weekly gain in nine months however, the rally resembles past counter-trend moves since the September 2024 peak.
We outline a tactical hedge that aligns with recent price action, volatility shifts, and heightened global political risks

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Mar 23

Daily Brief India: LIC Housing Finance and more

In today’s briefing:

LICHF: Benign Credit Cost Led to Strong Q3FY25

LICHF: Benign Credit Cost Led to Strong Q3FY25

By Ankit Agrawal, CFA

LICHF reported PAT growth of 23% YoY in Q3FY25 led by benign credit cost. Credit cost was negative (-44cr) in Q3FY25 vs INR 435cr (0.2%+ of AUM) in Q3FY24.
Stage 1 assets improved to 93.25% of AUM vs 93.09% QoQ. NIM continues to be stable at around 2.7%, similar to last quarter, making the earnings predictable now.
Led by low credit cost, LICHF is on track to achieve FY25 PAT as per our estimate of INR 5400cr+. This implies LICHF is currently trading at below 6x P/E.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Mar 22

Daily Brief India: Voltas Ltd, Manappuram Finance, Greenko Energy Holdings and more

In today’s briefing:

India’s Summer Stock: Voltas Ltd- Navigating Supply Headwinds
Manappuram Finance: Bain Capital’s Entry Signals a New Chapter, But Challenges Remain
Lucror Analytics – Morning Views Asia

India’s Summer Stock: Voltas Ltd- Navigating Supply Headwinds

Voltas Ltd (VOLT IN) is shifting to a volume-led strategy while investing INR 260 crore to build in-house compressor manufacturing under PLI 3.0.
This approach de-risks supply chains, maintains mass-market pricing, and supports growth amid rising raw material and currency pressures.
Voltas is evolving from a margin-led to scale-focused player, making it a resilient long-term bet on India’s low AC penetration and summer-driven demand.

Manappuram Finance: Bain Capital’s Entry Signals a New Chapter, But Challenges Remain

Bain Capital is acquiring a 41.7–46% stake in Manappuram Finance (MGFL IN), marking a shift from a promoter-led to a professionally managed NBFC.
This deal injects INR 4,385 crore in fresh capital, strengthens governance, and positions Manappuram for growth beyond gold loans into microfinance, vehicle loans, and housing finance.
While execution risks remain, Bain’s track record in financial services suggests a long-term transformation, potentially closing Manappuram’s valuation gap with Muthoot Finance.

Lucror Analytics – Morning Views Asia

By Tanvi Arora

In today’s Morning Views publication we comment on developments of the following high yield issuers: Greenko Energy
In the US, the Conference Board Leading Index declined 0.3% (-0.2% e / -0.2% revised p) in February to 101.1. Justyna Zabinska-La Monica, senior manager of business cycle indicators at The Conference Board, noted that “consumers’ expectations of future business conditions turned more pessimistic. Manufacturing new orders, which improved in January, retreated and were the second largest negative contributor to the Index’s monthly decline”.
Separately, existing home sales unexpectedly rebounded 4.2% m-o-m (-3.2% e / -4.7% p) to 4.26 mn units in February. Sales climbed the most in the west and south regions, which were afflicted at the start of the year by wildfires in Los Angeles and severe winter storms, respectively.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Mar 21

Daily Brief India: Ambuja Cements, Bajaj Finance Ltd, NIFTY Index, Nmdc Ltd, EAAA India Alternatives Ltd and more

In today’s briefing:

The Beat Ideas: Adani Cements: Massive 140 MTPA Capacity Expansion, A Roadmap to FY28
Bajaj Finance (BAF): Robust Growth in Place
Central Banks Hold Steady Amid Global Economic Uncertainty
NMDC: Proxy to Rising Steel Demand with a High Dividend Yield.
EAAA India Pre-IPO – Quality Management Fee Stream but Future AUM Raising Could Be Difficult

The Beat Ideas: Adani Cements: Massive 140 MTPA Capacity Expansion, A Roadmap to FY28

Ambuja Cements (ACEM IN), established in 1983 by traders Narotam Sekhsaria and Suresh Neotia, leveraged strategic foresight to become a premier Indian cement giant within the diversified Adani Group.
In 2022, Adani acquired Ambuja Cement at INR 385/share, valuing it at INR 49,620 crore ($6.4 billion), at EBITDA/ton levels (INR900-INR1,000) similar to the company’s current performance.
Ambuja Cement is strategically positioned to achieve a substantial 44% increase in its cement production capacity by FY28, reaching a total of 140 MTPA from the current 97 MTPA.

Bajaj Finance (BAF): Robust Growth in Place

By Ankit Agrawal, CFA

Bajaj Finance Ltd (“BAF”) reported a strong Q3FY25 led by good volume growth and AUM growth. It saw highest ever new loans at 12.06mm. AUM growth was INR 24119cr.
Despite elevated credit costs for peers, BAF has been relatively insulated and reported steady asset quality. ROA and Opex were also steady at around 4.5% and 33%, respectively.
In line with BAF’s long-range strategy, BAF is increasingly adopting AI to improve productivity. As part of this, BAF unveiled a BFL 3.0 FINAI company.

Central Banks Hold Steady Amid Global Economic Uncertainty

By Gaudenz Schneider

Central banks globally are making rate decisions, with the Fed holding steady while Sweden, Switzerland, Taiwan, and the UK announce their decisions today.
Mexico and Canada are central banks to watch, with Fitch forecasting both economies to enter recession in 2025 due to their high US trade exposure.
The US’s global reciprocal tariffs, set to be revealed on April 2, have significant implications for the global economy, with the potential to influence central bank policies worldwide.

NMDC: Proxy to Rising Steel Demand with a High Dividend Yield.

By Rahul Jain

NMDC has aggressive growth plans to double its output over the next 5-6 years. Near-term guidance is also strong with plans to grow at >10% in FY26.
New levies, delays in execution and lacklustre pricing outlook remain a key concern. However, well-aligned to surging demand from steadily growing domestic steel industry.
Valuations: Trades at 9x TTM PE which is a slight premium to 5 yr average. Stock offers about 4-5% dividend yield and has payout ratio of >30% provides downside support.

EAAA India Pre-IPO – Quality Management Fee Stream but Future AUM Raising Could Be Difficult

By Nicholas Tan

EAAA India Alternatives Ltd (1619210D IN) is planning to raise about US$177m through its upcoming India IPO.
It is one of the leading alternatives platforms in India, with AUM of INR 572.62bn (US$6.63bn), as of 9M24, amassing 15 years of experience.
In this note, we look at the firm’s past performance.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Mar 20

Daily Brief India: Quess Corp Ltd, NIFTY Index, Anthem Biosciences and more

In today’s briefing:

Quess Corp Demerger: Value Unlocking & Strategic Shift to Drive Growth
NIFTY Tactical Outlook: Profit Target Is About To Be Reached, What’s Next?
Anthem Biosciences Pre-IPO – The Negatives- Margins Aren’t There Yet

Quess Corp Demerger: Value Unlocking & Strategic Shift to Drive Growth