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Jan 21
0

Daily Brief India: Zomato, Yatharth Hospital & Trauma Care Services and more

By | Daily Briefs, India

In today’s briefing:

  • Quiddity Leaderboard NIFTY Mar 25: US$1.2bn Collective One-Way Flows but Momentum Is Negative
  • Yatharth Hospital: Decoding Disclosure Lapses & Red Flags

Quiddity Leaderboard NIFTY Mar 25: US$1.2bn Collective One-Way Flows but Momentum Is Negative

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 in the March 2025 index rebal event.
  • We see two changes for the NIFTY 50 index and five changes for the NIFTY 100 index.

Yatharth Hospital: Decoding Disclosure Lapses & Red Flags

By Nimish Maheshwari

  • Yatharth Hospital & Trauma Care Services (YATHARTH IN) successfully completed a QIP, raising Rs. 625 crore which was followed by the stock falling by nearly 26% in the following month.
  • The company and its subsidiaries has recently been facing a significant challenge with an investigation by the Income Tax Department and the attachment of company assets.
  • The document released on December 17, 2024 has confirmed the search and seizure operations conducted on October 19, 2023, targeting Yatharth and two of its subsidiaries.

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Jan 20
0

Daily Brief India: Kalyan Jewellers, Indian Hotels, NIFTY Index and more

By | Daily Briefs, India

In today’s briefing:

  • Kalyan Jewellers: Rumour-Driven Stock Slide, F&O Ban—Is There Room for Further Correction?
  • NIFTY NEXT50 Index Rebalance Preview: 7 Potential Changes in March
  • EQD / NSE NIFTY50 Vol Update / India Budget Event Is Driving Price-Action in the Options Market

Kalyan Jewellers: Rumour-Driven Stock Slide, F&O Ban—Is There Room for Further Correction?

By Devi Subhakesan

  • Kalyan Jewellers (KALYANKJ IN) stock has dropped 36% year-to-date and is now under an F&O ban after open interest hit threshold limits.
  • The rumours driving the stock decline lack financial or strategic relevance with no substantial reason for long-term investors to panic.
  • The stock correction has realigned Kalyan’s P/E discount to Titan, with current levels likely to stabilise and thus provide a near term support for Kalyan Jeweller’s stock price.

NIFTY NEXT50 Index Rebalance Preview: 7 Potential Changes in March

By Brian Freitas

  • With 10 trading days left in the review period, there could be 7 changes (including 2 migrations) for the NSE Nifty Next 50 Index (NIFTYJR INDEX) in March.
  • Estimated one-way turnover is 15.9% resulting in a one-way trade of INR 52bn (US$600m). All forecast changes, bar one, have over 1.5x ADV to trade from passive trackers.
  • All the forecast deletes are F&O members while two adds are not. NSE Indices could revisit the index membership criteria especially given the launch of futures on the index.

EQD / NSE NIFTY50 Vol Update / India Budget Event Is Driving Price-Action in the Options Market

By Sankalp Singh

  • India Budget on 01.02.2025 driving price-action in the Options Market. Monthly IVs marked up at 17.0% as contracts cover event-risk. Vol Regime Model pushed into “High & Up” state.
  • Vol term-structure bent into kinked-shape due to India Budget date. Skew characteristics are elevated while Smile largely unchanged with the exception of Monthly 10-Delta Strangles.
  • Trading Strategy Implications: (1) Switch to “High & Up” vol-state triggers a cutback in Short Gamma & Short Vega exposure. (2) Vol-barbell opportunity due to the kinked-shape of the Vol-curve. 

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Jan 19
0

Daily Brief India: Axiscades Engineering Technologies and more

By | Daily Briefs, India

In today’s briefing:

  • Axiscades Technologies Ltd- Forensic Analysis

Axiscades Technologies Ltd- Forensic Analysis

By Nitin Mangal

  • Axiscades Engineering Technologies (AXET IN) provides comprehensive engineering and technology solutions for global manufacturers in diverse sectors such as aerospace, defence, automotive, energy, electronics, and heavy engineering. 
  • The acquisition of Mistral Solutions using deferred consideration has helped the group grow its turnover and net profit during the last six years 
  • Our concerns stem from the current vacuum in top management due to exits of senior personnel in spite of high remuneration levels, risk of goodwill impairment, few questionable transactions, etc.

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Jan 18
0

Daily Brief India: Shankara Building Products L, Schloss Bangalore Ltd, Adani Green Energy, SGX Rubber Future TSR20 and more

By | Daily Briefs, India

In today’s briefing:

  • Event Driven: Shankara Building Products, A Demerger Play
  • Schloss Bangalore Pre-IPO – Diversified Luxury Portfolio but Comes with High Debt
  • Lucror Analytics – Morning Views Asia
  • RRII And ATMA Make Rubber Inroads In Northeast

Event Driven: Shankara Building Products, A Demerger Play

By Nimish Maheshwari

  • Shankara Building Products L (SHANKARA IN) plans to demerge its steel manufacturing and building materials marketplace, enabling each business to operate independently with tailored leadership and capital allocation strategies.
  • This separation allows for targeted expansions in non-steel product lines and dedicated manufacturing improvements, potentially raising margins and fueling profitable growth in India’s booming construction market.
  • Focused leadership, improved transparency, and strategic capital deployment could enhance investor confidence, offering significant upside as Shankara refocuses on high-growth segments and streamlines its operations post-demerger.

Schloss Bangalore Pre-IPO – Diversified Luxury Portfolio but Comes with High Debt

By Akshat Shah

  • Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$600m in its upcoming India IPO.
  • It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
  • In this note, we talk about the company’s historical performance.

Lucror Analytics – Morning Views Asia

By Tanvi Arora

  • In the US, the December CPI edged higher to 2.9% y-o-y (2.9% e / 2.7% p) and 0.4% m-o-m (0.4% e / 0.3% p), the fastest monthly pace since March 2024.
  • That said, core CPI (excluding food and energy) eased marginally to 3.2% y-o-y (3.3% e / 3.3% p) and 0.2% m-o-m (0.3% e / 0.3% p).
  • Core CPI eased on a m-o-m basis for the first time in six months, after standing at 0.3% for four consecutive months.

RRII And ATMA Make Rubber Inroads In Northeast

By Vinod Nedumudy

  • RRII’s new clone RRII 417 to give yield of 2080 kg/ha a year
  • INROAD project covers 1,25,272 hectares in four years in NE
  • Northeast share of national production to go up to 32% 

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Jan 17
0

Daily Brief India: Kalyan Jewellers, Natco Pharma, LG Electronics India and more

By | Daily Briefs, India

In today’s briefing:

  • Forensic Analysis: Kalyan Jewellers on Allegations and Rumours ~ Cause And Reality
  • The Beat Ideas: Natco Pharma, The Cheapest Pharma Stock
  • LG Electronics India Pre-IPO – The Negatives – Not All Categories Have Been Growing

Forensic Analysis: Kalyan Jewellers on Allegations and Rumours ~ Cause And Reality

By Nimish Maheshwari

  • Steep decline in the stock price triggered a wave of speculation and rumours, further fueling the negative sentiment surrounding Kalyan Jewellers (KALYANKJ IN).
  • The rumours ranged from serious allegations of inventory overvaluation and IT raids to concerns about changes in franchisee agreements and even accusations of bribery.
  • While Kalyan Jewellers (KALYANKJ IN) has dismissed the overvaluation allegations, its inventory turnover ratio (ITR) has consistently lagged behind the industry leader Titan Co Ltd (TTAN IN) .

The Beat Ideas: Natco Pharma, The Cheapest Pharma Stock

By Sudarshan Bhandari

  • Natco Pharma (NTCPH IN) is pivoting toward niche, high-value generics like Revlimid and Semaglutide, leveraging robust R&D, strategic acquisitions, and geographic expansions for long-term market leadership.
  • This approach combats conventional generic pricing pressures, delivers stronger profit margins, and positions Natco for sustainable, innovation-driven success in increasingly competitive regulated markets.
  • Natco’s willingness to tackle complex molecules and patent challenges demonstrates resilience, signaling a more diversified pipeline, prudent capital use, and potential for robust shareholder returns.

LG Electronics India Pre-IPO – The Negatives – Not All Categories Have Been Growing

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.
  • In this note, we talk about the not-so-positive aspects of the deal.

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Jan 16
0

Daily Brief India: Hyundai Motor India , LG Electronics India, Allied Blenders & Distillers, JSW Steel Ltd and more

By | Daily Briefs, India

In today’s briefing:

  • Hyundai Motor (HYUNDAI IN): Anchor Lock-Up Expiry Increases Float; Index Inclusions Near
  • LG Electronics India Pre-IPO – The Positives – Well Known and Well Loved
  • The Beat Ideas: Allied Blenders & Distillers- Liquor Premiumization Play
  • JSW Steel – ESG Report

Hyundai Motor (HYUNDAI IN): Anchor Lock-Up Expiry Increases Float; Index Inclusions Near

By Brian Freitas

  • The lock-up on the second half of the anchor investor allocation for Hyundai Motor India (HYUNDAI IN) ends after market close today and the shares will be available for sale tomorrow.
  • The lock-up expiry further increases free float for the stock and there will be multiple index inclusions over the next few months.
  • The largest index inclusion will be in February, followed by smaller inclusions in March and June. In total, passives will mop up around 16% of the float.

LG Electronics India Pre-IPO – The Positives – Well Known and Well Loved

By Sumeet Singh

  • LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India IPO. 
  • 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.
  • In this note, we talk about the positive aspects of the deal.

The Beat Ideas: Allied Blenders & Distillers- Liquor Premiumization Play

By Sudarshan Bhandari

  • Allied Blenders & Distillers (9844250Z IN) is shifting from mass-market spirits to premium offerings, leveraging IPO funds to reduce debt and boost margins amidst rising alco-beverage demand.
  • This pivot could enhance profitability, thanks to stronger pricing power, higher brand recall, and sustained ROCE above capital costs within India’s highly regulated but fast-growing alcoholic beverage industry.
  • Despite regulatory hurdles and stretched valuations, ABD’s balance sheet cleanup, premiumization strategy, and dominant mass-market presence suggest considerable long-term potential in India’s expanding alcohol sector.

JSW Steel – ESG Report

By Trung Nguyen

  • Incorporated in India, JSW Steel was established in 1994 and listed on the Indian stock exchange in 1995.
  • The company is the largest steel producer in the country (only taking into account capacity in India) and seventh-largest in the world.
  • It had 34.7 mtpa of capacity at FYE 2023-24, most of which was based in India (33.2 mtpa). 

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Jan 15
0

Daily Brief India: Apcotex Industries, IndiQube Spaces Ltd, Suven Pharmaceuticals, SGX Rubber Future TSR20 and more

By | Daily Briefs, India

In today’s briefing:

  • The Beat Ideas: Apcotex Industries Ltd, Beaten Down Value Pick
  • IndiQube Spaces Ltd Pre-IPO Tearsheet
  • Suven Pharmaceuticals (SUVENPHA IN): M&A to Expand Technical Capabilities and Enhance Scale
  • New Year Marks Revival In Indian Synthetic Rubber Market

The Beat Ideas: Apcotex Industries Ltd, Beaten Down Value Pick

By Sudarshan Bhandari

  • Apcotex Industries (APCO IN)  promoted by Ex-Asian Paints MD Mr. Atul Choksey, is a leading manufacturer of synthetic rubber and latex in India. 
  • Despite achieving record sales volume in H1 FY25, Apcotex experienced a decline in EBITDA margins due to RM pricing and Chinese competition.
  • Apcotex Industries (APCO IN)  is at its worst possible margins and applied for anti-dumping duty for its product.

IndiQube Spaces Ltd Pre-IPO Tearsheet

By Rosita Fernandes

  • IndiQube Spaces Ltd (1628202D IN) (ISL) is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are ICICI and JM fin.
  • IndiQube Spaces Limited (ISL) is a managed workplace solutions provider offering technological workplace solutions.
  • According to CBRE Report, ISL is among the leading operators in Bengaluru as of Jun 24. 

Suven Pharmaceuticals (SUVENPHA IN): M&A to Expand Technical Capabilities and Enhance Scale

By Tina Banerjee

  • Suven Pharmaceuticals (SUVENPHA IN) is acquiring56% equity share capital of ADC/XDC-focused CRDMO, NJ Bio for $64M, strengthening position in a high growth market.  
  • In June 2024, Suven announced the acquisition of a majority stake in an oligonucleotide focused CDMO player, Sapala Organics, thereby adding another high-growth complex technology to its CDMO business.
  • Recently, shareholders have approved Suven’s merger with Cohance Lifesciences. Cohance has global leadership in select low-mid volume molecules as well as unique capabilities in the form of its ADC platform.

New Year Marks Revival In Indian Synthetic Rubber Market

By Vinod Nedumudy

  • Highlights ·       Auto non-tire and tire sectors stage better show from Dec ·       Indian SR consumption goes up by 10.5% YoY in FY 2024-25 H1 ·       Atma Nirbhar Bharat making cushioning effect on imports   The Indian Synthetic Rubber (SR) sector is reviving in the New Year after the lull until early December, with downstream tire and auto sector demand picking up, leading to a markup in the prices of certain variants.
  • The players in the sector are optimistic about the momentum persisting until the end of the financial year in March 2025.
  •   The SBR prices, which were INR 190/kg on November 1, sharply fell to INR 175/kg by December but are picking up in the new year and have crossed INR 180/kg in early January.

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Jan 14
0

Daily Brief India: NIFTY Index, Anthem Biosciences, GNA Axles Ltd and more

By | Daily Briefs, India

In today’s briefing:

  • EQD / NSE NIFTY50 Vol Update / IVs Jump on HMPV Scare Then Grind Lower as Mkts Hold Support.
  • Anthem Biosciences Limited Pre-IPO Tearsheet
  • GNA Axles (INE934S01014): Steady Q3FY25 Earnings, Major Expansion and Sustainability Push

EQD / NSE NIFTY50 Vol Update / IVs Jump on HMPV Scare Then Grind Lower as Mkts Hold Support.

By Sankalp Singh

  • IVs jump early as sentiment soured, but trailed off through the week as underlying markets held support zones. Vol-Regime Model retains “High & Down” state.
  • Skew & Smile unchanged over the week in spite of the rollercoaster ride in IVs. Term-structure experienced to-and-fro swings.    
  • Trading Strategy Implications: Iron Condor/ Butterfly structures to be continued as long as regime model indicates “High & Down” vol state. 

Anthem Biosciences Limited Pre-IPO Tearsheet

By Nicholas Tan

  • Anthem Biosciences (1234D IN) is looking to raise up to US$397m in its upcoming India IPO. The deal will be run by JMF, Citi, JP Morgan and Nomura.
  • It is a Contract Research, Development, and Manufacturing Organization (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
  • As a one-stop service provider, ABS serves a range of customers, including innovator-focused emerging biotech companies and large pharmaceutical organizations globally.

GNA Axles (INE934S01014): Steady Q3FY25 Earnings, Major Expansion and Sustainability Push

By Sreemant Dudhoria

  • GNA Axles Ltd (GNA IN)  reported Q3FY25 results with Revenue/EBITDA/PAT growth of 5%, 11%, and 13%, respectively. The improvement in operating margin was driven by lower operating expenses.
  • In October 24, the company’s board approved a major capital expenditure program of INR 4 billion for manufacturing facilities and renewable energy.
  • The stock trades at an attractive valuation of 16x P/E for FY25 with 15% RoE and RoCE.

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Jan 11
0

Daily Brief India: Adani Wilmar, UPL Ltd and more

By | Daily Briefs, India

In today’s briefing:

  • A Strategic Pivot: Adani Enterprises Exits Adani Wilmar for $2B
  • UPL Limited – ESG Report – Lucror Analytics

A Strategic Pivot: Adani Enterprises Exits Adani Wilmar for $2B

By Nimish Maheshwari

  • Adani Enterprises (ADE IN) exits Adani Wilmar (AWLTD IN), selling its entire 44% stake for over $2 billion, redirecting funds toward core infrastructure ambitions.
  • The exit frees capital for energy, transport, and logistics projects, showcasing Adani’s commitment to strategic resource deployment and robust corporate governance.
  • Adani’s strategic divestment highlights its focus on infrastructure-driven growth, underscoring the potential for shareholder value creation through timely exits from non-core businesses.

UPL Limited – ESG Report – Lucror Analytics

By Trung Nguyen

  • Headquartered in Mumbai, UPL Limited is a global agrochemical company listed on the Indian stock exchange.
  • It is the fifth-largest generic agrochemical company in the world (after Bayer, Dupont, Syngenta and BASF), with revenues of over USD 5.2 bn in FY 2023-24 (following the acquisition of Arysta LifeScience in 2019 for USD 4.2 bn).
  • The bond issuer, UPL Corp, is 78% owned by UPL Limited, with TPG and the Abu Dhabi Investment Authority each holding 11% stakes. UPL Limited is 27.9% owned by the family of Rajnikant Shroff, who is known as the Crop Protection King.

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Jan 10
0

Daily Brief India: Swiggy, Greaves Electric Mobility Ltd (GEML), Crizac, Tata Motors ADR and more

By | Daily Briefs, India

In today’s briefing:

  • Aequitas 2025 Asia IPO Pipeline – India
  • Greaves Electric Mobility Ltd Pre-IPO Tearsheet
  • Crizac Pre-IPO – Expanding Network and Service Portfolio to Drive Growth
  • Lucror Analytics – Morning Views Asia

Aequitas 2025 Asia IPO Pipeline – India

By Sumeet Singh

  • In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, following up with a look at India after having looked at Hong Kong earlier.
  • This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
  • The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.

Greaves Electric Mobility Ltd Pre-IPO Tearsheet

By Rosita Fernandes

  • Greaves Electric Mobility Ltd (GEML) (1295040D IN) is looking to raise about US$120m in its upcoming India IPO. The bookrunners for the deal are Motilal Oswal, IIFL, JM fin.
  • GEML is a manufacturer of electric vehicles in India, specializing in electric two-wheelers and three-wheelers.
  • The company is recognized as one of the pioneers in India’s electric vehicle (EV) market, playing a significant role in driving EV adoption in the country, as per CRISIL Report.

Crizac Pre-IPO – Expanding Network and Service Portfolio to Drive Growth

By Akshat Shah

  • Crizac (CRIZAC IN) is looking to raise US$120m in its upcoming India IPO.
  • Crizac is an education platform offering international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, Republic of Ireland, Australia and New Zealand (ANZ).
  • In this note, we talk about the company’s historical performance.

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: China Jinmao, Tata Motors
  • In the US, the ADP employment survey showed that private sector job growth slowed to 122 k (140 k e / 146 k p) in December 2024. Meanwhile, initial jobless claims for the week ended 4 January 2025 fell to 201 k (215 k e / 211 k p).
  • According to the minutes of the FOMC’s December 17-18th meeting, Fed officials believed that the “overall pace of disinflation had slowed over 2024” and the process of moving towards 2% could take longer than previously anticipated.

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