Senior Credit Analyst, Lucror Analytics

Tanvi Arora

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Adani Green Energy Limited operates as a producer of renewable energy. The Company builds, owns, and operates power plants for solar and wind energy. Adani Green Energy serves customers worldwide.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Nickel Industries</li>
<li>The US equity market rebounded overnight to erase earlier losses in the day. The S&amp;P 500 was up for a fifth straight day (its longest streak since November 2024), albeit at just 0.1%.</li>
<li>In the US, the Dallas Fed manufacturing activity index plunged to negative 35.8 (-14.1 e / -16.3 p) in March, reaching its lowest level since May 2020. The survey showed executives describing the situation as "chaos" and "insanity".</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Nickel Industries
The US equity market rebounded overnight to erase earlier losses in the day. The S&amp;P 500 was up for a fifth straight day (its longest streak since November 2024), albeit at just 0.1%.
In the US, the Dallas Fed manufacturing activity index plunged to negative 35.8 (-14.1 e / -16.3 p) in March, reaching its lowest level since May 2020. The survey showed executives describing the situation as "chaos" and "insanity".


Trung Nguyen

Tata Motors Limited manufactures cars and commercial automotive vehicles in India. The Company designs, manufactures and sells heavy commercial, medium commercial and small commercial vehicles including trucks, tankers, vans, buses, ambulances and minibuses. Tata also manufactures small cars and sports utility vehicles.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Tata Motors</li>
<li>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).</li>
<li>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).</li>
</ul>


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).


JSW Infrastructure Limited operates seaports and terminals. The Company offers mechanised and multi-cargo handling services. JSW Infrastructure serves clients in India.

<ul>
<li>Established in 2004, JSW Infrastructure (JSWIL) is the second-largest commercial port operator in India in terms of cargo-handling capacity.</li>
<li>The company owned nine ports/terminals for a total installed capacity of 173.2 mn mtpa at end-December 2021.</li>
<li>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. </li>
</ul>


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. 


JSW Infrastructure - ESG Report - Lucror Analytics

Greenko Energy Holdings operates as a holding company. The Company, through its subsidiaries, manufactures wind, hydro, and solar energy generation machinery. Greenko Energy Holdings serves customers in India.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Greenko Energy</li>
<li>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”.</li>
<li>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.</li>
</ul>


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.


Bharti Airtel Limited, a part of Bharti Enterprises, provides telecommunications services throughout India. The Company provides GSM Mobile Services, broadband, fixed line telephone services, long distance services (international & national) and enterprise services.

<p>Bharti Airtel is the second-largest telecom player in India, with a c. 30% market share. It also has significant operations in Africa, and to a smaller extent Bangladesh and Sri Lanka. The largest shareholders are Bharti Enterprises (42%) and Singtel (14%). Bharti Enterprises was founded/owned by Sunil Bharti Mittal. It is one of India's first conglomerates, with interests in telecommunications, space, insurance, real estate, hospitality and food.</p>
<p>We view Bharti Airtel as "Low Risk" on the LARA scale, mainly given its strong market position as the second-largest player in India’s telecom industry. The company owns robust network infrastructure across the country, with a broad customer base. We also note positively the improving industry outlook, with rationalising competition and industry consolidation benefiting Bharti Airtel, along with improving regulatory conditions. The company is committed to prudent balance-sheet management and stable leverage. However, capex requirements will likely remain substantial given Bharti Airtel's 5G rollout, with a risk that capex will be higher than projected.</p>

Bharti Airtel is the second-largest telecom player in India, with a c. 30% market share. It also has significant operations in Africa, and to a smaller extent Bangladesh and Sri Lanka. The largest shareholders are Bharti Enterprises (42%) and Singtel (14%). Bharti Enterprises was founded/owned by Sunil Bharti Mittal. It is one of India's first conglomerates, with interests in telecommunications, space, insurance, real estate, hospitality and food.
We view Bharti Airtel as "Low Risk" on the LARA scale, mainly given its strong market position as the second-largest player in India’s telecom industry. The company owns robust network infrastructure across the country, with a broad customer base. We also note positively the improving industry outlook, with rationalising competition and industry consolidation benefiting Bharti Airtel, along with improving regulatory conditions. The company is committed to prudent balance-sheet management and stable leverage. However, capex requirements will likely remain substantial given Bharti Airtel's 5G rollout, with a risk that capex will be higher than projected.

Bharti Airtel - ESG Report - Lucror Analytics