Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Capital Markets

Ola Electric Mobility Private Limited manufactures electric vehicles. The Company produces electric scooter to accelerate the world's transition to sustainable mobility. Ola Electric Mobility serves customers worldwide.

<ul>
<li>We spoke with multiple channels covering 3Ws, 2Ws, and 4Ws to understand the current dynamics of the Electric Vehicle (EV) scene in India.</li>
<li>Adoption of E-3 and E-4 Wheelers is hindered by high prices, range issues, inadequate charging infrastructure, and platform stability concerns.</li>
<li>E-2 Wheelers show resilience with stable sales led by aggressive pricing from <a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (1700674D IN)</a>. </li>
</ul>


We spoke with multiple channels covering 3Ws, 2Ws, and 4Ws to understand the current dynamics of the Electric Vehicle (EV) scene in India.
Adoption of E-3 and E-4 Wheelers is hindered by high prices, range issues, inadequate charging infrastructure, and platform stability concerns.
E-2 Wheelers show resilience with stable sales led by aggressive pricing from Ola Electric (1700674D IN). 


India Channel Insight | What Is the EV Scene in India?

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Macroeconomics

<ul>
<li>All eyes will be on the upcoming Union Budget 2024 in July, marking the first of Modi Government 3.0.</li>
<li>Job creation, tackling agriculture woes including farmers income and sustaining expenditure on infra are expected to be the core deliverables.</li>
<li>Moreover, fiscal deficit is expected to continue its improvement run. Capital gains tax would not be touched but GST network could broaden.</li>
</ul>


All eyes will be on the upcoming Union Budget 2024 in July, marking the first of Modi Government 3.0.
Job creation, tackling agriculture woes including farmers income and sustaining expenditure on infra are expected to be the core deliverables.
Moreover, fiscal deficit is expected to continue its improvement run. Capital gains tax would not be touched but GST network could broaden.


Equity Bottom-Up

Bandhan Bank Limited operates as a commercial bank. The Bank provides accounts checking, savings deposits, money market, mortgage, and term loans services, as well as card facilities and Internet banking services. Bandhan Bank serves customers in India.

<ul>
<li>While the street is getting excited about Bandhan Bank (assuming a change in management, end of a bad asset cycle, and lower valuations), we are not.</li>
<li>We believe the next set of problems for the bank are yet to be unleashed, and a change in management will only intensify the challenges ahead.</li>
<li>We believe the worst is yet to come for the bank. </li>
</ul>


While the street is getting excited about Bandhan Bank (assuming a change in management, end of a bad asset cycle, and lower valuations), we are not.
We believe the next set of problems for the bank are yet to be unleashed, and a change in management will only intensify the challenges ahead.
We believe the worst is yet to come for the bank. 


India Channel Insight | Bandhan Bank (BANDHAN IN) | The Other Shoe to Drop

Asian Paints Limited manufactures a wide range of decorative paints, varnishes, enamels, and black & synthetic resins. The Company, through its subsidiaries, also manufactures specialty industrial chemicals and vinyl pyridine latex products which are used in the manufacture of rubber tires.

<ul>
<li>We visited some paint dealers representing <a href="https://www.smartkarma.com/entities/asian-paints-ltd" target="_blank" data-smartkarma-citation="entities:6354:1" rel="noopener">Asian Paints (APNT IN)</a> and <a href="https://www.smartkarma.com/entities/akzo-nobel-india-ltd" target="_blank" data-smartkarma-citation="entities:17499:1" rel="noopener">Akzo Nobel India (AKZO IN)</a>  to understand the current competitive intensity in the industry.</li>
<li>While three months is too short of a time frame to observe a significant change in industry structure, current signals seem to favor the incumbent. </li>
<li>Opus may influence dealers and painters, but what if consumers simply prefer APNT?</li>
</ul>


We visited some paint dealers representing Asian Paints (APNT IN) and Akzo Nobel India (AKZO IN)  to understand the current competitive intensity in the industry.
While three months is too short of a time frame to observe a significant change in industry structure, current signals seem to favor the incumbent. 
Opus may influence dealers and painters, but what if consumers simply prefer APNT?


India Channel Insight | Asian Paints (APNT IN) | Mindshare Master

Forensic Accounting

Jyoti Resins and Adhesives / Forensic Accounting

Jyoti Resins and Adhesives Ltd provides adhesives. The Company manufactures synthetic resin adhesives. Jyoti Resins and Adhesives serves customers in India.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jyoti-resins-and-adhesives-ltd" target="_blank" data-smartkarma-citation="entities:43694:1" rel="noopener">Jyoti Resins and Adhesives (JRA IN)</a> engages in manufacturing of synthetic wood adhesives under 'Euro’ brand and claims to be the second largest player in its respective market.</li>
<li>While on ground, Euro has gained good traction and has received positive feedbacks, there are however several takeaways noticed on the forensic end.</li>
<li>These include Lack of clarity on revenue figures, low FA base, lack of disclosures of important accounting policies such as leases and customer rewards, etc.</li>
</ul>



Jyoti Resins and Adhesives (JRA IN) engages in manufacturing of synthetic wood adhesives under 'Euro’ brand and claims to be the second largest player in its respective market.
While on ground, Euro has gained good traction and has received positive feedbacks, there are however several takeaways noticed on the forensic end.
These include Lack of clarity on revenue figures, low FA base, lack of disclosures of important accounting policies such as leases and customer rewards, etc.


Jyoti Resins and Adhesives- Forensic Analysis