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 Bottom-Up

<ul>
<li>Our dealer checks across a couple of <a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)</a> and <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> dealerships indicate a strengthening competitive position for Royal Enfield. </li>
<li>After the initial hype, customers are now shifting back to Royal Enfield. </li>
<li>As competition ramps up production, we continue to believe that the market will expand, and there will be no fight for market share.</li>
</ul>


Our dealer checks across a couple of Eicher Motors (EIM IN) and Bajaj Auto Ltd (BJAUT IN) dealerships indicate a strengthening competitive position for Royal Enfield. 
After the initial hype, customers are now shifting back to Royal Enfield. 
As competition ramps up production, we continue to believe that the market will expand, and there will be no fight for market share.


Eicher Motors (EIM IN) | Competitive Position Strengthening

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/r-r-kabel" target="_blank" data-smartkarma-citation="entities:39810:1" rel="noopener">R R Kabel (2333180Z IN)</a> raised around US$238m in its India IPO, after the deal was priced at INR1,035/share. It will begin trading tomorrow on 20th Sep 2023.</li>
<li>R R Kabel is an Indian consumer electrical company, which primarily sells wires, cables and fast moving electrical goods (FMEG).</li>
<li>We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.</li>
</ul>



R R Kabel (2333180Z IN) raised around US$238m in its India IPO, after the deal was priced at INR1,035/share. It will begin trading tomorrow on 20th Sep 2023.
R R Kabel is an Indian consumer electrical company, which primarily sells wires, cables and fast moving electrical goods (FMEG).
We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.


R R Kabel IPO Trading - Average Subscription Rates but Strong Insti Demand

<ul>
<li>ATH for the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a>,  Going ahead, we expect the momentum in the market to continue. </li>
<li>Healthcare and Information Technology remain interesting pockets to watch when it comes to <a href="https://www.smartkarma.com/entities/ishares-msci-india-etf" target="_blank" data-smartkarma-citation="entities:282:1" rel="noopener">iShares MSCI India ETF (INDA US)</a>. </li>
<li>Other names discussed include <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a>, <a href="https://www.smartkarma.com/entities/hindustan-unilever-ltd" target="_blank" data-smartkarma-citation="entities:13828:1" rel="noopener">Hindustan Unilever (HUVR IN)</a>, <a href="https://www.smartkarma.com/entities/bandhan-bank-ltd" target="_blank" data-smartkarma-citation="entities:26705:1" rel="noopener">Bandhan Bank Ltd (BANDHAN IN)</a> and <a href="https://www.smartkarma.com/entities/vedant-fashions-limited" target="_blank" data-smartkarma-citation="entities:34260:1" rel="noopener">Vedant Fashions (MANYAVAR IN)</a>.  </li>
</ul>


ATH for the NIFTY Index (NIFTY INDEX),  Going ahead, we expect the momentum in the market to continue. 
Healthcare and Information Technology remain interesting pockets to watch when it comes to iShares MSCI India ETF (INDA US). 
Other names discussed include Bajaj Auto Ltd (BJAUT IN), Hindustan Unilever (HUVR IN), Bandhan Bank Ltd (BANDHAN IN) and Vedant Fashions (MANYAVAR IN).  


[Week 3] Namaste India 🙏 | Bajaj Auto Ltd (BJAUT IN) | Exports Could Improve Further

<ul>
<li>Positive retail flows, HNI &amp; AIF inflows, along with global market trends, suggest that the uptrend for the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> may continue.</li>
<li>Bullish stocks include <a href="https://www.smartkarma.com/entities/metro-brands" target="_blank" data-smartkarma-citation="entities:35289:1" rel="noopener">Metro Brands (METROBRA IN)</a> and <a href="https://www.smartkarma.com/entities/zydus-wellness-ltd" target="_blank" data-smartkarma-citation="entities:4353:1" rel="noopener">Zydus Wellness (ZYWL IN)</a>, while the sentiment for <a href="https://www.smartkarma.com/entities/whirlpool-of-india-ltd" target="_blank" data-smartkarma-citation="entities:7270:1" rel="noopener">Whirlpool of India (WHIRL IN)</a> is Bearish.</li>
<li>Highlighted global stocks include <a href="https://www.smartkarma.com/entities/ebix-inc" target="_blank" data-smartkarma-citation="entities:4022:1" rel="noopener">Ebix (EBIX US)</a> , <a href="https://www.smartkarma.com/entities/smith-a-o-corp" target="_blank" data-smartkarma-citation="entities:18645:1" rel="noopener">Smith (A.O.) (AOS US)</a> and <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> </li>
</ul>


Positive retail flows, HNI &amp; AIF inflows, along with global market trends, suggest that the uptrend for the NIFTY Index (NIFTY INDEX) may continue.
Bullish stocks include Metro Brands (METROBRA IN) and Zydus Wellness (ZYWL IN), while the sentiment for Whirlpool of India (WHIRL IN) is Bearish.
Highlighted global stocks include Ebix (EBIX US) , Smith (A.O.) (AOS US) and Apple (AAPL US) 


[Week 1] Namaste India 🙏 | Whirlpool Stock Performance Is Good, Earnings Are Not

<ul>
<li>Triumph-Bajaj midsize bike melds the expertise of Triumph Motorcycles and <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a>  for top-tier quality, targeting the midsize market with dual-brand prowess.</li>
<li>Triumph-Bajaj sparks fervour with strong inquiries and bookings in tier-two and tier-one locations, though supply constraints present challenges.</li>
<li>Triumph stands out targeting the 30+ age group seeking premium leisure riding, employing exclusive dealerships and unique pricing to enhance ownership experience.</li>
</ul>


Triumph-Bajaj midsize bike melds the expertise of Triumph Motorcycles and Bajaj Auto Ltd (BJAUT IN)  for top-tier quality, targeting the midsize market with dual-brand prowess.
Triumph-Bajaj sparks fervour with strong inquiries and bookings in tier-two and tier-one locations, though supply constraints present challenges.
Triumph stands out targeting the 30+ age group seeking premium leisure riding, employing exclusive dealerships and unique pricing to enhance ownership experience.


Bajaj Auto Ltd (BJAUT IN) | The Market Dominance Playbook

India

Bajaj Auto Limited manufactures and distributes motorized two-wheeled and three-wheeled scooters, motorcycles and mopeds.

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Bajaj Auto Ltd (BJAUT IN)

Eicher Motors (EIM IN) | Competitive Position Strengthening

After the hype about competition, RE's competitive position is strengthening. The premium motorcycle market is expected to expand without a fight...

Pranav Bhavsar

R R Kabel IPO Trading - Average Subscription Rates but Strong Insti Demand

R R Kabel (2333180Z IN) raised around US$238m in its India IPO, after the deal was priced at INR1,035/share. It will begin trading tomorrow on 20th...

Ethan Aw

[Week 3] Namaste India 🙏 | Bajaj Auto Ltd (BJAUT IN) | Exports Could Improve Further

NIFTY Index hits ATH, market momentum expected to continue. Bajaj Auto, Hindustan Unilever, Bandhan Bank, and Vedant Fashions are names discussed.

Pranav Bhavsar

[Week 1] Namaste India 🙏 | Whirlpool Stock Performance Is Good, Earnings Are Not

The NIFTY Index could continue its uptrend. Bullish names include Metro, and Zydus Wellness, Global names to watch are Ebix, Smith (A.O.), and Apple.

Pranav Bhavsar