Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

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

Forensic Accounting

Cello World Limited / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cello-world-limited" target="_blank" data-smartkarma-citation="entities:40037:1" rel="noopener">Cello World Limited (CW IN)</a> is a renowned company in the consumer products market. The company primarily operates in houseware, stationary and moulded furniture industry.</li>
<li>The promoters recently undertook a major corp. restructuring post which several promoter entities were acquired by CWL. This has led to abnormally high ROCEs.</li>
<li>Other forensic takeaways pertain to RPT, poor cash management, mysterious sale proceeds of PPE, subsidiaries audit, etc.</li>
</ul>



Cello World Limited (CW IN) is a renowned company in the consumer products market. The company primarily operates in houseware, stationary and moulded furniture industry.
The promoters recently undertook a major corp. restructuring post which several promoter entities were acquired by CWL. This has led to abnormally high ROCEs.
Other forensic takeaways pertain to RPT, poor cash management, mysterious sale proceeds of PPE, subsidiaries audit, etc.


Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>With Indian capital markets booming, companies are tapping capital markets regularly for fundraising even though they have recently raised funds.</li>
<li>There are also cases where company after concluding IPO in recent years are going for fund raise</li>
<li>The market are jittery about possible equity dilution and unclear fund raising objectives</li>
</ul>


With Indian capital markets booming, companies are tapping capital markets regularly for fundraising even though they have recently raised funds.
There are also cases where company after concluding IPO in recent years are going for fund raise
The market are jittery about possible equity dilution and unclear fund raising objectives


Indian Companies Are Betting on Booming Capital Markets with Unplanned Fund Raisings

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Equity Bottom-Up

<ul>
<li>The market seems to be dancing to its own tune and is likely to continue.</li>
<li>EUREKAFO's distributors are dissatisfied, MANYAVAR's reported numbers failed to match up to the on-ground optimism. </li>
<li>LTFH's "strong" retail playbook keeps performing, and SGMART's website raises concerns about its operations. </li>
</ul>


The market seems to be dancing to its own tune and is likely to continue.
EUREKAFO's distributors are dissatisfied, MANYAVAR's reported numbers failed to match up to the on-ground optimism. 
LTFH's "strong" retail playbook keeps performing, and SGMART's website raises concerns about its operations. 


[#19] Namaste India 🙏 | Eureka Forbes, Manyavar, L&T Finance, SG Mart, Cello

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>We see 8 stocks moving from MidCap to LargeCap, 8 stocks moving from LargeCap to MidCap, 11 stocks from SmallCap to MidCap, and 14 stocks from MidCap to SmallCap.</li>
<li>Some stocks were added to global indices last month while some could be added in February. There are potential index implications for the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a> and <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index</a> too.</li>
<li>The upward migrations have continued to outperform the downward migrations. The largest recent outperformance has come from stocks expected to move from the Mid Cap to the Large Cap segment.</li>
</ul>


We see 8 stocks moving from MidCap to LargeCap, 8 stocks moving from LargeCap to MidCap, 11 stocks from SmallCap to MidCap, and 14 stocks from MidCap to SmallCap.
Some stocks were added to global indices last month while some could be added in February. There are potential index implications for the NIFTY Index and Nifty Next 50 Index too.
The upward migrations have continued to outperform the downward migrations. The largest recent outperformance has come from stocks expected to move from the Mid Cap to the Large Cap segment.


AMFI Stock Reclassification Preview (Dec 2023): MidCap to LargeCap Migrations Outperforming

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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/doms-industries" target="_blank" data-smartkarma-citation="entities:40059:1" rel="noopener">Doms (DOMS IN)</a> is looking to raise around US$140m in its India IPO.</li>
<li>DOMS is a leading player and brand in India’s stationery and art products market. It designs, manufactures, and sells a wide range of products, primarily under its flagship brand ‘DOMS’.</li>
<li>We have looked at the company's past performance in our earlier note. In this note, we talk about valuations.</li>
</ul>



Doms (DOMS IN) is looking to raise around US$140m in its India IPO.
DOMS is a leading player and brand in India’s stationery and art products market. It designs, manufactures, and sells a wide range of products, primarily under its flagship brand ‘DOMS’.
We have looked at the company's past performance in our earlier note. In this note, we talk about valuations.


DOMS Industries IPO - Thoughts on Valuation - Isn't Cheap, Neither Are Its Peers Cheap

India

Cello World is an Indian consumer products company. The firm is a leading company in the consumerware market in India.

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Cello World Limited (CW IN)

Cello World Ltd- Forensic Analysis

Cello World Limited is a prominent consumer products company. Recent corporate restructuring has resulted in high ROCEs, and there are concerns...

Nitin Mangal

Indian Companies Are Betting on Booming Capital Markets with Unplanned Fund Raisings

Indian companies are tapping capital markets frequently for fundraising despite recent raises, causing concern over equity dilution and unclear...

Nimish Maheshwari

[#19] Namaste India 🙏 | Eureka Forbes, Manyavar, L&T Finance, SG Mart, Cello

The market continues to march to its own beat as EUREKAFO and MANYAVAR disappoint, while LTFH and SGMART show contrasting performances.

Pranav Bhavsar

AMFI Stock Reclassification Preview (Dec 2023): MidCap to LargeCap Migrations Outperforming

We see 41 stocks migrating between different market cap segments in Jan. A lot of stocks will have passive flows from NIFTY, NIFTYJR and global...

Brian Freitas

DOMS Industries IPO - Thoughts on Valuation - Isn't Cheap, Neither Are Its Peers Cheap

Doms (DOMS IN) is looking to raise around US$140m in its India IPO. We have looked at the past performance in our earlier notes, in this note we...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Cello World Ltd- Forensic Analysis

​Cello World Limited is a prominent consumer products company. Recent corporate restructuring has resulted in high ROCEs, and there are concerns...

Nitin Mangal

Indian Companies Are Betting on Booming Capital Markets with Unplanned Fund Raisings

​Indian companies are tapping capital markets frequently for fundraising despite recent raises, causing concern over equity dilution and unclear...

Nimish Maheshwari

[#19] Namaste India 🙏 | Eureka Forbes, Manyavar, L&T Finance, SG Mart, Cello

​The market continues to march to its own beat as EUREKAFO and MANYAVAR disappoint, while LTFH and SGMART show contrasting performances.

Pranav Bhavsar

AMFI Stock Reclassification Preview (Dec 2023): MidCap to LargeCap Migrations Outperforming

We see 41 stocks migrating between different market cap segments in Jan. A lot of stocks will have passive flows from NIFTY, NIFTYJR and global...

Brian Freitas

DOMS Industries IPO - Thoughts on Valuation - Isn't Cheap, Neither Are Its Peers Cheap

Doms (DOMS IN) is looking to raise around US$140m in its India IPO. We have looked at the past performance in our earlier notes, in this note we...

Sumeet Singh

Cello World Limited is a prominent consumer products company. Recent corporate restructuring has resulted in high ROCEs, and there are concerns...

Indian companies are tapping capital markets frequently for fundraising despite recent raises, causing concern over equity dilution and unclear...

The market continues to march to its own beat as EUREKAFO and MANYAVAR disappoint, while LTFH and SGMART show contrasting performances.