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

Utkarsh Small Finance Bank / Equity Bottom-Up

<ul>
<li>With the "Postcard" series, our objective is to bring to our readers on-ground insights based on interactions across key channels located in tier 2 and tier 3 locations.</li>
<li>For this Postcard, we travel to the east to the city of Ranchi, located in the heart of Jharkhand. </li>
<li>Stocks in focus include <a href="https://www.smartkarma.com/entities/utkarsh-small-finance-bank-ltd" target="_blank" data-smartkarma-citation="entities:39909:1" rel="noopener">Utkarsh Small Finance Bank (1639303D IN)</a>, <a href="https://www.smartkarma.com/entities/aditya-vision-ltd" target="_blank" data-smartkarma-citation="entities:40299:1" rel="noopener">Aditya Vision (AVL IN)</a>, <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a>, <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>


With the "Postcard" series, our objective is to bring to our readers on-ground insights based on interactions across key channels located in tier 2 and tier 3 locations.
For this Postcard, we travel to the east to the city of Ranchi, located in the heart of Jharkhand. 
Stocks in focus include Utkarsh Small Finance Bank (1639303D IN), Aditya Vision (AVL IN), Mahindra &amp; Mahindra (MM IN), Vedant Fashions (MANYAVAR IN). 


Postcard from Ranchi | The Wild Wild East

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>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.</li>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the NIFTY 50 and NIFTY Next 50 indices in the March 2024 rebalance.</li>
<li>There could be multiple changes for NIFTY 50 and separately, there could be five changes for NIFTY Next 50. The NIFTY 50 changes could have high impact.</li>
</ul>


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 the NIFTY 50 and NIFTY Next 50 indices in the March 2024 rebalance.
There could be multiple changes for NIFTY 50 and separately, there could be five changes for NIFTY Next 50. The NIFTY 50 changes could have high impact.


Quiddity Leaderboard NIFTY Mar 24: Bharat Electronics Trade Successful; Change Hedge and Let It Run

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Q3FY24 earnings season was marked by a) Strong domestic macroeconomic environment, b) Festival season c) Robust PMI manufacturing and Services, d) Stronger E-way bill and GST collection, and e) Strong pickup in electricity demand.</li><li>Backed by these factors, domestic-facing sectors largely enjoyed the economic recovery and hence, margins may surprise positively.</li><li>Most of the domestic high-frequency indicators have trended higher during the quarter which is likely to translate into good demand momentum for the domestic corporate segment. However, at this juncture, commentaries on margins and the guidance for the upcoming quarter remain critical. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q3FY24 earnings season was marked by a) Strong domestic macroeconomic environment, b) Festival season c) Robust PMI manufacturing and Services, d) Stronger E-way bill and GST collection, and e) Strong pickup in electricity demand.Backed by these factors, domestic-facing sectors largely enjoyed the economic recovery and hence, margins may surprise positively.Most of the domestic high-frequency indicators have trended higher during the quarter which is likely to translate into good demand momentum for the domestic corporate segment. However, at this juncture, commentaries on margins and the guidance for the upcoming quarter remain critical. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul>
<li>
<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> is optimistic about the future of their exports and expects a recovery in exports as a critical catalyst for the stock over the near term.</li>
<li>The company's EV endeavors in both 2-wheelers and 3-wheelers are expected to surprise on the upside, which can deliver upside than what is currently factored in.</li>
<li>The stock also trades at undemanding valuations (16x FY25 consensus estimates), offering adequate comfort with an optionality of EV and Exports.</li>
</ul>



Bajaj Auto Ltd (BJAUT IN) is optimistic about the future of their exports and expects a recovery in exports as a critical catalyst for the stock over the near term.
The company's EV endeavors in both 2-wheelers and 3-wheelers are expected to surprise on the upside, which can deliver upside than what is currently factored in.
The stock also trades at undemanding valuations (16x FY25 consensus estimates), offering adequate comfort with an optionality of EV and Exports.


Bajaj Auto Ltd (BJAUT IN) | EV & Exports Optionality

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<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>, the largest Indian electric two-wheel vehicles (E2W) player, is seeking US$660 million from a primary raise along with a secondary raise at a US$7-8 billion valuation.</li>
<li>In <a href="https://www.smartkarma.com/insights/ola-electric-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:123749" rel="noopener">Ola Electric IPO: The Bull Case</a>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on high R&amp;D capitalization, ongoing losses, high attrition, declining contract liabilities, cash burn and deteriorating balance sheet. </li>
</ul>



Ola Electric (1700674D IN), the largest Indian electric two-wheel vehicles (E2W) player, is seeking US$660 million from a primary raise along with a secondary raise at a US$7-8 billion valuation.
In Ola Electric IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on high R&amp;D capitalization, ongoing losses, high attrition, declining contract liabilities, cash burn and deteriorating balance sheet. 


India

Hero MotoCorp Ltd. designs, manufactures and distributes motorcycles. The Company's products also include motorcycle parts and accessories.

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Hero Motocorp (HMCL IN)

Postcard from Ranchi | The Wild Wild East

This Insight provides on-ground insights from Ranchi, Jharkhand, focusing on stocks like Utkarsh Small Finance Bank, Aditya Vision, Mahindra &...

Pranav Bhavsar

Quiddity Leaderboard NIFTY Mar 24: Bharat Electronics Trade Successful; Change Hedge and Let It Run

The reference period for the NIFTY 50 & NIFTY Next 50 March 2024 rebalance ends on 31st January 2024. There are no changes to my index changes...

Janaghan Jeyakumar, CFA

Q3FY24 Consolidated Preview

Q3FY24 earnings season was marked by a) Strong domestic macroeconomic environment, b) Festival season c) Robust PMI manufacturing and Services

Axis Direct

Bajaj Auto Ltd (BJAUT IN) | EV & Exports Optionality

BJAUT has approved the proposal for buy-back of up to 4,000,000 Equity Shares representing 1.41% of the total number of Equity Shares of the...

Pranav Bhavsar

Ola Electric IPO: The Bear Case

The bear case rests on high R and D capitalization, ongoing losses, high attrition, declining contract liabilities, cash burn and deteriorating...

Arun George

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Postcard from Ranchi | The Wild Wild East

​This Insight provides on-ground insights from Ranchi, Jharkhand, focusing on stocks like Utkarsh Small Finance Bank, Aditya Vision, Mahindra &...

Pranav Bhavsar

Quiddity Leaderboard NIFTY Mar 24: Bharat Electronics Trade Successful; Change Hedge and Let It Run

The reference period for the NIFTY 50 & NIFTY Next 50 March 2024 rebalance ends on 31st January 2024. There are no changes to my index changes...

Janaghan Jeyakumar, CFA

Q3FY24 Consolidated Preview

Q3FY24 earnings season was marked by a) Strong domestic macroeconomic environment, b) Festival season c) Robust PMI manufacturing and Services

Axis Direct

Bajaj Auto Ltd (BJAUT IN) | EV & Exports Optionality

BJAUT has approved the proposal for buy-back of up to 4,000,000 Equity Shares representing 1.41% of the total number of Equity Shares of the...

Pranav Bhavsar

Ola Electric IPO: The Bear Case

The bear case rests on high R and D capitalization, ongoing losses, high attrition, declining contract liabilities, cash burn and deteriorating...

Arun George

This Insight provides on-ground insights from Ranchi, Jharkhand, focusing on stocks like Utkarsh Small Finance Bank, Aditya Vision, Mahindra &...