Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

Housing and Urban Development Corporation Limited / Equity Bottom-Up

Housing and Urban Development Corporation Limited

<ul>
<li>The headline Indian mid cap indices are still expensive, despite a sharp decline since late September. However, when adjusted for growth, many fundamentally attractive mid-caps are cheap.</li>
<li>We screen mid-caps with PEG&lt;1.3x, consensus Buy recommendations and increasing consensus EPS estimates over the past six months. We choose well-covered stocks so that the consensus estimates are meaningful.</li>
<li>Our basket of 20 contains six financial stocks, five materials, four industrials and three consumer discretionaries. Many pertain to the themes of renewable energy, data centers, healthcare, tourism and infrastructure.</li>
</ul>


The headline Indian mid cap indices are still expensive, despite a sharp decline since late September. However, when adjusted for growth, many fundamentally attractive mid-caps are cheap.
We screen mid-caps with PEG&lt;1.3x, consensus Buy recommendations and increasing consensus EPS estimates over the past six months. We choose well-covered stocks so that the consensus estimates are meaningful.
Our basket of 20 contains six financial stocks, five materials, four industrials and three consumer discretionaries. Many pertain to the themes of renewable energy, data centers, healthcare, tourism and infrastructure.


Asian Equities: Twenty Attractive and Cheap Indian Mid-Caps

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>Government capex is revised to Rs. 10.2 lakh crore—8.3% below target—with significant PMAY allocation cuts amid revised funding for affordable housing projects.</li>
<li>Lower capex and reduced PMAY funds signal execution challenges in housing, potentially straining <a href="https://www.smartkarma.com/entities/housing-and-urban-development-corporation-limited" target="_blank" data-smartkarma-citation="entities:24013:1" rel="noopener">Housing and Urban Development Corporation Limited (HUDCO IN)</a>’s growth targets despite its strong loan expansion plans.</li>
<li>Short-Term funding cuts create uncertainty, but HUDCO’s strategic focus on low-risk lending and ambitious loan targets suggests a promising long-term outlook.</li>
</ul>


Government capex is revised to Rs. 10.2 lakh crore—8.3% below target—with significant PMAY allocation cuts amid revised funding for affordable housing projects.
Lower capex and reduced PMAY funds signal execution challenges in housing, potentially straining Housing and Urban Development Corporation Limited (HUDCO IN)’s growth targets despite its strong loan expansion plans.
Short-Term funding cuts create uncertainty, but HUDCO’s strategic focus on low-risk lending and ambitious loan targets suggests a promising long-term outlook.


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

Housing and Urban Development Corporation Limited / Event-Driven

<ul>
<li>We see 7 stocks moving from MidCap to LargeCap and vice versa, 17 stocks from SmallCap to MidCap, 19 stocks from MidCap to SmallCap and 2 new additions to MidCap.</li>
<li>The expected migrations from SmallCap to MidCap have outperformed the other potential migrations with all stocks moving higher over the last six months.</li>
<li>Momentum on the upward migrations could sustain as active managers reposition their portfolios. Some stocks will have passive flows over the next few months.</li>
</ul>


We see 7 stocks moving from MidCap to LargeCap and vice versa, 17 stocks from SmallCap to MidCap, 19 stocks from MidCap to SmallCap and 2 new additions to MidCap.
The expected migrations from SmallCap to MidCap have outperformed the other potential migrations with all stocks moving higher over the last six months.
Momentum on the upward migrations could sustain as active managers reposition their portfolios. Some stocks will have passive flows over the next few months.


AMFI Stock Reclassification Preview (June 2024): Potential Changes as Momentum Recovers

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/housing-and-urban-development-corporation-limited" target="_blank" data-smartkarma-citation="entities:24013:1" rel="noopener">Housing and Urban Development Corporation Limited (HUDCO IN)</a>  stock dropped 11% after the government slashed funding for PMAY-Urban in the 2025 Union Budget. </li>
<li>India and Russia are in discussions to integrate RuPay and MIR payment systems for mutual transactions. This move comes amid Western sanctions on Russia, aiming to ease transaction challenges visitors.</li>
<li>Ajay Seth, Secretary of DEA, emphasizes the need for India to invest 7-8% of GDP annually in infrastructure. He urges the private sector to contribute more, particularly through public-private partnerships.</li>
</ul>



Housing and Urban Development Corporation Limited (HUDCO IN)  stock dropped 11% after the government slashed funding for PMAY-Urban in the 2025 Union Budget. 
India and Russia are in discussions to integrate RuPay and MIR payment systems for mutual transactions. This move comes amid Western sanctions on Russia, aiming to ease transaction challenges visitors.
Ajay Seth, Secretary of DEA, emphasizes the need for India to invest 7-8% of GDP annually in infrastructure. He urges the private sector to contribute more, particularly through public-private partnerships.


#97 India Insight: HUDCO Drops 11%?, India-Russia RuPay-MIR Talks, Ajay Seth Calls for Infra Boost.

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 indices in the December 2024 index rebal event.</li>
<li>We expect six ADDs/DELs for BSE 100 and six ADDs/DELs for BSE 200.</li>
<li>Zomato is one of the six BSE 100 expected DELs but its fate will depend on when its expected F&amp;O list inclusion takes place and the index provider's discretionary choices.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 indices in the December 2024 index rebal event.
We expect six ADDs/DELs for BSE 100 and six ADDs/DELs for BSE 200.
Zomato is one of the six BSE 100 expected DELs but its fate will depend on when its expected F&amp;O list inclusion takes place and the index provider's discretionary choices.


Quiddity Leaderboard BSE/​​​​SENSEX Dec 24: Some Changes to Expectations + Zomato Question Mark

India

Housing and Urban Development Corporation Limited provides financial assistance for housing and urban infrastructure development projects. The Company offers loans for housing projects, such as urban and rural housing, co-operative housing, community toilets, and slum upgradation. Housing and Urban Development Corporation operates in India.

Housing and Urban Development Corporation Limited (HUDCO IN)

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Housing and Urban Development Corporation Limited (HUDCO IN)

Asian Equities: Twenty Attractive and Cheap Indian Mid-Caps

Indian midcap indices are pricey despite recent drop, but many fundamentally strong midcaps offer value when growth is factored in. Our screen on...

Manishi Raychaudhuri

Hudco’s Tough Time: Lower Capex, PMAY

Revised government capex and PMAY cuts pose challenges for housing projects, but HUDCO's loan expansion plans and low NPAs offer a promising long...

Nimish Maheshwari

AMFI Stock Reclassification Preview (June 2024): Potential Changes as Momentum Recovers

We see 7 stocks moving from MidCap to LargeCap and vice versa, 17 stocks from SmallCap to MidCap, 19 stocks from MidCap to SmallCap and 2 new adds...

Brian Freitas

#97 India Insight: HUDCO Drops 11%?, India-Russia RuPay-MIR Talks, Ajay Seth Calls for Infra Boost.

HUDCO IN stock fell 11% due to reduced PMAY-Urban funding; India and Russia consider integrating payment systems; India urged to invest 7-8% of...

Sudarshan Bhandari

Quiddity Leaderboard BSE/SENSEX Dec 24: Some Changes to Expectations + Zomato Question Mark

The reference period ends today (31st October). Our BSE 100 expected ADDs/DELs remain unchanged. For BSE 200, all expected ADDs/DELs mentioned in...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: Twenty Attractive and Cheap Indian Mid-Caps

​Indian midcap indices are pricey despite recent drop, but many fundamentally strong midcaps offer value when growth is factored in. Our screen on...

Manishi Raychaudhuri

Hudco’s Tough Time: Lower Capex, PMAY

​Revised government capex and PMAY cuts pose challenges for housing projects, but HUDCO's loan expansion plans and low NPAs offer a promising long...

Nimish Maheshwari

AMFI Stock Reclassification Preview (June 2024): Potential Changes as Momentum Recovers

We see 7 stocks moving from MidCap to LargeCap and vice versa, 17 stocks from SmallCap to MidCap, 19 stocks from MidCap to SmallCap and 2 new adds...

Brian Freitas

#97 India Insight: HUDCO Drops 11%?, India-Russia RuPay-MIR Talks, Ajay Seth Calls for Infra Boost.

​HUDCO IN stock fell 11% due to reduced PMAY-Urban funding; India and Russia consider integrating payment systems; India urged to invest 7-8% of...

Sudarshan Bhandari

Quiddity Leaderboard BSE/​​​​SENSEX Dec 24: Some Changes to Expectations + Zomato Question Mark

The reference period ends today (31st October). Our BSE 100 expected ADDs/DELs remain unchanged. For BSE 200, all expected ADDs/DELs mentioned in...

Janaghan Jeyakumar, CFA

Indian midcap indices are pricey despite recent drop, but many fundamentally strong midcaps offer value when growth is factored in. Our screen on...

Revised government capex and PMAY cuts pose challenges for housing projects, but HUDCO's loan expansion plans and low NPAs offer a promising long...

HUDCO IN stock fell 11% due to reduced PMAY-Urban funding; India and Russia consider integrating payment systems; India urged to invest 7-8% of...

Quiddity Leaderboard BSE/SENSEX Dec 24: Some Changes to Expectations + Zomato Question Mark