Mid-Small Cap specialist | Equities | India, Nurture Capital Advisory

Nurture Capital Advisory

Mid-Small Cap specialist | Equities | India

Equity Bottom-Up

Indian Energy Exchange Ltd / Equity Bottom-Up

<ul>
<li>Q2FY23 Results weak on high base, H2FY23 to report single digit growth</li>
<li>FII selling, led to stock's underperformance in H1FY23, stock oversold</li>
<li>Weak base to support growth forward, low sentiment, steep selling, turning valuation attractive, besides long term opportunity is improving</li>
</ul>


Q2FY23 Results weak on high base, H2FY23 to report single digit growth
FII selling, led to stock's underperformance in H1FY23, stock oversold
Weak base to support growth forward, low sentiment, steep selling, turning valuation attractive, besides long term opportunity is improving


Indian Energy Exchange: Weak Base, Low Sentiment, Improving Valns

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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.

<ul><li>Indian Energy Exchange (IEX) is the premier electricity exchange in India, which facilitates trading of electricity.</li><li>IEX commands a market share of ~85-90% in the power exchange market</li><li>The company has a debt free balance sheet with cash &amp; investments to the tune of ~ Rs 340 crore.</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.

Indian Energy Exchange (IEX) is the premier electricity exchange in India, which facilitates trading of electricity.IEX commands a market share of ~85-90% in the power exchange marketThe company has a debt free balance sheet with cash &amp; investments to the tune of ~ Rs 340 crore.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.

Indian Energy Exchange (IEX) - Quiet Quarter Due to Unfavourable Macros…

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

The Indian mutual fund industry has assets of almost INR 7.93 trillion (US$106.3bn) across Multi cap, Large Cap, Large and Mid Cap, Mid Cap, Small Cap and Flexi Cap equity schemes. Equity schemes classified as large cap need to have at least 80% of their assets invested in large cap stocks, large and mid cap schemes need to have at least 35% of their assets in large cap stocks and at least 35% in mid cap stocks, mid cap funds need to hold at least 65% of their assets in mid cap stocks, and small cap funds need to hold at least 65% of their assets in small cap stocks. Flexi cap funds can invest across market caps.The Association of Mutual Funds in India (AMFI) publishes the list of the stocks in each market cap segment in January and July each year and mutual funds have one month to rebalance their portfolios to adhere to the new categorization.We are just past halfway through the review period for the second half of 2021. Using data to the close on 4 October, at the next recategorization in January 2022, we see 10 stocks moving from the mid cap segment to the large cap segment, 11 stocks moving from the large cap segment to the mid cap segment , 11 stocks are expected to move from the small cap segment to the mid cap segment, with16 stocks moving from the mid cap to the small cap segment. <a href="https://www.smartkarma.com/entities/zomato-media-pvt" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> will be a part of the large cap universe, while 4 other newly listed stocks will be a part of the mid cap universe.Historically, stocks moving to a higher market cap category have outperformed stocks that migrate to a lower market cap category over the back half of the review period. In some cases, the outperformance continues past the announcement of the changes as well. This can be attributed to fund managers realigning their portfolios to meet the new categorization. This provides opportunities to pre-position for the move and unwind post the announcement of the reclassification.

The Indian mutual fund industry has assets of almost INR 7.93 trillion (US$106.3bn) across Multi cap, Large Cap, Large and Mid Cap, Mid Cap, Small Cap and Flexi Cap equity schemes. Equity schemes classified as large cap need to have at least 80% of their assets invested in large cap stocks, large and mid cap schemes need to have at least 35% of their assets in large cap stocks and at least 35% in mid cap stocks, mid cap funds need to hold at least 65% of their assets in mid cap stocks, and small cap funds need to hold at least 65% of their assets in small cap stocks. Flexi cap funds can invest across market caps.The Association of Mutual Funds in India (AMFI) publishes the list of the stocks in each market cap segment in January and July each year and mutual funds have one month to rebalance their portfolios to adhere to the new categorization.We are just past halfway through the review period for the second half of 2021. Using data to the close on 4 October, at the next recategorization in January 2022, we see 10 stocks moving from the mid cap segment to the large cap segment, 11 stocks moving from the large cap segment to the mid cap segment , 11 stocks are expected to move from the small cap segment to the mid cap segment, with16 stocks moving from the mid cap to the small cap segment. Zomato (ZOMATO IN) will be a part of the large cap universe, while 4 other newly listed stocks will be a part of the mid cap universe.Historically, stocks moving to a higher market cap category have outperformed stocks that migrate to a lower market cap category over the back half of the review period. In some cases, the outperformance continues past the announcement of the changes as well. This can be attributed to fund managers realigning their portfolios to meet the new categorization. This provides opportunities to pre-position for the move and unwind post the announcement of the reclassification.

India: Stock Reclassification & Active Portfolio Management (Dec 2021)

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Thematic (Sector/Industry)

The year 2019 has witnessed a roller-coaster ride for the Indian stock market, specially lot of companies were questioned on corporate governance, accounting engineering. We have provided critical views on few of the companies on these two aspects. There are few hits and misses, we have witnessed in the last year. Going forward, we will continue to provide critical views on the companies especially in our core area of corporate governance and forensic research, however, we will also look into few companies where books of accounts are relatively clean and there are possibilities of turnaround.

The year 2019 has witnessed a roller-coaster ride for the Indian stock market, specially lot of companies were questioned on corporate governance, accounting engineering. We have provided critical views on few of the companies on these two aspects. There are few hits and misses, we have witnessed in the last year. Going forward, we will continue to provide critical views on the companies especially in our core area of corporate governance and forensic research, however, we will also look into few companies where books of accounts are relatively clean and there are possibilities of turnaround.

<a href="https://www.smartkarma.com/entities/indian-energy-exchange-ltd" target="_blank" data-smartkarma-citation="entities:25946:1" rel="noopener">Indian Energy Exchange (IEX IN)</a> , incorporated in 2008 has been the pioneering and leading player in the energy exchange trading industry with a market share of 98%; since then, it has only grown northward since initiation. The company has a strong and cash-rich balance sheet. However, there are few questions on receivable and payable which has to be addressed by the management of the company.

Indian Energy Exchange (IEX IN) , incorporated in 2008 has been the pioneering and leading player in the energy exchange trading industry with a market share of 98%; since then, it has only grown northward since initiation. The company has a strong and cash-rich balance sheet. However, there are few questions on receivable and payable which has to be addressed by the management of the company.

India

Indian Energy Exchange Limited operates a power trading platform for the physical delivery of electricity. The Company enables price discovery and risk management for participants of the electricity market. Indian Energy Exchange serves metal, food processing, textile, cement, ceramic, chemicals, automobiles, and information technology industries in India.

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Indian Energy Exchange Ltd (IEX IN)

Indian Energy Exchange: Weak Base, Low Sentiment, Improving Valns

IEX - A digital play in energy transition and electricity reforms, suffering from high base, heavy fii selling, despite improving long term...

Nurture Capital Advisory

Indian Energy Exchange (IEX) - Quiet Quarter Due to Unfavourable Macros…

Indian Energy Exchange (IEX) is the premier electricity exchange in India, which facilitates trading of electricity.IEX commands a market share of...

ICICI Securities Limited

India: Stock Reclassification & Active Portfolio Management (Dec 2021)

Halfway through the review period, we take a look at stocks that could migrate across the large, mid and small cap segments. With over US$100bn of...

Brian Freitas

Review Of The Year 2019

The year 2019 has witnessed a roller-coaster ride for the Indian stock market, specially lot of companies were questioned on corporate governance,...

Nitin Mangal

IEX: Strong, Upward Ticking Foothold

Indian Energy Exchange (IEX IN) , incorporated in 2008 has been the pioneering and leading player in the energy exchange trading industry with a...

Nitin Mangal

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