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>Re-Introducing our weekly Namaste India 2.0. This iteration builds on our earlier version and is designed for investors keen to track developments in India.</li>
<li>Nuclear power currently contributes less than 2% of India's total electricity generation, indicating significant room for growth.</li>
<li>Going ahead, with earnings taking center stage, the high valuations commanded by <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> are likely to get challenged.  </li>
</ul>


Re-Introducing our weekly Namaste India 2.0. This iteration builds on our earlier version and is designed for investors keen to track developments in India.
Nuclear power currently contributes less than 2% of India's total electricity generation, indicating significant room for growth.
Going ahead, with earnings taking center stage, the high valuations commanded by iShares MSCI India ETF (INDA US) are likely to get challenged.  


Namaste India 🙏 | India’s Atomic Ambitions

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

BrainBees Solutions / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">BrainBees Solutions (FirstCry)</a> raised around US$500m in its India IPO.</li>
<li>FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.</li>
<li>In our previous notes, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.</li>
</ul>



BrainBees Solutions (FirstCry) raised around US$500m in its India IPO.
FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.
In our previous notes, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.


Brainbees (FirstCry) IPO Trading - Decent Subscription and Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">BrainBees Solutions</a> is looking to raise up to US$500m in its upcoming India IPO.</li>
<li>FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.</li>
<li>In our previous notes, we looked at the company’s past performance. In this note, we will talk about valuations.</li>
</ul>



BrainBees Solutions is looking to raise up to US$500m in its upcoming India IPO.
FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.
In our previous notes, we looked at the company’s past performance. In this note, we will talk about valuations.


Brainbees Solutions (FirstCry) IPO - Not Very Attractive but It Is Relatively Cheap

<ul>
<li>
<a href="https://www.smartkarma.com/entities/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">BrainBees Solutions</a> is looking to raise up to US$500m in its upcoming India IPO. </li>
<li>FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about its updated financials in the RHP.</li>
</ul>



BrainBees Solutions is looking to raise up to US$500m in its upcoming India IPO. 
FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about its updated financials in the RHP.


Brainbees Solutions (FirstCry) IPO - RHP Updates - Growing but Slowing

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 during the September 2024 index rebal event.</li>
<li>Since my last insight, we have observed a couple of important changes to candidate rankings and that has resulted in some changes to our index change expectations.</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 during the September 2024 index rebal event.
Since my last insight, we have observed a couple of important changes to candidate rankings and that has resulted in some changes to our index change expectations.


Quiddity Leaderboard NIFTY Sep 24: Multiple Changes Possible for NIFTY 50; Some New Trade Ideas

India

Just Dial Ltd. operates a local search engine that provides comprehensive updated information. The Company offers a search engine that includes a variety of categories such as movies, hotels and resorts, taxis and car rentals, insurance, bars, and nightclubs. Just Dial markets its search engine to users throughout India.

Price Gauge
52-week Range	0.00 - 0.00
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Just Dial Ltd (JUST IN)

Namaste India 🙏 | India’s Atomic Ambitions

Weekly Namaste India 2.0 for investors tracking India; nuclear power at 2% of electricity generation, room for growth; high valuations of iShares...

Pranav Bhavsar

Brainbees (FirstCry) IPO Trading - Decent Subscription and Valuation

BrainBees Solutions (FirstCry) raised around US$500m in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Brainbees Solutions (FirstCry) IPO - Not Very Attractive but It Is Relatively Cheap

BrainBees Solutions is looking to raise up to US$500m in its upcoming India IPO. We have looked at the past performance in our earlier notes, in...

Sumeet Singh

Brainbees Solutions (FirstCry) IPO - RHP Updates - Growing but Slowing

BrainBees Solutions is looking to raise up to US$500m in its upcoming India IPO. In this note, we talk about the updates from its recent filings.

Sumeet Singh

Quiddity Leaderboard NIFTY Sep 24: Multiple Changes Possible for NIFTY 50; Some New Trade Ideas

There are at least four names eligible for NIFTY 50 addition in September 2024. However, the final count ADDs and DELs will be a discretionary...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Namaste India 🙏 | India’s Atomic Ambitions

​Weekly Namaste India 2.0 for investors tracking India; nuclear power at 2% of electricity generation, room for growth; high valuations of iShares...

Pranav Bhavsar

Brainbees (FirstCry) IPO Trading - Decent Subscription and Valuation

BrainBees Solutions (FirstCry) raised around US$500m in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Brainbees Solutions (FirstCry) IPO - Not Very Attractive but It Is Relatively Cheap

BrainBees Solutions is looking to raise up to US$500m in its upcoming India IPO. We have looked at the past performance in our earlier notes, in...

Sumeet Singh

Brainbees Solutions (FirstCry) IPO - RHP Updates - Growing but Slowing

BrainBees Solutions is looking to raise up to US$500m in its upcoming India IPO. In this note, we talk about the updates from its recent filings.

Sumeet Singh

Quiddity Leaderboard NIFTY Sep 24: Multiple Changes Possible for NIFTY 50; Some New Trade Ideas

There are at least four names eligible for NIFTY 50 addition in September 2024. However, the final count ADDs and DELs will be a discretionary...

Janaghan Jeyakumar, CFA

Weekly Namaste India 2.0 for investors tracking India; nuclear power at 2% of electricity generation, room for growth; high valuations of iShares...