India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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

Equity Bottom-Up

Action Construction Equipment / Equity Bottom-Up

<ul>
<li>Action Construction - a leader in construction and heavy equipment theme is going for transformation with a defence foray and new product launches</li>
<li>With strong guidance and the historical success of good execution makes a good bet on the current infrastructure and manufacturing theme</li>
<li>The risk includes a slowdown in the election period and stiff competition from larger players</li>
</ul>


Action Construction - a leader in construction and heavy equipment theme is going for transformation with a defence foray and new product launches
With strong guidance and the historical success of good execution makes a good bet on the current infrastructure and manufacturing theme
The risk includes a slowdown in the election period and stiff competition from larger players


The Beat Ideas: Action Construction - A Bet on Manufacturing & Infrastructure Theme

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>There could be 13 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 27 June.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 48.8% and that will result in a one-way trade of INR 35.5bn (US$426m).</li>
<li>Since January, the potential adds to the index have outperformed the potential deletes by a big margin. Watch out for the general election results on 4 June for momentum change.</li>
</ul>


There could be 13 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 27 June.
If all changes are on expected lines, one-way turnover is estimated at 48.8% and that will result in a one-way trade of INR 35.5bn (US$426m).
Since January, the potential adds to the index have outperformed the potential deletes by a big margin. Watch out for the general election results on 4 June for momentum change.


NIFTY200 Momentum30 Index Rebalance Preview: 49% Turnover; US$850m Trade; Election Results Coming

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported an in-line performance, with revenue/EBITDA/APAT at INR 670.8/72.3/43bn, a beat/(miss) of 1.3/(7.4)/(1.2)%</li><li>P&amp;M margins came in weaker than expected which resulted in LT achieving the lower end of FY24 margin guidance of 8.25-8.5% at 8.2%</li><li>LT gave 15/10% revenue/order inflow guidance for FY25 which is better than expected</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.

Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported an in-line performance, with revenue/EBITDA/APAT at INR 670.8/72.3/43bn, a beat/(miss) of 1.3/(7.4)/(1.2)%P&amp;M margins came in weaker than expected which resulted in LT achieving the lower end of FY24 margin guidance of 8.25-8.5% at 8.2%LT gave 15/10% revenue/order inflow guidance for FY25 which is better than expectedContent 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.

HSIE Results Daily: Larsen & Toubro, TVS Motor, Hero Motocorp

<ul><li>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported an in-line performance, with revenue/EBITDA/APAT at INR 670.8/72.3/43bn, a beat/(miss) of 1.3/(7.4)/(1.2)%</li><li>P&amp;M margins came in weaker than expected which resulted in LT achieving the lower end of FY24 margin guidance of 8.25-8.5% at 8.2%</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.

Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported an in-line performance, with revenue/EBITDA/APAT at INR 670.8/72.3/43bn, a beat/(miss) of 1.3/(7.4)/(1.2)%P&amp;M margins came in weaker than expected which resulted in LT achieving the lower end of FY24 margin guidance of 8.25-8.5% at 8.2%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.

HSIE Results Daily: Larsen & Toubro, TVS Motor, Hero Motocorp, Bharat Forge, Gujarat Gas

<ul><li>NHAI’s FY24 awarding activity is muted, expect pick-up from H2FY25: With minimal awarding activity in Q4FY24, the overall FY24 awarding activity remained muted</li><li>FY24 was a truncated year for ordering with ~INR 330bn worth of project awards (vs average INR 1.2trn for the previous year)</li><li>NHAI is re-modelling the award mix towards BOT toll with INR 2trn worth of projects being envisaged to be bid out under this model, which seems to be a tall ask</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.

NHAI’s FY24 awarding activity is muted, expect pick-up from H2FY25: With minimal awarding activity in Q4FY24, the overall FY24 awarding activity remained mutedFY24 was a truncated year for ordering with ~INR 330bn worth of project awards (vs average INR 1.2trn for the previous year)NHAI is re-modelling the award mix towards BOT toll with INR 2trn worth of projects being envisaged to be bid out under this model, which seems to be a tall askContent 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.

Industrials (Q4FY24 Results Preview): Strong Ordering Ex-Roads

India

GMR Infrastructure is an infrastructure company with interests in airports, power and roads. The Company is developing a greenfield international airport at Hyderabad, and is also operating, managing and developing the Delhi airport. Additionally, it is involved in development and operation of power plants and road projects in India.

Voltas Limited offers engineering solutions for a wide spectrum of industries in areas such as heating, ventilation and air conditioning, refrigeration, electro-mechanical projects, textile machinery, machine tools, mining and construction equipment, materials handling, water management, building management systems, indoor air quality and chemicals.

IRB Infrastructure Developers Limited is an infrastructure development and construction company in India with significant experience in the roads and highways sector.  The Company is also involved in the real estate development sector.

NBCC (India) Limited provides construction and engineering services. The Company constructs residential, commercial, and institutional buildings, as well as offers services, including project conceptualization, feasibility studies, construction drawings, detailed project reports, and project consulting services.

Kalpataru Power Transmission Limited manufactures transmission line towers for power distribution which are sold to The Power Grid Corporation of India and State Electricity Boards. The Company also exports its products to various countries and it also develops real estate.

NCC Ltd. is a construction company. The Group undertakes civil and structural infrastructure projects, real estate development and light engineering projects.

KEC International Limited is a power transmission company which is involved in the design, manufacture, supply and construction of turnkey projects of power transmission lines. The company also installs fiber optical cable and provides services for Satellite/GPRS surveys.

Engineers India Limited is a design and engineering company in the field of petroleum refineries, petrochemicals, oil and gas processing, offshore structures and platforms, fertilizers, metallurgy and power. EIL provides services such as design, engineering, procurement, construction management, commissioning assistance and project management.

Praj Industries Limited is an engineering firm that provides solutions for distillery and brewery wastewater treatment and utilization. The Company's fermentation systems include technology packages for multiple feedstock including cane molasses, cane juice and filtrate, starch based raw material like corn, sorghum, wheat, tapioca and tropical sugarbeet.

Techno Electric & Engineering Company Limited operates as a renewable energy company. The Company generates, transmits, and distributes wind power and electricity, as well as provides engineering and project management services. Techno Electric & Engineering serves customers in India.

Techno Electric & Engineering (TECHNOE IN)

China Railway Group Ltd. offers transportation systems construction services. The Company builds railroads, roads, tunnels, and bridges.

Quanta Services, Inc. provides specialized contracting services to electric utilities, telecommunication and cable television operators, and governmental entities.  The Company also installs transportation control and lighting systems and provides specialty electric power and communication services for industrial and commercial customers.  Quanta operates projects throughout North America.

China State Construction Engineering Corporation Ltd. is a state-owned enterprise. The Company engages in housing construction, international building contracting, property development and investment, and infrastructure construction.

EMCOR Group, Inc. provides mechanical and electrical construction and facilities services around the world.  The Company specializes in the design, installation, integration, and start-up of distribution systems for electrical power, lighting systems, low-voltage systems such as fire and security alarms, voice and data communication systems, ventilation systems, and plumbing and piping systems.

Ferrovial SA is an infrastructure operator and industrial company. The Company operates in multiple countries in a range of sectors including construction, airport, toll road, and municipal services.  Ferrovial SA also has a services division in which they provide facility management, infrastructure maintenance and upkeep, and energy and waste management services.

VINCI SA is a global player in concessions and construction with expertise in building, civil, hydraulic, and electrical engineering. The Company offers construction-related specialities and road materials production, as well as finance, management, operations and maintenance of public infrastructure such as motorways, airports, and road and rail infrastructures.

Bouygues SA offers construction services, develops real estate, offers cellular communications services, produces television programming and movies, and manages utilities.  The Company offers building, civil engineering, and oil and gas contracting services, develops residential, commercial, and office projects, produces and distributes water and electricity, and collects waste.

Power Construction Corporation of China, Ltd provides electric utility line construction services. The Company develops and constructs hydropower engineering, water works engineering, thermal power engineering, new energy engineering, and other projects. Power Construction China also operates property development.

China Railway Construction Corporation Limited provides transportation infrastructure construction services. The Company constructs railway, highway, urban track, and other infrastructure. China Railway Construction also provides real estate development and materials trading services.

China Railway Construction Cor (601186 CH)

WSP Global Inc. offers engineering services.  The Company offers professional services in the areas of construction, energy, the environment, mining, municipal infrastructure, project management, telecommunications, and transportation.

Larsen & Toubro Ltd manufactures engineering equipment, undertakes large scale engineering projects, and acts as the Indian representative for a number of overseas manufacturers of heavy machinery. The Company's products include bulldozers, road rollers, dairy machinery, chemical and pharmaceutical plants, switchgears, food processing machinery and feed milling plants.

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Larsen & Toubro (LT IN)

The Beat Ideas: Action Construction - A Bet on Manufacturing & Infrastructure Theme

Action Construction, a construction and heavy equipment leader, is undergoing transformation with a defence expansion and new product launches,...

Sudarshan Bhandari

NIFTY200 Momentum30 Index Rebalance Preview: 49% Turnover; US$850m Trade; Election Results Coming

There could be 13 changes for the Nifty200 Momentum 30 Index in June. The potential adds have outpeformed the potential deletes. Results of the...

Brian Freitas

HSIE Results Daily: Larsen & Toubro, TVS Motor, Hero Motocorp

Larsen & Toubro: Larsen & Toubro (LT) reported an in-line performance, with revenue/EBITDA/APAT at INR 670.8/72.3/43bn, a beat/(miss) of 1.3/(7.4)...

HDFC Securities

HSIE Results Daily: Larsen & Toubro, TVS Motor, Hero Motocorp, Bharat Forge, Gujarat Gas

Larsen & Toubro: Larsen & Toubro (LT) reported an in-line performance, with revenue/EBITDA/APAT at INR 670.8/72.3/43bn, a beat/(miss) of 1.3/(7.4)...

HDFC Securities

Industrials (Q4FY24 Results Preview): Strong Ordering Ex-Roads

NHAI’s FY24 awarding activity is muted, expect pick-up from H2FY25: With minimal awarding activity in Q4FY24, the overall FY24 awarding activity...

HDFC Securities

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52-week Range

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The Beat Ideas: Action Construction - A Bet on Manufacturing & Infrastructure Theme

​Action Construction, a construction and heavy equipment leader, is undergoing transformation with a defence expansion and new product launches,...

Sudarshan Bhandari

NIFTY200 Momentum30 Index Rebalance Preview: 49% Turnover; US$850m Trade; Election Results Coming

There could be 13 changes for the Nifty200 Momentum 30 Index in June. The potential adds have outpeformed the potential deletes. Results of the...

Brian Freitas

HSIE Results Daily: Larsen & Toubro, TVS Motor, Hero Motocorp

Larsen & Toubro: Larsen & Toubro (LT) reported an in-line performance, with revenue/EBITDA/APAT at INR 670.8/72.3/43bn, a beat/(miss) of 1.3/(7.4)...

HDFC Securities

HSIE Results Daily: Larsen & Toubro, TVS Motor, Hero Motocorp, Bharat Forge, Gujarat Gas

Larsen & Toubro: Larsen & Toubro (LT) reported an in-line performance, with revenue/EBITDA/APAT at INR 670.8/72.3/43bn, a beat/(miss) of 1.3/(7.4)...

HDFC Securities

Industrials (Q4FY24 Results Preview): Strong Ordering Ex-Roads

NHAI’s FY24 awarding activity is muted, expect pick-up from H2FY25: With minimal awarding activity in Q4FY24, the overall FY24 awarding activity...

HDFC Securities

Action Construction, a construction and heavy equipment leader, is undergoing transformation with a defence expansion and new product launches,...