External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

<ul><li>LTI and Mindtree announced their much-expected merger on 6th May, (LTIM) will be the new India heritage IT player.</li><li>If current execution of both companies holds up, we think it could outpace Tier-1 set growth over the next 10 years.</li><li>Also, with both revenue and cost synergies, we believe there is potential for net margin gap between LTIM and TCS/Infosys (currently at 300-500bps) to narrow, leading to faster than pe...(continued).</li></ul><p><em>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.</em></p>

LTI and Mindtree announced their much-expected merger on 6th May, (LTIM) will be the new India heritage IT player.If current execution of both companies holds up, we think it could outpace Tier-1 set growth over the next 10 years.Also, with both revenue and cost synergies, we believe there is potential for net margin gap between LTIM and TCS/Infosys (currently at 300-500bps) to narrow, leading to faster than pe...(continued).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.

LTI-Mindtree: To Eat More from Tier-2 Plate near Term

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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)

<div><div><div><div><ul><li>Strong complimentary credentials: LTI has strong credentials in client mining (USD 20mn+ and USD 1mn+ logos have doubled in five years) and it has scaled competencies (SAP, AWS, Temenos) significantly, supported by improved tiering in partnerships and strong solutioning (MOSAIC, Leni).</li></ul><div><div><div><div><ul><li>Risk mitigation is work in progress: In our opinion, there are risks of senior level and high-performer attrition in a tight supply market and client attrition in short cycle deals, with possibility of increased competition.</li></ul><div><div><div><div><ul><li>While the companies have been operating under L&amp;T’s parentage, cultural alignment will be work in progress (MTCL scores slightly higher on some of the supply side metrics).</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

Strong complimentary credentials: LTI has strong credentials in client mining (USD 20mn+ and USD 1mn+ logos have doubled in five years) and it has scaled competencies (SAP, AWS, Temenos) significantly, supported by improved tiering in partnerships and strong solutioning (MOSAIC, Leni).Risk mitigation is work in progress: In our opinion, there are risks of senior level and high-performer attrition in a tight supply market and client attrition in short cycle deals, with possibility of increased competition.While the companies have been operating under L&amp;T’s parentage, cultural alignment will be work in progress (MTCL scores slightly higher on some of the supply side metrics).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.

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>The S&amp;P BSE family of indices represents the performance of stocks listed on the Bombay Stock Exchange (BSE) across various sizes, themes, industries, and strategies.</li>
<li>This series will mainly focus on the following indices of the S&amp;P BSE family: S&amp;P BSE 500, S&amp;P BSE 200, S&amp;P BSE 100, and S&amp;P BSE SENSEX.</li>
<li>In this insight, we take a look at the leading candidates who could become Adds/Deletes during the June 2022 Semi-annual Rebalance.</li>
</ul>


The S&amp;P BSE family of indices represents the performance of stocks listed on the Bombay Stock Exchange (BSE) across various sizes, themes, industries, and strategies.
This series will mainly focus on the following indices of the S&amp;P BSE family: S&amp;P BSE 500, S&amp;P BSE 200, S&amp;P BSE 100, and S&amp;P BSE SENSEX.
In this insight, we take a look at the leading candidates who could become Adds/Deletes during the June 2022 Semi-annual Rebalance.


S&P BSE Indices (SENSEX Family): Quiddity Leaderboard for June 2022 Rebalance (Final)

<ul><li>Mindtree’s (MTCL) 4QFY22 revenue at US$383.8mn, grew by 5.2% QoQ in CC terms, marking 6th consecutive quarter of 5%+ growth, but was tad lower than our estimate of 6%.</li><li>EBIT margin of ~18.9% was in line, contracting by 30bps QoQ.</li><li>TCV of ~US$390mn (US$375mn in 4QFY21) reflects the need for pick-up in order inflow...(continued).</li></ul><p><em>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.</em></p>

Mindtree’s (MTCL) 4QFY22 revenue at US$383.8mn, grew by 5.2% QoQ in CC terms, marking 6th consecutive quarter of 5%+ growth, but was tad lower than our estimate of 6%.EBIT margin of ~18.9% was in line, contracting by 30bps QoQ.TCV of ~US$390mn (US$375mn in 4QFY21) reflects the need for pick-up in order inflow...(continued).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.

Mindtree: 4Q in Line; Demand Visibility and Margin- Challenges in FY23

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

ICICI Securities Limited

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>Mindtree (MTCL) has reported revenue growth of over 5% QoQ (CC) for the fifth consecutive quarter in Q4FY22.</li><li>Revenue stood at US$384mn, growing at 5.2% QoQ (CC) and 4.8% QoQ (US$) (Isec: 4.9%, Cons: 4.3%).</li><li>Margin performance was impressive with EBIT margin at 18.9%, -30bps QoQ (Isec: 18.1%, Cons: 18.8%), above our estimates.</li></ul><p><em>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.</em></p>

Mindtree (MTCL) has reported revenue growth of over 5% QoQ (CC) for the fifth consecutive quarter in Q4FY22.Revenue stood at US$384mn, growing at 5.2% QoQ (CC) and 4.8% QoQ (US$) (Isec: 4.9%, Cons: 4.3%).Margin performance was impressive with EBIT margin at 18.9%, -30bps QoQ (Isec: 18.1%, Cons: 18.8%), above our estimates.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.

Mindtree: Impressive Disciplined Execution

India

Mindtree Limited is an international IT company. The Company delivers business and technology solutions through global software development. Mindtree develops applications to help companies enhance their enterprise operations. The Company also delivers product-development services and designs reusable building blocks for high-tech companies.

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Mindtree Ltd (MTCL IN)

LTI-Mindtree: To Eat More from Tier-2 Plate near Term

LTI and Mindtree announced their much-expected merger on 6th May, (LTIM) will be the new India heritage IT player. If current execution of both...

Nirmal Bang

Information Technology - Two to Tango

Mindtree (MTCL) will merge into L&T Infotech (LTI) to form the amalgamated entity ‘LTIMindtree’ in a deal that has been widely speculated and...

HDFC Securities

S&P BSE Indices (SENSEX Family): Quiddity Leaderboard for June 2022 Rebalance (Final)

A look at the Potential ADDs and Potential DELETEs for the S&P BSE SENSEX, S&P BSE 100, S&P BSE 200, and S&P BSE 500 Indices for the upcoming...

Janaghan Jeyakumar, CFA

Mindtree: 4Q in Line; Demand Visibility and Margin- Challenges in FY23

Mindtree’s (MTCL) 4QFY22 revenue at US$383.8mn, grew by 5.2% QoQ in CC terms, marking 6th consecutive quarter of 5%+ growth, but was tad lower than...

Nirmal Bang

Mindtree: Impressive Disciplined Execution

Mindtree (MTCL) has reported revenue growth of over 5% QoQ (CC) for the fifth consecutive quarter in Q4FY22.Revenue stood at US$384mn, growing at...

ICICI Securities Limited

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