External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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.

Equity Bottom-Up

<ul><li>Piramal Enterprises (PIEL) reported a 2QFY25 net profit of ~INR1.6b (PQ: ~INR1.8b).</li><li>This included an exceptional gain of ~INR770m from recoveries in the AIF portfolio.</li><li>NII rose ~17% YoY and 9% QoQ to ~INR8.8b.</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.

Piramal Enterprises (PIEL) reported a 2QFY25 net profit of ~INR1.6b (PQ: ~INR1.8b).This included an exceptional gain of ~INR770m from recoveries in the AIF portfolio.NII rose ~17% YoY and 9% QoQ to ~INR8.8b.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.

Piramal Enterprises - Strong Retail Loan Growth; Credit Costs Higher QoQ

<ul><li>PIEL is committed to reducing its legacy AUM from ~INR130b as of Jun’24 to ~INR60-70b by Mar’25 and expects (not guidance) that a ~25% haircut could be required to run down the residual stressed legacy book.</li><li>As in the past, the rundown will not impair the company’s net worth thanks to pockets of value in Shriram Life/General investments, AIF recoveries and tax-related gains.</li><li>Unsecured digital loans are still a difficult but unavoidable channel (necessary evil) for lenders primarily focused on customer acquisition.</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.

PIEL is committed to reducing its legacy AUM from ~INR130b as of Jun’24 to ~INR60-70b by Mar’25 and expects (not guidance) that a ~25% haircut could be required to run down the residual stressed legacy book.As in the past, the rundown will not impair the company’s net worth thanks to pockets of value in Shriram Life/General investments, AIF recoveries and tax-related gains.Unsecured digital loans are still a difficult but unavoidable channel (necessary evil) for lenders primarily focused on customer acquisition.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.

Piramal Enterprises - Making Efforts to Strengthen Retail and Rundown Legacy Wholesale

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

Forensic Accounting

<ul>
<li>Recent RBI and SEBI actions unveil irregularities in <a href="https://www.smartkarma.com/entities/jm-financial-ltd" target="_blank" data-smartkarma-citation="entities:7475:1" rel="noopener">JM Financial (JM IN)</a> Products IPO financing, exposing risks in NBFC-led subscriptions.</li>
<li>Ensuring market integrity and investor protection, regulatory scrutiny highlights governance lapses, urging transparency and accountability.</li>
<li>Prompts investor caution, demanding rigorous scrutiny of financial intermediaries, and reinforcing the need for robust regulatory oversight.</li>
</ul>


Recent RBI and SEBI actions unveil irregularities in JM Financial (JM IN) Products IPO financing, exposing risks in NBFC-led subscriptions.
Ensuring market integrity and investor protection, regulatory scrutiny highlights governance lapses, urging transparency and accountability.
Prompts investor caution, demanding rigorous scrutiny of financial intermediaries, and reinforcing the need for robust regulatory oversight.


Governance Under Scrutiny: RBI, SEBI Probe on JM Financial

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>The <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a>, <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index</a>, <a href="https://www.smartkarma.com/entities/nse-nifty-bank-index" target="_blank" data-smartkarma-citation="entities:26811:1" rel="noopener">NSE Nifty Bank Index</a>, CNXIT Index, Nifty Midcap 150 Index, Nifty100 Low Volatility30 Index and the <a href="https://www.smartkarma.com/entities/cpse-etf" target="_blank" data-smartkarma-citation="entities:28191:1" rel="noopener">CPSE ETF</a> rebalance at the close tomorrow.</li>
<li>The round-trip trade across the indices is US$3.3bn and there are 13 stocks with over 1 day of ADV to trade from passive trackers.</li>
<li>Stocks with the largest inflows are <a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent</a>, <a href="https://www.smartkarma.com/entities/bharat-electronics-ltd" target="_blank" data-smartkarma-citation="entities:6636:1" rel="noopener">Bharat Electronics</a>, <a href="https://www.smartkarma.com/entities/canara-bank" target="_blank" data-smartkarma-citation="entities:543:1" rel="noopener">Canara Bank</a>, <a href="https://www.smartkarma.com/entities/bharat-heavy-electricals" target="_blank" data-smartkarma-citation="entities:460:1" rel="noopener">Bharat Heavy Electricals</a>, <a href="https://www.smartkarma.com/entities/oil-natural-gas-corp-ltd" target="_blank" data-smartkarma-citation="entities:3456:1" rel="noopener">Oil &amp; Natural Gas Corp</a>, <a href="https://www.smartkarma.com/entities/coal-india-ltd" target="_blank" data-smartkarma-citation="entities:9117:1" rel="noopener">Coal India</a>, <a href="https://www.smartkarma.com/entities/hindustan-aeronautics-ltd" target="_blank" data-smartkarma-citation="entities:26747:1" rel="noopener">Hindustan Aeronautics</a> and <a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation</a>.</li>
</ul>


The NIFTY Index, Nifty Next 50 Index, NSE Nifty Bank Index, CNXIT Index, Nifty Midcap 150 Index, Nifty100 Low Volatility30 Index and the CPSE ETF rebalance at the close tomorrow.
The round-trip trade across the indices is US$3.3bn and there are 13 stocks with over 1 day of ADV to trade from passive trackers.
Stocks with the largest inflows are Trent, Bharat Electronics, Canara Bank, Bharat Heavy Electricals, Oil &amp; Natural Gas Corp, Coal India, Hindustan Aeronautics and InterGlobe Aviation.


NIFTY Indices: Flows (Post Capping) At the Close Tomorrow; Round-Trip US$3.3bn

<ul>
<li>There are 19 changes a side for the NIFTY Midcap 150 Index at the September rebalance. There are many stocks with same-way flows from passive trackers of other indices.</li>
<li>Estimated one-way turnover is 9.8% resulting in a one-way trade of INR 8.2bn (US$98m). With US$40.1bn tracking the index actively, the impact on the stocks will be much larger.</li>
<li>The adds have outperformed the deletes this year, though near-term performance has been meh. There was a similar trend in March and the adds could outperform nearer to implementation.</li>
</ul>


There are 19 changes a side for the NIFTY Midcap 150 Index at the September rebalance. There are many stocks with same-way flows from passive trackers of other indices.
Estimated one-way turnover is 9.8% resulting in a one-way trade of INR 8.2bn (US$98m). With US$40.1bn tracking the index actively, the impact on the stocks will be much larger.
The adds have outperformed the deletes this year, though near-term performance has been meh. There was a similar trend in March and the adds could outperform nearer to implementation.


NIFTY MIDCAP150 Index Rebalance: 19 Changes a Side; Lots of Overlap with Other Index Flow

India

Piramal Enterprises Limited provides diversified commercial services. The Company offers pharmaceutical production and distribution, real estate, healthcare insights and analysis, and financial services. Piramal Enterprises serves customers globally.

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Piramal Enterprises (PIEL IN)

Piramal Enterprises - Strong Retail Loan Growth; Credit Costs Higher QoQ

Piramal Enterprises (PIEL) reported a 2QFY25 net profit of ~INR1.6b (PQ: ~INR1.8b).This included an exceptional gain of ~INR770m from recoveries in...

Motilal Oswal

Piramal Enterprises - Making Efforts to Strengthen Retail and Rundown Legacy Wholesale

We value the lending business at 0.6x FY26E P/BV (unchanged). Retain Neutral with a revised TP of INR1,000 (premised on Mar’26 SOTP).

Motilal Oswal

Governance Under Scrutiny: RBI, SEBI Probe on JM Financial

Recent RBI & SEBI's regulatory actions reveal irregularities in JM Financials' IPO financing, NCD subscription & Governance issues.

Nimish Maheshwari

NIFTY Indices: Flows (Post Capping) At the Close Tomorrow; Round-Trip US$3.3bn

The next rebalance of the Nifty family of indices takes place at the close on 27 Sep. The round-trip trade is US$3.3bn and there are 13 stocks with...

Brian Freitas

NIFTY MIDCAP150 Index Rebalance: 19 Changes a Side; Lots of Overlap with Other Index Flow

There are 19 changes for the index in Sep. Estimated one-way turnover is 9.8% resulting in a one-way trade of INR 8.2bn (US$98m). There are many...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Piramal Enterprises - Strong Retail Loan Growth; Credit Costs Higher QoQ

Piramal Enterprises (PIEL) reported a 2QFY25 net profit of ~INR1.6b (PQ: ~INR1.8b).This included an exceptional gain of ~INR770m from recoveries in...

Motilal Oswal

Piramal Enterprises - Making Efforts to Strengthen Retail and Rundown Legacy Wholesale

We value the lending business at 0.6x FY26E P/BV (unchanged). Retain Neutral with a revised TP of INR1,000 (premised on Mar’26 SOTP).

Motilal Oswal

Governance Under Scrutiny: RBI, SEBI Probe on JM Financial

​Recent RBI & SEBI's regulatory actions reveal irregularities in JM Financials' IPO financing, NCD subscription & Governance issues.

Nimish Maheshwari

NIFTY Indices: Flows (Post Capping) At the Close Tomorrow; Round-Trip US$3.3bn

The next rebalance of the Nifty family of indices takes place at the close on 27 Sep. The round-trip trade is US$3.3bn and there are 13 stocks with...

Brian Freitas

NIFTY MIDCAP150 Index Rebalance: 19 Changes a Side; Lots of Overlap with Other Index Flow

There are 19 changes for the index in Sep. Estimated one-way turnover is 9.8% resulting in a one-way trade of INR 8.2bn (US$98m). There are many...

Brian Freitas

Recent RBI & SEBI's regulatory actions reveal irregularities in JM Financials' IPO financing, NCD subscription & Governance issues.