Equities. Commodities. Metals & Mining

Rahul Jain

Equity Bottom-Up

<ul>
<li>Reliance plans to invest Rs40,000–45,000 crore (30% of total capex) into its New Energy business over FY25–FY28.</li>
<li>Solar PV manufacturing (10 GW), Green Hydrogen (electrolyzers + hydrogen production), Energy Storage (30 GWh batteries), Biogas (CBG plants), and Carbon Capture initiatives.</li>
<li>New Energy could contribute 8–10% of Reliance’s total EBITDA over the next 10 years as projects mature and commercial operations ramp up.</li>
</ul>


Reliance plans to invest Rs40,000–45,000 crore (30% of total capex) into its New Energy business over FY25–FY28.
Solar PV manufacturing (10 GW), Green Hydrogen (electrolyzers + hydrogen production), Energy Storage (30 GWh batteries), Biogas (CBG plants), and Carbon Capture initiatives.
New Energy could contribute 8–10% of Reliance’s total EBITDA over the next 10 years as projects mature and commercial operations ramp up.


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 Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RIL IN)</a> has relaunched Campa Cola with a disruptive INR 10 price tag, targeting Bharat through regional branding, aggressive retail margins, and deep distribution.</li>
<li>Campa’s revival is shaking up India’s INR 50,000 crore soft drink market, challenging Pepsi and Coke with rapid share gains and frenzied rural demand.</li>
<li>This is not nostalgia, it’s Ambani’s Jio-style FMCG disruption. Expect more brand revivals, deeper pricing wars, and a new cola war driven from the grassroots.</li>
</ul>



Reliance Industries (RIL IN) has relaunched Campa Cola with a disruptive INR 10 price tag, targeting Bharat through regional branding, aggressive retail margins, and deep distribution.
Campa’s revival is shaking up India’s INR 50,000 crore soft drink market, challenging Pepsi and Coke with rapid share gains and frenzied rural demand.
This is not nostalgia, it’s Ambani’s Jio-style FMCG disruption. Expect more brand revivals, deeper pricing wars, and a new cola war driven from the grassroots.


Reliance's Campa Cola Comeback: Disrupting India’s Soft Drink Market

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Greenko Energy, Vedanta Resources, Reliance Industries</li>
<li>Last Friday, US Treasuries tightened by 5-8 bps across the curve. US equities continued to recover, albeit at a slow pace, with the S&amp;P 500 up by 0.7% and Nasdaq rising 1.3%.</li>
<li>The US economy is projected to register a weak 0.4% annualised growth rate in Q1/25, according to the US government's initial estimate, with a large trade deficit and consumer fatigue contributing to the slowdown, even before the tariff-related upheaval.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Greenko Energy, Vedanta Resources, Reliance Industries
Last Friday, US Treasuries tightened by 5-8 bps across the curve. US equities continued to recover, albeit at a slow pace, with the S&amp;P 500 up by 0.7% and Nasdaq rising 1.3%.
The US economy is projected to register a weak 0.4% annualised growth rate in Q1/25, according to the US government's initial estimate, with a large trade deficit and consumer fatigue contributing to the slowdown, even before the tariff-related upheaval.


Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Forensic Accounting

Reliance Industries / Forensic Accounting

<ul>
<li>Reliance bought 5,286 acres of prime industrial land in Navi Mumbai, which was sold for a surprisingly low INR 2,200 cr whose economic value is around INR 1 Lakh cr.</li>
<li>This complex transaction done at a steep discount raises corporate governance issues for other shareholders like Jai Corp owing to valuations, disclosure lapses and minority shareholder rights.</li>
<li>We delve into details of the deal structure and what it means for respective companies's shareholders.</li>
</ul>


Reliance bought 5,286 acres of prime industrial land in Navi Mumbai, which was sold for a surprisingly low INR 2,200 cr whose economic value is around INR 1 Lakh cr.
This complex transaction done at a steep discount raises corporate governance issues for other shareholders like Jai Corp owing to valuations, disclosure lapses and minority shareholder rights.
We delve into details of the deal structure and what it means for respective companies's shareholders.


Steep Discount on Land Acquisition by Reliance Sparks Corporate Governance Debate

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899" rel="noopener">Hang Seng Index (HSI INDEX)</a>, <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906" rel="noopener">Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX EQUITY)</a> and <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909" rel="noopener">Nikkei 225 (NKY INDEX)</a> all have elevated implied vols vs their peers and vs historical observations for October.</li>
<li>
<a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617" rel="noopener">NIFTY Index (NIFTY INDEX)</a> , <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> and <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a>  implied vols are on the low end of what is typically realized in October.</li>
<li>Most markets see price weakness in the 3rd week of the month with realized volatility underperforming over the back half of the month.</li>
</ul>



Hang Seng Index (HSI INDEX), Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX EQUITY) and Nikkei 225 (NKY INDEX) all have elevated implied vols vs their peers and vs historical observations for October.

NIFTY Index (NIFTY INDEX) , S&amp;P 500 INDEX (SPX INDEX) and S&amp;P/ASX 200 (AS51 INDEX)  implied vols are on the low end of what is typically realized in October.
Most markets see price weakness in the 3rd week of the month with realized volatility underperforming over the back half of the month.


EQD | Asia Monthly Vol Roadmap: Elevated IV's in CSI300 and Hang Seng Present Tactical Opportunity

India

Reliance Industries Ltd. manufactures petrochemicals, synthetic fibers, fiber intermediates, textiles, blended yarn and polyester staple fiber. The Company also owns a petroleum refinery cum petrochemicals complex in Jamnagar, India that produces a wide range of products such as gasoline, superior kerosene oil and liquefied petroleum gas.

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Reliance Industries (RIL IN)

Reliance: Betting Big on New Energy

Reliance to invest ₹40,000–45,000 crore in New Energy business over FY25–FY28, and expected to contribute 8–10% of total EBITDA in the next decade.

Rahul Jain

Reliance's Campa Cola Comeback: Disrupting India’s Soft Drink Market

Reliance Industries revives Campa Cola with disruptive pricing, targeting rural market and shaking up India's soft drink industry with rapid share...

Sudarshan Bhandari

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Greenko Energy, Vedanta...

Lucror Analytics

Steep Discount on Land Acquisition by Reliance Sparks Corporate Governance Debate

Reliance's purchase of industrial land in Navi Mumbai at a steep discount raises corporate governance concerns for shareholders like Jai Corp due...

Nimish Maheshwari

EQD | Asia Monthly Vol Roadmap: Elevated IV's in CSI300 and Hang Seng Present Tactical Opportunity

Implied volatility levels across key Asian indices present several tactical opportunities this month for outright or pairs trades...

John Ley

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Reliance: Betting Big on New Energy

​Reliance to invest ₹40,000–45,000 crore in New Energy business over FY25–FY28, and expected to contribute 8–10% of total EBITDA in the next decade.

Rahul Jain

Reliance's Campa Cola Comeback: Disrupting India’s Soft Drink Market

​Reliance Industries revives Campa Cola with disruptive pricing, targeting rural market and shaking up India's soft drink industry with rapid share...

Sudarshan Bhandari

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Greenko Energy, Vedanta...

Lucror Analytics

Steep Discount on Land Acquisition by Reliance Sparks Corporate Governance Debate

​Reliance's purchase of industrial land in Navi Mumbai at a steep discount raises corporate governance concerns for shareholders like Jai Corp due...

Nimish Maheshwari

EQD | Asia Monthly Vol Roadmap: Elevated IV's in CSI300 and Hang Seng Present Tactical Opportunity

​Implied volatility levels across key Asian indices present several tactical opportunities this month for outright or pairs trades...

John Ley

Reliance to invest ₹40,000–45,000 crore in New Energy business over FY25–FY28, and expected to contribute 8–10% of total EBITDA in the next decade.

Reliance Industries revives Campa Cola with disruptive pricing, targeting rural market and shaking up India's soft drink industry with rapid share...

Reliance's purchase of industrial land in Navi Mumbai at a steep discount raises corporate governance concerns for shareholders like Jai Corp due...

Implied volatility levels across key Asian indices present several tactical opportunities this month for outright or pairs trades...