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

Thematic (Sector/Industry)

We spoke to the store manager of Reliance Digital, an electronics retailer part of Reliance Retail, a wholly-owned subsidiary of <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> and a store of Tata Croma, also an electronics retailer part of Infiniti Retail, a subsidiary of the Tata Group.
Our objective was to understand the current operating environment and consumer sentiment especially now due to the onset of the festive season in India.

We spoke to the store manager of Reliance Digital, an electronics retailer part of Reliance Retail, a wholly-owned subsidiary of Reliance Industries (RIL IN) and a store of Tata Croma, also an electronics retailer part of Infiniti Retail, a subsidiary of the Tata Group.
Our objective was to understand the current operating environment and consumer sentiment especially now due to the onset of the festive season in India. 

India Channel Insight | Reliance Digital, Tata Croma (Electronics Retailers)

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE: SingTel, Bharti Airtel, Kerry Logistics, Milton, Jardine Matheson

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Equity Bottom-Up

HealthCare Global Enterprises / Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/healthcare-global-enterprises-limited" target="_blank" data-smartkarma-citation="entities:23983:1" rel="noopener">HealthCare Global Enterprises (HCG IN)</a> announced yesterday night that it has sold off its 38.5% (34.5% on a fully diluted basis) stake in Strand Life Sciences ("Strand") to Reliance Strategic Business Ventures, a 100% subsidiary of <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>. Strand is a genomics based research and diagnostics company.

HealthCare Global Enterprises (HCG IN) announced yesterday night that it has sold off its 38.5% (34.5% on a fully diluted basis) stake in Strand Life Sciences ("Strand") to Reliance Strategic Business Ventures, a 100% subsidiary of Reliance Industries (RIL IN). Strand is a genomics based research and diagnostics company.

Travis Lundy

After the relative success of last year's Partially Paid Rights Offer conducted by <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> discussed in basics in <a href="https://www.smartkarma.com/insights/the-reliance-industries-ril-rights-offering" target="_blank" data-smartkarma-citation="insights:39307" rel="noopener">The Reliance Industries [RIL] Rights Offering</a> then in gory detail in <a href="https://www.smartkarma.com/insights/reliance-rights-offer-detailed-big-7bn-big-and-interesting" target="_blank" data-smartkarma-citation="insights:39448" rel="noopener">Reliance Rights Offer Detailed - Big. $7bn Big. And Interesting</a>, <a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a> has decided to conduct a Partially Paid Offering of its own. Bharti Airtel, of course, also raised money in a 19 for 67 rights offering in May 2019 followed by a straight equity raise announced in December 2019 and executed in January 2020. On 30 August, Bharti Airtel <a href="https://www.bseindia.com/xml-data/corpfiling/AttachHis/A8DDC574-2296-4A04-9731-8B705D44607E-080745.pdf" target="_blank" rel="noopener">announced</a> that its board had met and approved a Rights Issue to fully-paid up shares which works with a construct called Partially Paid Shares. <section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/227/562/original/Screenshot+2021-09-02+at+11.46.59+PM.png?1630597694" class="editor-image img-responsive" data-smartkarma-image-id="227562"></figure></section>There are no details yet for the issue period, trading period, and record date but what we do know is that investors<ul>
<li>will get 1 Right for every 14 Shares held</li>
<li>will be entitled to purchase 1 Share at Rs 535/share (vs ~Rs 620/share on the 30th of August) for every Right (or Rights Entitlement ("RE")) that they receive</li>
<li>will only have to put up 25% of the funds in the initial stage (i.e. 25% of Rs 535 or Rs 133.75/share), then there will be subsequent capital calls over the following 36 months (vs 18 months for the Reliance version of the same.</li>
<li>will be able to subscribe for over-allotments to take up the rights of those who let theirs lapse.</li>
</ul>When will we know all the other important things like record date, trading period, etc?I expect it may not take long.Last year's Reliance Rights Entitlement to Partially Paid Shares saw the announcement on 30 April, with more details on the 13th of May 2020 and a record date the 14th, more details on Friday the 15th, then full details out on Sunday the 17th of May with Rights Issue Opening Date on the 20th of May, 6 days after Record Date. These Rights Entitlements situations are funkier than people think. And while they are going to be a tiny portion of one's portfolio, at receipt, there are some really cool aspects.As always, there is more below the fold.

After the relative success of last year's Partially Paid Rights Offer conducted by Reliance Industries (RIL IN) discussed in basics in The Reliance Industries [RIL] Rights Offering then in gory detail in Reliance Rights Offer Detailed - Big. $7bn Big. And Interesting, Bharti Airtel (BHARTI IN) has decided to conduct a Partially Paid Offering of its own. Bharti Airtel, of course, also raised money in a 19 for 67 rights offering in May 2019 followed by a straight equity raise announced in December 2019 and executed in January 2020. On 30 August, Bharti Airtel announced that its board had met and approved a Rights Issue to fully-paid up shares which works with a construct called Partially Paid Shares. There are no details yet for the issue period, trading period, and record date but what we do know is that investors
will get 1 Right for every 14 Shares held
will be entitled to purchase 1 Share at Rs 535/share (vs ~Rs 620/share on the 30th of August) for every Right (or Rights Entitlement ("RE")) that they receive
will only have to put up 25% of the funds in the initial stage (i.e. 25% of Rs 535 or Rs 133.75/share), then there will be subsequent capital calls over the following 36 months (vs 18 months for the Reliance version of the same.
will be able to subscribe for over-allotments to take up the rights of those who let theirs lapse.
When will we know all the other important things like record date, trading period, etc?I expect it may not take long.Last year's Reliance Rights Entitlement to Partially Paid Shares saw the announcement on 30 April, with more details on the 13th of May 2020 and a record date the 14th, more details on Friday the 15th, then full details out on Sunday the 17th of May with Rights Issue Opening Date on the 20th of May, 6 days after Record Date. These Rights Entitlements situations are funkier than people think. And while they are going to be a tiny portion of one's portfolio, at receipt, there are some really cool aspects.As always, there is more below the fold. 

Bharti Airtel Partially Paid Rights Situation

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity indices. Companies mentioned this week:<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, <a href="https://www.smartkarma.com/entities/iqiyi-inc" target="_blank" data-smartkarma-citation="entities:26755:1" rel="noopener">iQIYI Inc (IQ US)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>, <a href="https://www.smartkarma.com/entities/suning-com-co-ltd-a" target="_blank" data-smartkarma-citation="entities:9178:1" rel="noopener">Suning.com (002024 CH)</a>, <a href="https://www.smartkarma.com/entities/trip-com-group-ltd" target="_blank" data-smartkarma-citation="entities:180:1" rel="noopener">Trip.com (TCOM US)</a>, <a href="https://www.smartkarma.com/entities/didi-chuxing-inc" target="_blank" data-smartkarma-citation="entities:27467:1" rel="noopener">DiDi Global (DIDI US)</a>, <a href="https://www.smartkarma.com/entities/nio-inc" target="_blank" data-smartkarma-citation="entities:27399:1" rel="noopener">NIO Inc (NIO US)</a>, <a href="https://www.smartkarma.com/entities/bytedance-technology" target="_blank" data-smartkarma-citation="entities:27936:1" rel="noopener">ByteDance (1439927D CH)</a>, <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>, <a href="https://www.smartkarma.com/entities/saudi-aramco" target="_blank" data-smartkarma-citation="entities:27317:1" rel="noopener">Saudi Aramco (ARAMCO AB)</a>, <a href="https://www.smartkarma.com/entities/alibaba-health-information-technology-ltd" target="_blank" data-smartkarma-citation="entities:453:1" rel="noopener">Alibaba Health Information Technology (241 HK)</a>, <a href="https://www.smartkarma.com/entities/jd-health-international-inc" target="_blank" data-smartkarma-citation="entities:29677:1" rel="noopener">JD Health (6618 HK)</a>, <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technology-company-limited" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technology Company Limited (1833 HK)</a>

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity indices. Companies mentioned this week:Tencent (700 HK), iQIYI Inc (IQ US), Alibaba Group (9988 HK), Suning.com (002024 CH), Trip.com (TCOM US), DiDi Global (DIDI US), NIO Inc (NIO US), ByteDance (1439927D CH), Reliance Industries (RIL IN), Saudi Aramco (ARAMCO AB), Alibaba Health Information Technology (241 HK), JD Health (6618 HK), Ping An Healthcare and Technology Company Limited (1833 HK) 

Global Emerging Markets Weekly: 20 August 2021

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)

India Channel Insight | Reliance Digital, Tata Croma (Electronics Retailers)

We spoke to the store manager of Reliance Digital, Tata Croma, to understand the current operating environment and consumer sentiment especially...

Pranav Bhavsar

Last Week in Event SPACE: SingTel, Bharti Airtel, Kerry Logistics, Milton, Jardine Matheson

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

HCG: Sale of Strand Business

HCG announced sale of its stake in Strand. At the same time, it also acquired Strand's specialty oncology diagnostics segment to continue its...

Ankit Agrawal, CFA

Bharti Airtel Partially Paid Rights Situation

Bharti Airtel is launching another rights issue - this time as a partially paid share issue which will grant investors rights to partially pay for...

Travis Lundy

Global Emerging Markets Weekly: 20 August 2021

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity...

Wium Malan, CFA

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