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

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gail-india-ltd" target="_blank" data-smartkarma-citation="entities:15263:1" rel="noopener">Gail India (GAIL IN)</a> to Invest Rs 60,000 Crore in Ethane Cracker Project in Madhya Pradesh.</li>
<li>
<a href="https://www.smartkarma.com/entities/suzlon-energy-ltd" target="_blank" data-smartkarma-citation="entities:1073:1" rel="noopener">Suzlon Energy (SUEL IN)</a> Director Resigns Citing Governance Concerns in his letter</li>
<li>Masdar, <a href="https://www.smartkarma.com/entities/jsw-energy-ltd" target="_blank" data-smartkarma-citation="entities:14949:1" rel="noopener">JSW Energy Ltd (JSW IN)</a>, <a href="https://www.smartkarma.com/entities/torrent-power-ltd" target="_blank" data-smartkarma-citation="entities:17884:1" rel="noopener">Torrent Power (TPW IN)</a> , and More Eye Enel's Indian Assets</li>
</ul>



Gail India (GAIL IN) to Invest Rs 60,000 Crore in Ethane Cracker Project in Madhya Pradesh.

Suzlon Energy (SUEL IN) Director Resigns Citing Governance Concerns in his letter
Masdar, JSW Energy Ltd (JSW IN), Torrent Power (TPW IN) , and More Eye Enel's Indian Assets


#11 India Insight: GAIL 60000Cr Project, Paytm Layoff, Suzlon CG Issues, Axiscades Drone Order

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>With a week left in the review period, <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> could replace <a href="https://www.smartkarma.com/entities/power-grid-corporation-of-india-limited" target="_blank" data-smartkarma-citation="entities:12621:1" rel="noopener">Power Grid Corporation Of India (PWGR IN)</a> in the Nifty100 Low Volatility 30 Index in June.</li>
<li>Constituent changes, volatility changes and capping changes will result in one-way turnover of 6.4% resulting in a one-way trade of INR 2.3bn.</li>
<li>The flows on the stocks are not very large but there will be same side and offsetting flows from other index trackers at the same time.</li>
</ul>


With a week left in the review period, Bharti Airtel (BHARTI IN) could replace Power Grid Corporation Of India (PWGR IN) in the Nifty100 Low Volatility 30 Index in June.
Constituent changes, volatility changes and capping changes will result in one-way turnover of 6.4% resulting in a one-way trade of INR 2.3bn.
The flows on the stocks are not very large but there will be same side and offsetting flows from other index trackers at the same time.


NIFTY100 Low Volatility 30 Index Rebalance Preview: Bharti Could Replace Power Grid

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.

<ul><li>Siemens: Siemens India Ltd (SIL) delivered robust Q1FY23 revenue/EBITDA/APAT of INR 36.5/5.5/4.4bn, beating our estimate by 0/32/43%</li><li>The EBITDA margin expanded both annually and sequentially by 482bps and 422bps resp</li><li>This expansion was on account of lower commodity inflation/better mix (+135bps YoY gross margin), improving supply chain and operating leverage advantage</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.

Siemens: Siemens India Ltd (SIL) delivered robust Q1FY23 revenue/EBITDA/APAT of INR 36.5/5.5/4.4bn, beating our estimate by 0/32/43%The EBITDA margin expanded both annually and sequentially by 482bps and 422bps respThis expansion was on account of lower commodity inflation/better mix (+135bps YoY gross margin), improving supply chain and operating leverage advantageContent 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: Siemens, Eicher Motors, Bharat Forge, Torrent Power

<ul><li>The power industry is expected to report 28.5% YoY earnings growth, owing to the strong generation growth (+7.3% YoY in Q3FY23) and improved coal availability</li><li>Peak power demand increased by 10% YoY during Q3FY23 to ~193GW, driven by the festive season</li><li>Coal inventory at power plants too improved significantly, led by increased usage of imported coal as the number of stations facing subcritical inventory level declined to 43 in Dec 2022, vs 69 YoY and 54 QoQ</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.

The power industry is expected to report 28.5% YoY earnings growth, owing to the strong generation growth (+7.3% YoY in Q3FY23) and improved coal availabilityPeak power demand increased by 10% YoY during Q3FY23 to ~193GW, driven by the festive seasonCoal inventory at power plants too improved significantly, led by increased usage of imported coal as the number of stations facing subcritical inventory level declined to 43 in Dec 2022, vs 69 YoY and 54 QoQContent 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.

Power (3QFY23 Results Preview): Demand remains strong; coal inventory improves

<ul><li>Trent: Trent reported a stellar Q2 top-line print</li><li>Standalone revenue grew 30% CAGR (three-year) to INR18.14bn</li><li>We suspect while Westside’s growth remains handsome (HSIE: 3-yr CAGR 17%), Zudio’s blitz-scaling continues to be a big needle-mover</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.

Trent: Trent reported a stellar Q2 top-line printStandalone revenue grew 30% CAGR (three-year) to INR18.14bnWe suspect while Westside’s growth remains handsome (HSIE: 3-yr CAGR 17%), Zudio’s blitz-scaling continues to be a big needle-moverContent 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: Trent, NHPC, Astral, Torrent Power, Emami, Fine Organic Industries

India

SJVN Limited develops, owns, and operates Hydro-electric power projects in India. The Company operates power generating plants in states that include Himachal Pradesh,

Adani Transmission Limited provides utility services. The Company offers electricity generation, transmission, and distribution services. Adani Transmission conducts its business globally.

CESC Limited generates and supplies electricity in and around Kolkata. The Company also provides consultancy services for setting up power plants and for erecting transformers and electrical equipment.

Tata Power Company Limited generates and supplies electricity in Mumbai and its suburbs. The Company also constructs and operates independent power plants as well as captive power plants for industrial concerns. Tata Power also provides various services related to electricity distribution, erects and commissions transmission lines, and is diversifying into the telecommunications market.

India Grid Trust operates as an infrastructure investment trust. The Company invests, designs, finances, constructs, and maintains power transmission projects. India Grid Trust serves customers in India.

Reliance Infrastructure Ltd. generates, distributes, and transmits electricity. The Company also builds highways, roads, bridges, rapid transit systems, airports, and other projects. Reliance Infrastructure is a member of the Reliance Anil Dhirubhai Ambani Group.

NHPC Ltd is a hydro-power development company based in India. The Company has constructed approximately 11 hydro-power projects in India and abroad with a total installed capacity of 2554.35 MW.

Gujarat Gas Limited provides natural gas. The Company supplies piped natural gas to residential, commercial, and industrial customers. Gujarat Gas serves customers in India.

Indraprastha Gas Limited processes and distributes compressed natural gas and liquefied petroleum gas. The Company has been jointly promoted by Bharat Petroleum Corporation and Gas Authority of India.

Neyveli Lignite Corporation Limited generates and distributes power, mines and processes lignite, manufactures fertilizers & chemicals and processes and sells clay of all kinds. The Company's other activities include the briquetting and carbonization of lignite and its main products include electric power, lignite, nekolin, pulverized nekolin, urea, coke fines and leco.

Korea Electric Power Corporation (KEPCO) generates, transmits, and distributes electricity to South Korea for a variety of uses. The Company also builds and operates hydro-power, thermal-power, and nuclear power units in South Korea.

Pinnacle West Capital Corporation is a utility holding company.  The Company, through its subsidiary, provides either retail or wholesale electric service to most of the State of Arizona. The Company, through a subsidiary, also is involved in real estate development activities in the western United States.

Chubu Electric Power Company, Incorporated generates, transmits, distributes, and sells electricity in Chubu area.  The Company's service area includes Aichi, Gifu, Mie, Nagano, and part of Shizuoka Prefecture.

Tokyo Electric Power Company, Incorporated generates, transmits, and distributes electricity.  The Company uses hydroelectric, thermal, and nuclear power sources.  Tokyo Electric Power distributes electricity in the Kanto area, which includes the Tokyo metro area, Kanagawa, Chiba, and Saitama prefectures.

Emera Inc. provides diversified energy and services through its subsidiaries. The Company supplies electric generation, transmission, and distribution in Nova Scotia, Canada.  Emera also delivers bunker oil, diesel fuel, and light fuel. In addition, the Company delivers Sable Island natural gas to markets in Maritime Canada and the northeastern United States.

Red Electrica Corporacion S.A. maintains and operates Spain's electricity transmission grid .  The Company extends the high-voltage grid and coordinates the production and transmission systems.

BKW AG is an energy company that provides energy supply services. The Company focuses on the production, transportation, trading and sale of energy. In addition to energy supply, BKW develops, implements and operates energy solutions for its clients.

Redeia Corporacion SA provides electricity supply and telecommunications services. The Company maintains and operates telecommunications networks through the fleet of satellites and fiber optic assets, as well as offer high-voltage electricity transmission grids and coordinates the production and transmission systems. Redeia serves customers worldwide.

Manila Electric Company is an engineering, construction and consulting firm with expertise in the fields of power generation, transmission and distribution, telecommunications and installations. The Company also provides real estate services along with consulting and information technology.

OGE Energy Corp., through its principal subsidiary Oklahoma Gas and Electric Company, generates, transmits, and distributes electricity to wholesale and retail customers in communities in Oklahoma and western Arkansas. The Company, through Enogex Inc., operates natural gas transmission and gathering pipelines, has interests in gas processing plants, and markets electricity.

Torrent Power Limited generates, transmits and distributes power. The Company also implements large power projects in India.

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Torrent Power (TPW IN)

#11 India Insight: GAIL 60000Cr Project, Paytm Layoff, Suzlon CG Issues, Axiscades Drone Order

Gail India to invest Rs 60,000 crore in ethane cracker project, Suzlon Energy director resigns over governance concerns, Masdar, JSW Energy,...

Sudarshan Bhandari

NIFTY100 Low Volatility 30 Index Rebalance Preview: Bharti Could Replace Power Grid

Bharti Airtel could replace Power Grid in the Nifty100 Low Volatility 30 Index in June. Constituent, volatility and capping changes result in 1-way...

Brian Freitas

HSIE Results Daily: Siemens, Eicher Motors, Bharat Forge, Torrent Power

Siemens: Siemens India Ltd (SIL) delivered robust Q1FY23 revenue/EBITDA/APAT of INR 36.5/5.5/4.4bn, beating our estimate by 0/32/43%

HDFC Securities

Power (3QFY23 Results Preview): Demand remains strong; coal inventory improves

The power industry is expected to report 28.5% YoY earnings growth, owing to the strong generation growth (+7.3% YoY in Q3FY23) and improved coal...

HDFC Securities

HSIE Results Daily: Trent, NHPC, Astral, Torrent Power, Emami, Fine Organic Industries

Trent: Trent reported a stellar Q2 top-line print. Standalone revenue grew 30% CAGR (three-year) to INR18.14bn. We suspect while Westside’s growth...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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#11 India Insight: GAIL 60000Cr Project, Paytm Layoff, Suzlon CG Issues, Axiscades Drone Order

​Gail India to invest Rs 60,000 crore in ethane cracker project, Suzlon Energy director resigns over governance concerns, Masdar, JSW Energy,...

Sudarshan Bhandari

NIFTY100 Low Volatility 30 Index Rebalance Preview: Bharti Could Replace Power Grid

Bharti Airtel could replace Power Grid in the Nifty100 Low Volatility 30 Index in June. Constituent, volatility and capping changes result in 1-way...

Brian Freitas

HSIE Results Daily: Siemens, Eicher Motors, Bharat Forge, Torrent Power

Siemens: Siemens India Ltd (SIL) delivered robust Q1FY23 revenue/EBITDA/APAT of INR 36.5/5.5/4.4bn, beating our estimate by 0/32/43%

HDFC Securities

Power (3QFY23 Results Preview): Demand remains strong; coal inventory improves

The power industry is expected to report 28.5% YoY earnings growth, owing to the strong generation growth (+7.3% YoY in Q3FY23) and improved coal...

HDFC Securities

HSIE Results Daily: Trent, NHPC, Astral, Torrent Power, Emami, Fine Organic Industries

Trent: Trent reported a stellar Q2 top-line print. Standalone revenue grew 30% CAGR (three-year) to INR18.14bn. We suspect while Westside’s growth...

HDFC Securities

Gail India to invest Rs 60,000 crore in ethane cracker project, Suzlon Energy director resigns over governance concerns, Masdar, JSW Energy,...