Thematic (Sector/Industry)

Inflation is poised to trend lower in FY26 due to improving food supply conditions, a benign global commodity environment, and supportive monsoon expectations, risks from climate and geopolitical uncertainties.
Looking ahead, the continued moderation in inflation, combined with the government’s commitment to fiscal consolidation, creates a favourable backdrop for further monetary easing.
A watchful policy stance and responsive fiscal-monetary coordination will be critical to sustaining the disinflation path.

APAC Healthcare Weekly (Mar 23)- Kissei, Alteogen, Junshi Biosciences, Celltrion, Lunit, HLB

By Tina Banerjee

Kissei Pharmaceutical initiates additional Phase III clinical trial for Rovatirelin (KPS-0373) for the treatment of spinocerebellar degeneration. Shanghai Junshi Biosciences received 11th indication approval for toripalimab in China.
AstraZeneca Entered into exclusive licensing agreement worth $1.35B with Alteogen to use latter’s hyaluronidase protein, ALT-B4, to develop subcutaneous versions of its “several oncology assets.”
Celltrion Has unveiled “Value-up Program,” whereby the company is targeting 30% revenue CAGR by 2027 to reach KRW5T revenue and 7% ROE. HLB faced another rejection from FDA for rivoceranib.

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Mar 22

Daily Brief Thematic (Sector/Industry): Thematic Report- India’s Lab Grown Diamond Industry: Poised to Outpace the Natural Diamond Industry? and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Thematic Report- India’s Lab Grown Diamond Industry: Poised to Outpace the Natural Diamond Industry?
US Banks – Weekly YoY Loan Growth Hits 3.0% Peak Since Early 2024
Japan Strategy Weekly | Banks & Traders Rally
#123 India Insight: Hero MotoCorp Execs Resign, Allianz Partners Jio, Bain to Buy Manappuram Stake
AUCTUS ON FRIDAY – 21/03/2025

Thematic Report- India’s Lab Grown Diamond Industry: Poised to Outpace the Natural Diamond Industry?

The global lab-grown diamond (LGD) market, dominated by the US, is rapidly expanding with a projected CAGR of 8.64%, driven by affordability and sustainability.
India, already a major production hub with 15% global share, aims for robust growth through government incentives and rising domestic consumer demand and premiumisation.
Consumer preference is notably shifting towards LGDs ,decreasing the gap between sales share of Natural and LGD’s driven by affordability, customization, and ethical considerations

US Banks – Weekly YoY Loan Growth Hits 3.0% Peak Since Early 2024

By Daniel Tabbush

Momentum in weekly HFD for loan growth at US banks is improving, now reaching 3.0% YoY for week 5 March data, a figure not reached since at least early 2024
The growth rate in large time deposits continues to remain incredibly low now at 1.2% YoY in the most recent week – these funds are more expensive than other deposits.
Loan loss reserves are still much higher than YE19 at 1.59% of loans there is a distinct bottoming and turning over of this ratio – suggesting better credit metrics.

Japan Strategy Weekly | Banks & Traders Rally

The Japanese stock market posted solid gains over the past week, with the Topix rising 3.3% and the Nikkei advancing 1.7%
The Bank of Japan maintained its key short-term interest rate at 0.5% in March, given a cautious view over the global macro outlook
MHI shares rose 16% this week, driven by optimism over Japan’s nuclear energy expansion plans and rising defense commitments.

#123 India Insight: Hero MotoCorp Execs Resign, Allianz Partners Jio, Bain to Buy Manappuram Stake

Two senior executives at Hero Motocorp (HMCL IN) , Reema Jain and Sameer Pande, resigned amid market challenges and leadership changes
Allianz (AZSEY US) plans a new insurance partnership with Jio Financial, following the end of its 24-year tie-up with Bajaj Group.
Bain Capital Specialty Finan (BCSF US) set to acquire 22% stake in Manappuram Finance (MGFL IN) , with plans to increase stake to 42%.

AUCTUS ON FRIDAY – 21/03/2025

By Auctus Advisors

AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; Target price of £0.10 per share: Significant power transaction highlights the value of the S.
Africa electricity trading business – Etana Energy, the South African electricity trading business (49% held by Chariot) has arranged a US$55 mm guarantee finance facility through Standard Bank and secured an equity investment of up to US$20 mm from Norfund for working capital.
In exchange, Standard Bank and Norfund will hold 10% and 20% of the project’s economics, respectively, via preferred equity.

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Mar 21

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Softbank’s Silicon Dreams Get Bigger and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan | Softbank’s Silicon Dreams Get Bigger
Thematic Report : Decoding FII Flows; What History, Market Cycles, and Stock-Level Data Tell Us
[Precious Insights 2025/11]: Gold & Silver Surge to New Highs Amid Softer Inflation & Rising Volume
#122 India Insight: India Ups Steel PLI, Amazon Mulls Local IPO, UBS & HSBC Eye Wealth Boom

Ohayo Japan | Softbank’s Silicon Dreams Get Bigger

US stocks fell Thursday after an initial rally driven by the Fed’s decision to hold rates steady. The Nasdaq dropped 0.3%
Nike reported a smaller-than-expected decline in quarterly results; Shares rose 4% in extended trading
SoftBank Group is acquiring U.S. chip startup Ampere Computing for ¥1 trillion in an all-cash deal, expanding its investment in AI infrastructure

Thematic Report : Decoding FII Flows; What History, Market Cycles, and Stock-Level Data Tell Us

FII flows still influence market trends, even as domestic flows have gained prominence, especially during global macro uncertainty.
Current correction is in line with past episodes, both in terms of depth and scale of selling, suggesting we may be closer to the mature phase of the downturn.
We did data deep dive of FII flows how it has impacted markets in past and what it means for future.

[Precious Insights 2025/11]: Gold & Silver Surge to New Highs Amid Softer Inflation & Rising Volume

By Amrutha Raj

Gold surged 2.6%, surpassing $3,000/oz for the first time, while silver rose 4.4% to its highest YTD level, both driven by a weaker dollar.
GLD ETF saw a $1.16 billion net inflow, reversing the prior week’s $933 million outflow,while SLV ETF recorded $131.8 million in inflows, up from the previous week’s $85.7 million outflow.
Gold futures ADV rose 25.2% WoW, with open interest up 6.5%, while silver options call OI at key strikes ($34–$35) indicates rising interest in further upside.

#122 India Insight: India Ups Steel PLI, Amazon Mulls Local IPO, UBS & HSBC Eye Wealth Boom

India boosts PLI outlay for steel sector to Rs. 305 cr to drive innovation, exports, and counter US import tariffs.
Amazon.com Inc (AMZN US) explores spinning off and listing its India arm locally to align with regulations and strengthen its position in the market.
UBS and HSBC expand wealth operations in India, leveraging the IPO boom to capture rising investor demand and economic momentum.

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Mar 20

Daily Brief Thematic (Sector/Industry): Semiconductors. Key Indicator Updates and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Semiconductors. Key Indicator Updates, 2024 In Review, 2025 Forecasts
Ohayo Japan | Fed Sticks to Rate Cut Outlook Amid Trade Tensions
#121 India Insight: PepsiCo Expands, Rafale Boost for Navy, India to Be 3rd Largest Economy
Steel: New Safeguard Measures Imply Outperformance Could Continue.
Tech Talk: The “Death” Of Windows 10 What Will People Do? Will It Cause a PC Upgrade Cycle?

Semiconductors. Key Indicator Updates, 2024 In Review, 2025 Forecasts

By William Keating

Global semiconductor sales for the month of January 2025 hit $56.5 billion, an increase of 17.9% YoY, but down 1.7% MoM
TSMC is also off to an excellent start in 2025. YTD revenues through February are up 39.2%.
2025 Semi forecast? Think 2024 without the memory boom and way more volatility

Ohayo Japan | Fed Sticks to Rate Cut Outlook Amid Trade Tensions

Stocks rallied Wednesday as the S&P 500 rebounded further from its recent correction, driven by the Fed maintaining its outlook for two rate cuts in 2025
SK On has secured a contract with Nissan to supply on-board batteries for electric vehicles at its US plant.
Seven & i Holdings has signed a non-disclosure agreement with Canadian retailer Alimentation Couche-Tard and others regarding the potential sale of its US convenience stores

#121 India Insight: PepsiCo Expands, Rafale Boost for Navy, India to Be 3rd Largest Economy

Pepsico Inc (PEP US) plans to scale its snacks and food business in India by customizing products for regional tastes and promoting innovation.
India is projected to become the world’s third-largest economy by 2028, driven by reforms, consumption, and infrastructure growth.
India finalizes a $7.6 billion deal for 26 Rafale M jets, boosting naval air power and strengthening Indo-Pacific deterrence..

Steel: New Safeguard Measures Imply Outperformance Could Continue.

By Rahul Jain

On March 19, 2025, India’s Directorate General of Trade Remedies (DGTR) recommended a 12% provisional safeguard duty on imports of certain steel products for 200 days.
Past measures have produced mixed results but given the massive expansion plans of most large steel majors they have been aggressively lobbying for its implementation.
Outperformance to continue? JSW Steel Ltd (JSTL IN),Tata Steel Ltd (TATA IN) ,Jindal Steel & Power (JSP IN)have significantly outperformed benchmark Nifty over the last 6 months despite weak earnings.

Tech Talk: The “Death” Of Windows 10 What Will People Do? Will It Cause a PC Upgrade Cycle?

The “death” of Windows 10 refers to the end of its support life cycle, which Microsoft has set for October 14, 2025.
Essentially, while Windows 10 will continue to function on existing devices, it will become increasingly vulnerable to security risks as new threats emerge and are not patched.
Microsoft is offering an Extended Security Update (ESU) program.

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Mar 19

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Tech Sell-Off Drags Wall Street Lower and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan | Tech Sell-Off Drags Wall Street Lower
Japan Morning Connection: Huang’s AI Keynote Fails to Excite Investors
#120 India Insight:Haldiram Stake Sale, SBI’s New Unit, and India’s 600 GW Green Energy Goal
What’s New(s) in Amsterdam – 18 March (B&S Group)

Ohayo Japan | Tech Sell-Off Drags Wall Street Lower

Stocks fell Tuesday, resuming Wall Street’s recent sell-off. The Dow lost 260 points
Nvidia (NVDA) stock fell despite major AI announcements at its GTC conference. CEO Jensen Huang unveiled the Blackwell Ultra AI chip
Toyota Motor has adopted Nidec’s “electric axle” drive device for its low-priced electric vehicles launched in China

Japan Morning Connection: Huang’s AI Keynote Fails to Excite Investors

EU defence names higher again, expect more upside for JP heavies after yesterdays lull.
Intel managed to eek out gains with the market still positive on streamlining.
BYD rapid charging adding to Tesla woes, downside pressure to build for Panasonic as restructuring allure fades.

#120 India Insight:Haldiram Stake Sale, SBI’s New Unit, and India’s 600 GW Green Energy Goal

Haldiram sells 10% to Temasek at $10B valuation, plans additional 5% pre-IPO stake sale amid mixed investor interest.
SBI will launch a dedicated project finance unit to back AI, fintech, and renewable energy, targeting India’s fast-evolving industries.
India must install 600 GW of non-fossil capacity by 2030 to manage rising power demand and reduce dependence on coal.

What’s New(s) in Amsterdam – 18 March (B&S Group)

By The IDEA!

B&S ended the year strong with an organic turnover growth of 12.2% in 4Q24, resulting in FY24 organic growth of 8.3%, well ahead of market consensus.
Despite the higher than anticipated organic turnover growth, EBITDA was a touch below expectations.
This is mainly related to a EUR 6.0m inventory provision as a result of declining market prices at its Liquors segment.

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Mar 18

Daily Brief Thematic (Sector/Industry): Trump Has Already Lost His Trade War and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Trump Has Already Lost His Trade War
Ohayo Japan | Stocks Close in the Green
Charted Insights: A Structural Shift; The Rise of Midcap and Small-Cap Allocations in India
Japan Morning Connection: Tech Shrugging off Megacap Weakness as Quantum Shines
Australia Banks – Insolvencies Data Published 17 March Suggests Far Worse Credit Metrics
China Consumption Plan: How Special Is This “Special Plan”?
India’s Space Ambitions and the Satellite Internet Revolution
Vedanta (VEDL IN) Set for Major Margin Expansion
Biopharma Week in Review – March 17, 2025
Furniture/Furnishings Weekly – Consumer Spending Slowdown

Trump Has Already Lost His Trade War

By Michael Allen

Flawed economic theory, poor execution, and fatal over-reach have crippled Trump’s chances of winning a Trade War before it even started.
Even with sound execution, the thought leaders behind Trump’s policy had predicted only a narrow path to success. Trump’s promises that it would be easy will backfire.
Historical precedents show tariffs can lead to massive political losses, and trading partners are exploiting this weakness in the U.S. position adroitly.

Ohayo Japan | Stocks Close in the Green

US stocks rebounded Monday, with the S&P 500 gaining 0.6%, the Dow Jones Industrial Average rising over 350 points, and the Nasdaq Composite up 0.3%
Berkshire Hathaway increased its holdings in five Japanese trading houses to nearly 10%, fulfilling Buffett’s pledge to gradually raise stakes.
NTT will invest 220 billion yen in its Indian operations from FY2025 to FY27, primarily in data centers

Charted Insights: A Structural Shift; The Rise of Midcap and Small-Cap Allocations in India

India’s equity market has witnessed a noticeable shift in portfolio allocations, both among institutional and retail investors.
The traditional concentration in Nifty50 and top-decile large-cap companies is gradually increasing exposure toward midcap and small-cap stocks.
While this transition increases market depth and breadth, it also introduces new challenges around volatility and liquidity management, especially in sharp corrections.

Japan Morning Connection: Tech Shrugging off Megacap Weakness as Quantum Shines

AI back in focus with NVDA’s Jensen set to deliver his keynote tomorrow.
Intel jumping with the new CEO looking to shake up its AI lineup and further trim the fat.
Buffet increasing stakes in the Trading Houses extremely well flagged so don’t expect much surprise.

Australia Banks – Insolvencies Data Published 17 March Suggests Far Worse Credit Metrics

By Daniel Tabbush

Newly released data on insolvencies in Australia suggests that bank credit metrics will come under pressure in current interim and possibly beyond
Construction insolvencies were highest and rose 25% YoY, accommodations and food services accelerated sharply rising 59% YoY, and next leading figure, also accelerated
CBA saw its NPL ratio rise from Dec 23 to Dec 24, and WBC released its 1Q25 to Dec 24 showing improving credit metrics. This may reverse.

China Consumption Plan: How Special Is This “Special Plan”?

By Rikki Malik

One key element was the linking of consumption to the wealth effect
Continuation of targeted support for certain vulnerable sections of society
Tactical changes as well as structural ones to support consumption longer-term

India’s Space Ambitions and the Satellite Internet Revolution

Jio and Airtel have partnered with SpaceX’s Starlink to bring satellite internet to India, aiming to bridge connectivity gaps in rural and remote regions.
This marks a turning point for India’s digital infrastructure: LEO satellites offer low-latency, high-speed internet without ground cables, transforming access for 500+ million unconnected Indians.
India’s digital future is no longer limited by terrain. With ISRO enabling private space manufacturing, expect satellite broadband to become a mainstream connectivity solution, not just a niche experiment.

Vedanta (VEDL IN) Set for Major Margin Expansion

By Rahul Jain

Alumina’s wild swings have turned favourably for Vedanta Ltd (VEDL IN) . Aluminium constituted about 40% 9MFY25 EBITDA and could see significant near-term margin expansion.
Alcoa (AA US)‘s over-reliance on external alumina sales implies it could face significant margin contraction in the near-term.
Valuation: Both VEDL and AA trade at about 10x fwd consensus earnings. VEDL also has >10% dividend yield in recent years making it a far attractive bet.

Biopharma Week in Review – March 17, 2025

Trump’s pick for CDC director, former Congressman Dave Weldon, had his nomination withdrawn just hours before the Senate committee hearing.
Weldon lacked sufficient support from Republicans to clear the committee, as he adhered to his anti-vaccine views more strongly than RFK Jr.
While vaccine makers (PFE, MRNA, BNTX, NVAX) rebounded briefly on the news, other federal actions kept the space under pressure, including the termination of NIH grants for research on vaccine hesitancy and uptake.

Furniture/Furnishings Weekly – Consumer Spending Slowdown

Consumer discretionary stocks hard hit in recent market action (Figure 1) as economic and policy/tariff uncertainty continue.
The WTR Commercial/Contract Furniture Index (- 3.7%), Residential Manufacturers & Suppliers Index (-1.2%), and Home Goods Retailers Index (-7.4%) all trailed the broader market indexes last week.
Consumer spending is trending down across all income levels as recession fears increase (1).

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Mar 17

Daily Brief Thematic (Sector/Industry): Ohayo Japan | U.S. Stocks Surge and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan | U.S. Stocks Surge
China & HK Strategy: Who Are the Victims of a US Recession?
Japan Morning Connection: Solid Tech Rebound Ahead of the NVDA Developers Conference This Week
[Blue Lotus China New Consumer Weekly, 11/52] Our First Read of Trumponomics
[Blue Lotus Non-US Internet Weekly, 11/52]: Chinese Internet Making Inroads Overseas

Ohayo Japan | U.S. Stocks Surge

U.S. stocks surged Friday, with the S&P 500 rising 2.1% to 5,638 and the Nasdaq climbing 2.6% — their best day in 2025
Sekisui House has entered a capital and business alliance with Tsuchiya Holdings, acquiring a 6.15% stake for hundreds of millions of yen
Toyota Tsusho will acquire US-based auto recycler Radius Recycling for ¥134.4bn.

China & HK Strategy: Who Are the Victims of a US Recession?

By Osbert Tang, CFA

Sichuan Kelun-Biotech Bio (6990 HK), Techtronic Ind. (669 HK), Vesync (2148 HK), Chervon Hldgs (2285 HK), and WuXi AppTec (2359 HK) have a very high reliance on the US market.
Vtech Hldgs (303 HK), Samsonite (1910 HK), Haier Smart Home (6690 HK), and Tcl Multimedia (1070 HK) ranked lower on the list, but consumer cutbacks will have a bigger impact.
The spillover effect of a US recession to other countries will pressurise companies that have low direct exposure, like Orient Overseas International (316 HK) and Prada S.P.A. (1913 HK).

Japan Morning Connection: Solid Tech Rebound Ahead of the NVDA Developers Conference This Week

Expect a strong follow through from Japan’s SPE despite a rare outperformance last week
Laggards such as TEL, Screen and Micronics may be targets.
Many mainstay EU defence names surged to new highs; expect heavies and JSW upside

[Blue Lotus China New Consumer Weekly, 11/52] Our First Read of Trumponomics

By Eric Wen

The market reflects on Trump’s economic policy to find the rationale behind. Our issue with Steven Miran’s proposal of strong -tariff/weak-dollar is whether it will bring back manufacturing to USA;
Child birth policy from the capital of Inner-Mongolia could boost consumption and cost the country only Rmb100bn a year;
BYD launches 1,000 V super charge. Xiaomi and XPEV talking about overseas expansion. LI Auto guided C1Q25 sharply lower.

[Blue Lotus Non-US Internet Weekly, 11/52]: Chinese Internet Making Inroads Overseas

By Ying Pan

Competitors tried to leverage LLM to capture Baidu’s search market share;
JD.com is actively seeking new, post-subsidy growth drivers, the latest being Europe while Red Notes launched US expansion. Deliveroo ceded HK market to Meituan;
NetEase competitor announced major layoffs. Weibo disappointed in its C4Q24 earnings. Kingsoft has a winner game in pocket.

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Mar 16

Daily Brief Thematic (Sector/Industry): IS AI Spending Poised to Fall? and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

IS AI Spending Poised to Fall?
APAC Healthcare Weekly (Mar 16)- Celltrion, Ono Pharma, Sun Pharma, Syngene, Zydus, Sichuan Kelun

IS AI Spending Poised to Fall?

By Jim Handy

Hyperscaler CapEx could be slowing down, based on 4Q24 spending
Microsoft made a significant cut in Q4, but Amazon, Facebook, and Alibaba all made big increases
Industry CapEx as a percent of revenue has slowed its growth

APAC Healthcare Weekly (Mar 16)- Celltrion, Ono Pharma, Sun Pharma, Syngene, Zydus, Sichuan Kelun

By Tina Banerjee

Celltrion received FDA approval for Omlyclo, the first and only biosimilar designated as interchangeable with Xolair. Ono Pharmaceutical in-licensed drug candidate for polycythemia vera from Ionis Pharmaceuticals.
Sun Pharmaceutical will acquire Checkpoint Therapeutics for an upfront cash payment of $4.10 per share. Syngene is acquiring Emergent’s biologics facility in Baltimore for $36.5M.
Zydus Lifesciences is acquiring 85.6% stake in in Amplitude Surgical for €257M. Sichuan Kelun received China approval for sacituzumab tirumotecan for certain types of non-small cell lung cancer.

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Mar 15

Daily Brief Thematic (Sector/Industry): #119 India Insight: Adani Wins ₹36k Cr Project and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

#119 India Insight: Adani Wins ₹36k Cr Project, Jio Taps Starlink, JLR Halts Tata EV Plans.
Japan Strategy Weekly | Markets Struggle Amid Economic Uncertainty
The Stocks to Own in Thailand – Vol. 48
China’s Home Appliance Exports Grow as Makers Eye Emerging, High-End Markets
AUCTUS ON FRIDAY – 14/03/2025
WTR Small-Cap Spotlight Recap PDAC 2025

#119 India Insight: Adani Wins ₹36k Cr Project, Jio Taps Starlink, JLR Halts Tata EV Plans.

Adani Group wins Mumbai’s Rs. 36,000 crore Motilal Nagar redevelopment, promising holistic transformation of 143-acre colony with MHADA oversight.
Jio teams up with Elon Musk’s SpaceX to bring Starlink satellite internet across India, boosting connectivity in remote regions.
Jaguar Land Rover halts India EV production plans with Tata Motors due to cost concerns and slowing global electric vehicle demand.

Japan Strategy Weekly | Markets Struggle Amid Economic Uncertainty

Economic Uncertainty & BOJ Policy Shift: Japan’s GDP growth slowed, consumer spending weakened, and the BOJ signaled tighter monetary policy, pushing bond yields to multi-year highs.
Global Trade & Market Volatility: U.S. recession fears, yen appreciation, and renewed trade tensions, including Trump’s tariff threats, weighed on investor sentiment despite a late tech stock rebound.
Advantest and Disco surged on AI and semiconductor demand, while Recruit fell due to U.S. hiring weakness, highlighting sector-specific growth and risks.

The Stocks to Own in Thailand – Vol. 48

By Dr. Andrew Stotz, CFA

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Six stocks remain, eight new join the fray
Since inception, it has gained 91% versus the SET 100 Index’s return of 7%

China’s Home Appliance Exports Grow as Makers Eye Emerging, High-End Markets

By Caixin Global

China-made home appliance exports have exceeded $100 billion for four straight years as manufacturers in the country have pushed into the high-end market as part of their global expansion efforts.
Home appliance shipments from China rose 14.8% last year to $128.6 billion, according to an annual report released last month by the China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME).
Zhou Nan, secretary-general of the CCCME’s home appliance branch, called the pace “incredible.

AUCTUS ON FRIDAY – 14/03/2025

By Auctus Advisors

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.80 per share: Reserves increase showcases FY24 drilling success – YE24 2P and 3P reserves are estimated at 13.6 mmboe and 22.3 mmboe, respectively.
This represents an increase of 15% and 25%, respectively vs. YE23.
Adding back FY24 production of 1.3 mmboe, the 2024 activity program has added approximately 2.8 mmboe of 2P reserves and 5.3 mmboe of 3P reserves at Tapir (overall increase including all the company’s assets: +3.0 mmboe of 2P reserves and +5.7 mmboe of 3P reserves).

WTR Small-Cap Spotlight Recap PDAC 2025

REEs in the spotlight. Among the hundreds of companies hosting booths and engaging with investors and capital providers, past PDAC conferences featured a small number of rare earth elements (REEs) resource developers.
At the conference this year, the number of REE companies was noticeably higher, with many looking to develop resources in North America.
With REEs being added to the critical metals and minerals list by both US and Canadian governments and with the REE deal being a cornerstone of US-Ukraine relationship, government attention and funding opportunities being available to industry participants should improve further.

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Mar 14

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Wall Street Slumps as S&P 500 Enters Correction and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan | Wall Street Slumps as S&P 500 Enters Correction
Japan Morning Connection: Tariff War Escalation Zaps Yesterdays Growth Rebound
How India Is Powering Up Its Summer Energy Demand?
How to Think About the Ongoing Correction? Is It a 10% Correction or a Big Crash?
Charted Insights: A Deeper Look into Indian Market’s Historical Corrections
#118 India Insight: Promoter Backs IndusInd, Adani’s Vizhinjam Port Gets Nod, Cotton Imports Surge
New Mineral Tax in Tamil Nadu: Impact on Cement Producers
ACF Thematic Research Regenerative Medicine Diabetes Treatment & Innovation 13032025

Ohayo Japan | Wall Street Slumps as S&P 500 Enters Correction

S&P 500 fell 1.4% into correction, Nasdaq dropped 2%, and Dow lost 550 points amid trade war fears, government shutdown risks, and weak inflation data.
Nikkei dipped 0.1% as BOJ rate hike concerns strengthened the yen; futures point to another weak open
Corporate Moves: SoftBank’s ¥1tn AI data center, Canon’s ¥100bn buyback, Toyota’s EV push, and ACT prepares “divestiture package” for Seven & i’s takeover.

Japan Morning Connection: Tariff War Escalation Zaps Yesterdays Growth Rebound

Yesterday’s tech gains failing to hold setting a muted tone to start for JP peers.
Softbank’s $7bn data center buildout with Open AI may need 100,000 GPU’s.
Kose upgrade + Ulta Beauty better than expected after market numbers points to upside off lows.

How India Is Powering Up Its Summer Energy Demand?

India faces record electricity demand due to rising temperatures and industrial growth, expecting to reach 270 GW this summer, which raises concerns about grid readiness.
To meet this surge, India is expanding its power generation, relying heavily on coal for energy security, while gradually incorporating renewables, hydro, and nuclear energy.
This approach creates a paradox, as burning more fossil fuels to cope with heatwaves worsens the climate crisis, underscoring the urgent need for clean energy infrastructure and grid modernization.

How to Think About the Ongoing Correction? Is It a 10% Correction or a Big Crash?

By Nicolas Baratte

This article focuses on the S&P. Composition, valuations, technical indicators to watch.
Overall, it looks bad with a strong downward momentum. This market does start to expect a recession. We’re at the juncture.
This is part 1. Part 2 on Monday: specific stocks

Charted Insights: A Deeper Look into Indian Market’s Historical Corrections

Indian equities have seen a broad-based correction, with the Nifty-50 down ~16% from its peak, driven by weak earnings, heavy FII outflows, and global uncertainty.
However, multiple indicators—from easing valuations and supportive policies to an expected earnings rebound—suggest the correction may be nearing its end.
This blog explores past correction trends and key signals pointing to a potential market reversal in FY26.

#118 India Insight: Promoter Backs IndusInd, Adani’s Vizhinjam Port Gets Nod, Cotton Imports Surge

Ashok Hinduja assures support for Indusind Bank (IIB IN) after a steep stock fall from derivative losses, citing strong financials.
Adani’s Vizhinjam Port secures green clearance for expansion, positioning India to reclaim transshipment volumes lost to foreign ports.
India’s cotton imports may double as domestic output lags demand, forcing a shift in trade dynamics and impacting global prices.

New Mineral Tax in Tamil Nadu: Impact on Cement Producers