Daily Brief Energy/Materials: Jindal Steel & Power, Cannindah Resources, Bharat Petroleum Corp, Hot Chili Ltd and more

• In this insight, we take a look at the names leading the race to become ADDs/DELs for the NIFTY 50 and NIFTY 100 indices in the September 2023 rebalance.
• The NIFTY Next 50 methodology was supposed to change in June 2023 but this has been kept on hold for now. This change could still take place before September 2023.
• The HDFC/HDFC Bank Merger is expected to complete in the next few weeks and that could trigger intra-review index changes.

• Cannindah Resources Ltd (ASX:CAE) is developing three copper-gold prospects in central Queensland including the Mt Cannindah project which has an existing JORC estimate currently being extended with the company’s drilling programme.
• The company has a long history with the Mt Cannindah project, having previously held it as Planet Metals on a farm- in arrangement with Drummond Gold before taking full control of the project in 2014.
• Since then, the company has added to its asset base with the Piccadilly and Percy Marlow prospects near Charters Towers. 

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• Bharat Petroleum Corp
• Meituan
• Pertamina Geothermal Energy

• Hot Chili Limited (ASX:HCH) is a copper explorer with an advanced portfolio of low altitude, porphyry copper-gold projects in the Costa Fuego district of northern Chile.
• The company listed in 2010 on the ASX and has spent the past 12 years acquiring, developing and proving up the resources at its Productora, San Antonio, Cortadera and Valentina projects in Costa Fuego as well as securing access to water, power and mining infrastructure surface rights which will hasten the development approvals process.
• In that time, Hot Chili has increased its indicated resource by 1,500% to 3.41Mt Cu Eq. The company has announced its preliminary economic assessment (PEA) which estimates a post-tax Net Present Value (NPV) of US$1.1bn using a copper price of US$3.85/lb and a gold price of US$1,750/oz.