In today’s briefing:
- Morning Views Asia: Tata Motors ADR
- Tata Technologies IPO: The Investment Case
- EQD | Is It Time for a NIFTY Index Pullback?
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Morning Views Asia: Tata Motors ADR
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.
Tata Technologies IPO: The Investment Case
- Tata Technologies (TATATECH IN), the largest India-based ER&D service provider, seeks to raise US$350-375 million, which is lower than its previous target of US$600 million.
- Tata Technologies is seeking a valuation of US$2.5 billion, which is 27.5% higher than the valuation TPG Inc (TPG US) acquired a 9.0% stake on 25 October.
- The investment case rests on top-tier growth rates, strong core business, lower reliance on Vinfast (VFS US), high repeat rates, top-tier profitability, solid FCF profile and no debt.
EQD | Is It Time for a NIFTY Index Pullback?
- The NIFTY Index closed the last 2 weeks up (CC=+2), reversing from an oversold condition. This week the index started going up again, but it’s not going anywhere…
- The index barely crossed the Q1 resistance at 19334, but if closes this week up, the WEEKLY CC=+3 condition will be an “OVERBOUGHT” signal, a pullback could start.
- Going SHORT is probably not worth it, we don’t see a large pullback coming, it’s probably better to simply hedge your positions.