In today’s briefing:
- Quiddity Leaderboard NIFTY Mar 24: Bharat Electronics Trade Successful; Change Hedge and Let It Run
- India Shelter Finance IPO Trading – Subscription Pulled by Strong Insti Demand
- AMFI Stock Reclassification Preview (Dec 2023): MidCap to LargeCap Migrations Outperforming
- Credo Brands Marketing IPO- Forensic Analysis
- Stylam Industries (SYIL IN): Sluggish Exports, FY25 To See Improvements With Expansion
Quiddity Leaderboard NIFTY Mar 24: Bharat Electronics Trade Successful; Change Hedge and Let It Run
- NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
- In this insight, we take a look at the names leading the race to become ADDs/DELs for the NIFTY 50 and NIFTY Next 50 indices in the March 2024 rebalance.
- There could be multiple changes for NIFTY 50 and separately, there could be five changes for NIFTY Next 50. The NIFTY 50 changes could have high impact.
India Shelter Finance IPO Trading – Subscription Pulled by Strong Insti Demand
- India Shelter Finance (0570670D IN) raised around US$144m from its India IPO.
- India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.
- We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.
AMFI Stock Reclassification Preview (Dec 2023): MidCap to LargeCap Migrations Outperforming
- We see 8 stocks moving from MidCap to LargeCap, 8 stocks moving from LargeCap to MidCap, 11 stocks from SmallCap to MidCap, and 14 stocks from MidCap to SmallCap.
- Some stocks were added to global indices last month while some could be added in February. There are potential index implications for the NIFTY Index and Nifty Next 50 Index too.
- The upward migrations have continued to outperform the downward migrations. The largest recent outperformance has come from stocks expected to move from the Mid Cap to the Large Cap segment.
Credo Brands Marketing IPO- Forensic Analysis
- Credo Brands (Mufti) (CREDO IN) IPO opens as a full OFS worth INR 5.5 bn.
- The company operates ‘Mufti’ which is one of the renowned brands in Indian Men Casual Fashion category.
- CMBL faces several questions including employee pay vs KMP, accounting for unsold inventory, delay in important payments, conflict of interest with BoD/SMPs etc.
Stylam Industries (SYIL IN): Sluggish Exports, FY25 To See Improvements With Expansion
- While the profitability of Stylam Industries (SYIL IN) is growing healthily (>30% YoY) in H1 FY24 due to margin expansion, revenues are trending at -4.5% YoY.
- The company became net cash in H1 FY24 (73 crore INR) and zero gross debt. A strong balance sheet would aid in the company’s expansion plans.
- Trading at 23x/18x FY24e/25e, we see strong growth ahead for the company as it cements its position as one of India’s top laminate export players.
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