Daily Brief India: Hyundai Motor India , NIFTY Index, China Vanke and more

• Hyundai Motor India’s proposed IPO is an offer for sale by its parent, Hyundai Motor Company, Korea, and reported to raise USD3 billion, potentially making it India’s largest IPO ever.  
• Hyundai Motor India’s sales growth has been driven by strong domestic and export sales, both in volume and unit realisation.
• With SUVs now making up 62% of Hyundai Motor India’s domestic volumes, up from 45% in FY2021, the shift towards premium models has boosted profit margins.

• IVs move lower at an accelerated pace driven by holiday shortened week & risk-seeking sentiment.  
• Vol-Regime has switched to “High & Down” state, projecting an elongated period of falling IV levels. 
• Nifty50 Smile & Skew dynamics continue to compress. Vol term structure has moved from Backwardation to Contango in conjunction with falling IVs

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.

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