In today’s briefing:
- Make in India Bonds into the Global Bond Index: An Examination of Effects and Significances
- Devyani International Ltd- Forensic Analysis
- Quiddity Leaderboard BSE/SENSEX Dec 23: Bandhan Bank Could Underperform State Bank
- Vertex Ventures Leads Indian D2C Beauty Startup’s $20m Series B
Make in India Bonds into the Global Bond Index: An Examination of Effects and Significances
- India’s inclusion in global bond indexes by JP Morgan is significant, but the expected foreign inflow is relatively small, not likely to impact exchange rates or interest rates significantly.
- The bond inclusion won’t strengthen the Rupee against the Dollar due to limited foreign inflows. A slight reduction in interest rates is expected with JP Morgan’s inclusion.
- Indian bonds offer attractive yields, but rising US bond yields and rupee depreciation could affect foreign investor interest. This development could lead to improved fiscal policies and Indian bond markets.
Devyani International Ltd- Forensic Analysis
- Devyani International (DEVYANI IN) is one of the largest franchisee of Yum! Brands Inc (YUM US) in India and operates brands like KFC, Pizza Hut and Costa Coffee, etc.
- After a turbulent pandemic, the company has reported growth in topline and robust profitability in F22 and F23. But, these have been boosted by several one-off items.
- The company also faces difficulty in generating positive FCFs while we also remain caution about the Nigerian Operations and the associated forex losses.
Quiddity Leaderboard BSE/SENSEX Dec 23: Bandhan Bank Could Underperform State Bank
- In this insight, we take a look at the Potential ADDs/DELETEs for the BSE SENSEX, 100, and 200 Indices in the December 2023 Rebalance.
- At present, I do not see any changes for the SENSEX index. For the BSE 100 and BSE 200 indices I see six and five changes respectively.
- Some of these changes are different from those expected in my last insight. However, the changes expected in this insight will be my final expectations for the December 2023 Rebalance.
Vertex Ventures Leads Indian D2C Beauty Startup’s $20m Series B
- With rising urbanization and increased social media exposure to global beauty trends, India’s beauty and personal care market is now set to hit US$38 billion in value by 2028.
- A big part of that growth has come from direct-to-consumer brands: in the past four to five years, over 80 of them have emerged, accompanied by a wave of investments.
- One of these D2C players is Pilgrim, which recently raised US$20 million in a series B funding round led by Vertex Ventures Southeast Asia and India.
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