Daily Brief India: Juniper Hotels, Eureka Forbes, Alam Sutera Realty, NIFTY Index and more

• Juniper Hotels is looking to raise up to US$217m in its upcoming India IPO.
• Juniper Hotels is the largest owner by no. of keys of Hyatt affiliated hotels in India as of 2Q23 (30th Jun 23), according to Horwath.
• We have looked at the company’s past performance in our previous note. In this note, we provide our thoughts on valuations.

• The market seems to be dancing to its own tune and is likely to continue.
• EUREKAFO’s distributors are dissatisfied, MANYAVAR’s reported numbers failed to match up to the on-ground optimism. 
• LTFH’s “strong” retail playbook keeps performing, and SGMART’s website raises concerns about its operations. 

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.

• Alam Sutera Realty
• Citicore Renewable Energy

• The NIFTY Index has been rising for 5 days in a row, this is the second week up (CC=+2), there is a good chance it will pullback soon.
• The index is going towards the Q3 resistance level at 22354, that would be a good area from where to start to prepare for a pullback.
• Going SHORT may not be worth it, the right trade is to wait for the pullback and go LONG again at better prices.