In today’s briefing:
- HDFC/HDFC Bank Mega Merger Expected to Complete in a Few Weeks: Index Implications
- Asia HY Trade Book – May 2023 – Lucror Analytics
- India Industrials | Quarterly Update – ABB, SIEM, HAVELLS, POLYCAB
HDFC/HDFC Bank Mega Merger Expected to Complete in a Few Weeks: Index Implications
- Media reports indicate that the HDFC Bank (HDFCB IN) merger with HDFC Limited (HDFC IN) is expected to complete in 4-5 weeks.
- There will be inclusions to the NIFTY Index, Nifty Next 50 Index and S&P BSE SENSEX Index and capping changes to the Nifty Bank Index apart from changes to global indices.
- While the impact on the merging entities is not big, there will be fairly large flows on some stocks that are index inclusions or affected by capping changes.
Asia HY Trade Book – May 2023 – Lucror Analytics
The Asia HY Trade Book for May 2023 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia (ex-Japan) HY and crossover credits.
India Industrials | Quarterly Update – ABB, SIEM, HAVELLS, POLYCAB
- In this Insight, we review the recent performance of ABB India Ltd (ABB IN) , Siemens Ltd (SIEM IN) , Polycab India (POLYCAB IN) and Havells India (HAVL IN).
- ABB posted a strong start, SIEM has a black dot with respect to its recent sale of subsidiary. POLYCAB continues to perform, and HAVL is back to capex mode.
- Our picks remain the same, ABB instead of SIEM, POLYCAB instead of HAVL.
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