Daily Brief India: Page Industries, Hindustan Aeronautics Ltd, Azure Power Global Ltd, First Pacific Co and more

• On 17 February, NSE Indices announced the results of the March index review for the Nifty Next 50 Index (NIFTYJR INDEX). There are 5 adds and 5 deletes. 
• Last evening, NSE Indices announced a change in the index methodology where the cumulative weight of non-F&O stocks in the index will be capped at 10% (down from 15% earlier).
• This changes the flows at the March rebalance that will be implemented at the close of trading on 29 March.

• The Government of India (GoI) aims to raise around US$372m (INR30.7bn) via an offer for sale of Hindustan Aeronautics Ltd (HNAL IN) stock. 
• The floor price of INR2,450 / share is set at approximately 6.7% to Wednesday’s (22nd Mar 2023) last close. The deal represents 10.5 days of ADV. 
• In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

• This week it was reported that the release of Azure Power’s audited financial statements for FY2022 has been delayed again as appointed auditors Ernst & Young Mauritius have expressed an unwillingness to sign them off.
• An external agency is said to be investigating the whistle-blower allegations and the auditors are said to be uncomfortable with signing off the statements.
• Separately, the company recently released unaudited financials for two restricted groups – Azure Power Energy Limited and its restricted group entities, and Azure Power Solar Energy Private Limited and its restricted group entities.

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.

• AAC Technologies Holdings
• Evergrande
• First Pacific Co
• Vedanta Resources