Daily Brief India: Paytm, R R Kabel, China Jinmao Holdings and more

• Life is good for the NIFTY Index (NIFTY INDEX) at 20K. Strong domestic sentiment is likely to continue. 
• Paytm (PAYTM IN) posted strong operating metrics for August, but this will be the second last update as the company moves to quarterly disclosures for reasons not completely justified. 
• Other Ideas discussed include Poonawalla Fincorp (POONAWAL IN) , Dabur India Ltd (DABUR IN) and Landmark Cars along with upcoming IPOs. 

• R R Kabel (2333180Z IN) is looking to raise up to US$238m in its India IPO.
• R R Kabel is an Indian consumer electrical company, which primarily sells wires, cables and fast moving electrical goods (FMEG).
• In our previous notes, we looked at the company’s past performance. In this note, we undertake a quick peer comparison and share our thoughts on valuation.

• R R Kabel (2333180Z IN) ‘s IPO will go live this week.
• The company is the fifth largest player in the wires and cables market in India, having a market share of 5% overall and 7% among the branded players.
• However, there our numerous aspects about the company and financials that warrant attention. These include RPT with promoters, misleading high CFO, promoter classification, high discounting, etc.

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.

• China Jinmao Holdings
• Vedanta Resources