Daily Brief India: State Bank Of India, SBFC Finance Limited, Sunac China Holdings, Tata Technologies and more

• The CPSE ETF (CPSEBE IN) and Nifty Bank Index (NSEBANK INDEX) will have its quarterly rebalancing at the close on 29 June.
• There are no constituent changes for the indices in June but there will be capping and float changes for the stocks and there is a reasonable impact on many stocks.
• Both indices have performed well over the recent past and active investors can take advantage of the passive flows to increase or decrease existing positions.

• SBFC Finance Limited (1547353D IN) is looking to raise up to US$145m in its upcoming India IPO. 
• SBFC Finance is a systematically important, non-deposit taking non-banking finance company (NBFC-ND-SI), offering secured MSME Loans and Loans against Gold. 
• Even through COVID-19, it had managed to more than double its AUM through its branch expansion efforts. However, its NIM declined over the track record period and profitability growth slowed. 

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.

• NagaCorp Ltd
• Sunac China Holdings
• Vedanta Resources

• Tata Technologies (TATATECH IN)  (TT) is looking to raise around US$600m in its upcoming India IPO.
• Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier 1 suppliers. 
• We have looked at the company’s past performance in our earlier notes, in this note we will undertake a peer comparison.