In today’s briefing:
- Tata Technologies Pre-IPO – The Positives – A Tata Group Listing After a Long Lull
- Quiddity Leaderboard for BSE/SENSEX Jun 23: Six BSE 100 Changes and Four BSE 200 Changes
- HPL Electric and Power Ltd- Forensic Analysis
- Mankind Pharma IPO: The Bear Case
Tata Technologies Pre-IPO – The Positives – A Tata Group Listing After a Long Lull
- 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.
- In this note we talk about the positive aspects of the deal.
Quiddity Leaderboard for BSE/SENSEX Jun 23: Six BSE 100 Changes and Four BSE 200 Changes
- In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, 200, and 500 Indices in the June 2023 Rebalance.
- There are only few more days left in the reference period used for the constituent selection process for the June 2023 Rebalance.
- Currently, I see 6 ADDs/DELs for the BSE 100 index and 4 ADDs/DELs for the BSE 200 index.
HPL Electric and Power Ltd- Forensic Analysis
- HPL Electric & Power (HPLE IN) is one of the key players in domestic electric meters market and domestic on-load, change-over switches market. The company also manufactures LED products.
- Forensic overview of the company indicates poor capital allocation in the past, along with cash generation issues.
- One must also keep a note of the inherent credit risk, as well as some interesting line items such as software and designs, on the balance sheet.
Mankind Pharma IPO: The Bear Case
- Mankind Pharma (6596876Z IN), a pharmaceutical company, is seeking to raise up to Rs45 billion (US$550 million) in April, according to press reports.
- In Mankind Pharma IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
- The key elements of the bear case rest on worrying recent developments, FCF burn, rise in inventory days and a steady decline in RoCE.
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