Daily Brief India: Union Bank Of India, FirstCry, Adani Transmission and more

• Union Bank Of India (UNBK IN) is looking to raise up to INR 30bn (US$362m) with the floor price set at INR 142.78/share and a maximum discount of 5%.
• The stock has run up a lot and with index inclusion around the corner, this is as good a time as any to issue stock.
• Union Bank Of India (UNBK IN) trades cheaper than peers and could continue to outperform over the near-term.

• Union Bank Of India (UNBK IN) is looking to raise up to US$370m (INR30bn) via its QIP.
• The company last undertook a QIP in Aug 2023, which we covered in Union Bank of India QIP – Well-Flagged Deal, Recent Momentum Has Been Strong.
• This deal too is a very well flagged one, with the firm having earlier reported that it would look to do a QIP to boost its free float and capital.

• We visited FirstCry Franchisee stores in Ajmer (Rajasthan), and Hosur (Tamil Nadu).
• FirstCry has a high brand recall, limited competition, and healthy franchisee relations.
• The ability to leverage FirstCry and Baby Oye is a good margin lever.

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.