CRED VALUATION
What would Hyundai IPO valuation be if priced at par with Maruti Suzuki?
The upcoming Hyundai Motor India IPO could be priced at different levels, ranging from Rs 1,265 to Rs 1,988 per share. With plans to raise $3.5 billion, the company aims to capitalize on the low-penetrated Indian car market. Valuation concerns compared to global peers have been highlighted by experts.
Consolidation phase to continue for banks; SBI, HDFC remain preferred picks: InCred Equities
The domestic brokerage firm also stated that the bank managements are already adopting various means including driving staff KRAs and incentivizing employees towards higher deposit augmentation and the recent branch expansion of most banks in semi-urban/rural areas will drive the CASA deposits momentum
InCred Equities downgrades Adani Ports to reduce, sees downside potential of 8%
InCred Equities downgraded APSEZ shares to 'reduce' from 'hold' with a target price of Rs 1,329 amid steep valuation of the stock.
Top startup & tech stories this week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter. The week was packed with important stories broken by our reporters. Here’s a recap if you missed them.
Cred’s secured loan play; Rubrik interview
Happy Tuesday! Kunal Shah-led fintech startup Cred is prepping for an entry into the secured credit space. Details of this and more in today’s ETtech Morning Dispatch.
Rs 15,000 crore gone! Check out 3 reasons why a weaker Modi 3.0 still won't scare FIIs
Around Rs 15,000 crore has been withdrawn by FIIs from India in the last four days amid election uncertainties, causing concern on Dalal Street about the impact of a weaker Modi 3.0 mandate on further outflows.
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ETMarkets Smart Talk: There will be political stability; healthcare could turn out to be the dark horse in FY25: Aditya Khemka
Global investors haven't got much choice but to remain invested in India and perhaps increase allocations despite the political uncertainty.
Rs 31,09,459 crore m-cap loss! Correction the start of a stock picker’s market
Lower-than-expected BJP seats erase Nifty gains. Nifty falls by 5.93%, still trades expensively. India and Japan rally on economic growth and reforms. Overseas investors sell Indian shares, moving to cheaper markets like China.
InCred Capital appoints Julius Baer India’s Vikram Agarwal as chief operating officer
InCred Capital appointed Vikram Agarwal as its COO, who brings extensive experience from Julius Baer India to lead various functions at the Mumbai-based company.
Hot Stocks: Brokerage view on Exide, Divi’s Laboratories, Ashok Leyland & Sun TV
Top brokerages have issued bullish recommendations for select stocks. CLSA has maintained an outperform rating on Sun TV, raising the target to Rs 720. InCred has upgraded Divi’s Laboratories to Add. Meanwhile, JPMorgan maintains an overweight rating on Exide Industries, with a target price of Rs 520.
ETMarkets AIF Talk: Fund Manager of Rs 1200 cr AUM reveals 4 key factors for wealth creation in small & midcaps
Aditya Sood, Fund Manager at InCred Asset Management, discusses small companies' growth potential in an interview with ETMarkets. Sood says that the cost of capital in India will structurally decline over the next 5-7 years, benefiting small and mid-cap companies. Many of the investee companies, though small in size, are already market leaders or challengers in niche industries with substantial growth potential
Oyo withdraws IPO application, opts for private funding at 70% valuation cut
Hospitality company Oyo has withdrawn its draft IPO papers for the second time, which it had filed in March 2023.
ETMarkets Smart Talk: Why are FIIs turning net sellers in Indian markets? Aditya Sood decodes
Aditya Sood, Fund Manager at InCred Asset Management, analyzes the impact of NDA's performance, FPIs' net selling, and the attractiveness of MSCI China index on Indian markets. He highlights the crucial role of these factors in shaping investment decisions. Sood says: "Over the next decade, India will be a buy on dip market — all corrections should be used as buying opportunities to increase allocation to equities as an asset class."
Roadblocks for q-commerce; Mizuho InCred deal
Happy Friday! As quick commerce platforms diversify, they are likely to face operational challenges. More on this in today’s ETtech Morning Dispatch.
Mizuho is in talks to buy KKR’s part stake in fintech company InCred
According to latest discussions, global investment firm KKR may sell around 10% stake in Mumbai-based tech-driven NBFC InCred but this may change depending on how the talks progress, sources told ET.
Shareholder nod for Swiggy’s $1.25 billion IPO; Koo halts salaries
Online food delivery major Swiggy has received shareholder approval to go public. This and more in today’s ETtech Top 5.
ETMarkets Smart Talk: Why Indian stock market could trade at high valuations vs EMs; Aditya Sood decodes
Aditya Sood of InCred Asset Management anticipates high market valuation with strong earnings growth in Nifty50 companies. India's stock market premium valuations are supported by superior ROE and high growth potential over the next decade. Sood says: "The market return is going to be a function of earnings growth rather than multiple expansion."
Is the market getting bloated again? Pramod Amthe answers
Pramod Amthe discusses market recovery exceeding expectations, emerging opportunities in mid and smallcap stocks. He says one should have a cautious approach towards real estate, a selective view on energy and metals sectors. The emphasis should be on specific stock picks due to the favorable risk-reward ratios that they offer.
Trend of larger, more liquid hospital stocks getting more exorbitantly priced to continue: Aditya Khemka
Aditya Khemka of InCred Healthcare PMS discusses the overvaluation of hospital stocks due to liquidity chasing the asset. Liquidity is driving the higher valuations of larger hospital assets. New IPOs have had little impact on the demand supply equation in the hospital segment. Khemka also says in the Incred healthcare PMS portfolio, they own only one hospital stock -- Healthcare Global.
ETMarkets Smart Talk: IT, infra, metal and PSU banks will create wealth for next 3-5 years: Rishi Kohli
Rishi Kohli, Managing Partner & CIO – Hedge Fund Strategies at InCred Alternative Investments Pvt Ltd., believes that banking and IT sectors will continue to offer opportunities to buy on dips due to volatility. He is most bullish on the infra and metals sectors for the next 3-5 years, and predicts that PSU banks will outperform private banks.
InCred AMC is holding 26% in cash. CEO Mrinal Singh explains why
Mrinal Singh, CEO & CIO of InCred AMC, discusses the challenges of investing in the Indian market due to expensive valuations. He highlights the potential for growth in rural areas, the building material sector, and the auto sector. He also expresses interest in the housing and MSME segments of the financials sector, as well as the healthcare sector.
Paytm CEO meets RBI officials; Nykaa doubles Q3 profit
In an attempt to address regulatory concerns, Paytm founder and CEO Vijay Shekhar Sharma, along with the firm's executives, met officials of the Reserve Bank of India (RBI) on Monday. This and more in today’s ETtech Top 5.
ETMarkets Smart Talk: Why this fund manager is underweight on banking stocks
Aditya Sood, Fund Manager at InCred Asset Management,emphasizes the underweight position on lending financials due to struggling banks and pricing pressure. Sood discusses the continuing structural stories in India, particularly in manufacturing. Additionally, he notes the rise of SME IPOs and the driving factors behind the rally in railway stocks. Sood concludes with insights on small & midcap stocks, predicting their outperformance driven by earnings growth and return ratios.
InCred Finance posts net profit of Rs 121 crore in FY23, revenues jump 67%
InCred Finance became the second unicorn of 2023 after raising $60 million from a clutch of investors, including ultra-high-net-worth clients.
Pramod Amthe on 4 stocks to bet on in largecap and EMS space
Pramod Amthe says: “We have been very selective. The only IT stock which we are specifically putting in high conviction is Tech Mahindra which is the result of a management effort to turn around and normalize their profitability and bring back the sales growth post that in the next couple of quarters.”
InCred enters unicorn club with $60 million funding round
In 2022, InCred Finance and KKR India Financial Services merged to create a joint entity under the brand name InCred Finance.
Tata-Wistron deal complete; InCred to join unicorn club with new funding
India’s salt-to-software conglomerate Tata Group will now make iPhones after it completed its acquisition of Wistron on Wednesday. This and more in today’s ETtech Top 5.
Cred, Mobikwik and Groww's report card; Telcos, tech firms spar over revenue share from OTTs
Three major fintechs — Groww, Cred and Mobikwik — on Thursday reported a strong growth in their revenues as the startup ecosystem aims to achieve sustainable profitability.
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