Rounaq Bakshi notes

 India proved it can assemble. Now it must own more of the value chain. I’m looking to buy a new phone. While going down that rabbit hole, I stumbled on something wild. India is now the world’s 3rd largest mobile phone exporter. From just $200 million in 2017 to $20.5 billion in 2024. It’s more than numbers, it’s a signal of what’s changing. > Apple started moving production here. > The PLI scheme did more than offer subsidies, it sent a message. > And for the first time ever, India exported more phones to the US than China. This is a big win, but "Picture Abhi Baaki hai mere dost!" We still import most components and that’s the real opportunity now: BUILD THE FULL ECOSYSTEM Here’s what that looks like: 1) Components like batteries, PCBs, chargers mostly still imported, so opportunity lies in manufacturing domestically. 2) Tamil Nadu, Uttar Pradesh, Karnataka, and Andhra Pradesh are emerging as serious manufacturing zones. 3) Midsized EMS players have unique window...

  Adani Enterprises Ltd (AEL) and Total Energies of France have entered into a binding arrangement for partnership to jointly create the world’s largest green hydrogen ecosystem. (Adani New Industries Limited) -2022 ANIL will be the exclusive platform of AEL and TotalEnergies for the production and commercialization of green hydrogen in India. ANIL will target a production of one million metric tons of green hydrogen per year (Mtpa) by 2030, underpinned by around 30 gigawatts (GW) of new renewable power generation capacity, as its first milestone. This partnership is based on the remarkable complementarity of the two companies. Adani's portfolio will contribute its deep knowledge of the Indian market, execution capabilities, and operations and capital management excellence.  TotalEnergies will offer its thorough understanding of the global markets, expertise in renewable technologies and large-scale industrial projects, and financial strength, enabling ANIL to lower its financ...

  Kotak Mahindra Bank: At the bottom PAT for FY24 ₹ 18,213 crore, up 22% YoY Customers as at March 31, 2024 were 5.0 cr (4.1 cr as at March 31, 2023). Standalone Return on Assets (ROA) for FY24 was 2.61% and for Q4FY24 was 2.97%. Return on Equity (ROE) for FY24 was 15.34% and for Q4FY24 was 17.54%.  As at March 31, 2024, GNPA was 1.39% & NNPA was 0.34% (GNPA was 1.78% & NNPA was 0.37% at March 31, 2023).   CASA ratio as at March 31, 2024 stood at 45.5%.    Kotak Mahindra Bank  is planning to increase its branch count by 80% to around 3,500 in the next five years, as the lenders looks to expand presence across the country. The country’s fourth-largest lender plans to add approximately 1,500 branches to its current network, which currently stands at around 1,965.  The lender added 168 branches in the previous financial year, and aims to open 200-250 branches annually over the next five years. The bank will add up to 200 branches in the current fi...

GIC Re  ~51% market share in the Indian reinsurance market Support to 59 Direct General and Life Insurance companies in India Reinsures every non-life insurance player in India  Portfolio Breakup Rs. 1,46,851Cr ( Equity – Focus on investing in index based stocks with strong ROE, Outstanding order book and weeding out the weak scrips on every rise in the Indices. )     Consolidated Gross Premium Income of the company was 41,955.33 crore for the year ended 31.03.2025 as compared to 37,867.15 crore for the year ended 31.03.2024. Gross Investment Income of the group was 12,835.05 crore for the year ended 31.03.2025 as compared to ~ 11,670.21 crore for the year ended 31.03.2024. Consolidated Profit Before Tax for the Year ended 31.03.2025 was 9,104.64 crore as compared to Profit Before Tax  7,924.90 crore for the year ended 31.03.2024. Consolidated Profit After Tax for the year ended 31.03.2025 was 7,431.84 crore as compared to Profit After Tax  6...

  Redington   Revenue grew 14% YoY to ₹26,764 Cr, the highest-ever quarterly revenue Net Profit (PAT) increased 17% YoY to ₹400 Cr, the highest-ever quarterly PAT EBITDA at ₹651 Cr, up 16% YoY PAT margin improved to 1.50% in Q3 FY25 from 1.45% in Q3 FY24 and 1.17% in Q2 FY25   Redington’s transformation into a holistic technology solutions provider continues to fuel its growth, addressing market demand across consumer devices and smartphones, SMB and enterprise technology solutions, including Cloud, servers, storage, networking, and security, as well as emerging technologies driven by Cloud, Generative AI, Cybersecurity, and Sustainable Technologies. Additionally, the company is catering to the evolving needs of hybrid work and learning solutions Performance Across Key Business Segments & Markets Cloud business grew 42% YoY, maintaining strong momentum Technology Solutions Group (TSG) business grew 28% YoY, driven by demand and large scale project wins Stron...

  Fund Name Motilal Oswal NASDAQ Q 50 ETF Nasdaq Q-50 TRI in INR has outperformed Nifty 500 TRI during the last 16 years Sector Allocations of Motilal Oswal NASDAQ Q 50 are: Information Technology Healthcare Communication Services Consumer Discretionary Industrials About Nasdaq Q 50 Index The Nasdaq Q-50 Index is designed to measure the performance of 50 of the largest Nasdaq-listed nonfinancial companies outside of the Nasdaq-100 Index Nasdaq Q50 Index objective: The Nasdaq Q-50 Index® tracks the performance of the 50 securities that are next eligible for inclusion into the Nasdaq-100 Index Exposure to next-generation of innovators The Nasdaq Q-50 Index (NXTQ) tracks the performance of the 50 securities that are next eligible for inclusion into the Nasdaq 100 Index (NDX). The index deploys the proven methodology behind the time tested Nasdaq 100 Index, with its emphasis on innovation and growth.  The key benefit of the Nasdaq Q-50 is diversification into additional disruptive...

  NIITLTD: Generative AI programs Q1 FY26: In Perspective • Overall Revenue at INR 841 Mn (up 2% YoY and down 3% QoQ); organic revenue at INR 789 Mn (down 4% YoY and 9% QoQ).  • NIIT acquired 70% stake in iamneo, and raised stake in NIIT Institute of Finance Banking and Insurance Limited (IFBI) to 100% during the quarter  • Product Mix • Revenue from Technology programs at INR 587 Mn; up 7% YoY  • Revenue from BFSI & Other programs at INR 254 Mn; down 9% YoY  • Business Mix  • Enterprise up 7% YoY; contributed 68% to revenue  • Consumer down 8% YoY; contributed the balance 32%  • Order Intake of INR 1,065 Mn in Q1; up 37% YoY and 44% QoQ  • EBITDA at INR (63) Mn vs INR (2) Mn LY  • PAT at INR 44 Mn lower from INR 78 Mn last year; EPS at INR 0.3 down from INR 0.6 last year. In FY24, NIIT Ltd announced the integration of Generative AI in its existing Digital Marketing and Full Stack Software Engineering programs which is aimed at equip...

  Electrosteel Castings Limited (ECL) is the pioneer in manufacturing Ductile Iron Pipes and Fittings in India and South Asia and produced 5.45 Lakh MT in 9MFY25.  ECL is one of the leader in Ductile Iron Pipes and Fittings in India.  The Company is amongst the top manufacturers of the product in the World and exports to 110+ countries across 5 continents.  ECL has its presence in the most discerning markets in Western Europe, UK, USA, Middle east and Gulf, Asia and Africa.  The Company has a well-diversified product portfolio including Ductile Iron Pipes, Ductile Iron Fittings, Ductile Iron Flange Pipes and Restrained Joint Pipes.  Additionally, ECL manufactures Cast Iron Pipes, Metallurgical Coke, Sponge Iron, Cement, Ferro Silicon, Pig Iron and Power.  ECL has five technologically advanced integrated manufacturing units located in Khardah, Bansberia and Haldia (in West Bengal), Elavur (in Tamil Nadu) and Srikalahasthi (in Andhra Pradesh).  The ...

  CAMS is a partner to 26 of 50 Mutual Funds in India      Revenue at Rs. 1,066.32 crores, 29.1% on y-o-y basis PAT* at Rs. 356.17 crores, 42.4% on y-o-y basis, PAT margins @ 32.2%   CAMS is a financial infrastructure and service partner to the asset management industry and provides platform-based services to the BFSI segment.  The Company is India's largest registrar and transfer agent of mutual funds with an aggregate market share of ~68% based on mutual fund average assets under management (“AAUM”).  The Company has grown its market share from approximately 61% in March 2015 to ~68 %, based on AAUM serviced.  Its mutual fund clients include ten of the fifteen largest mutual funds.  The Company is the market-leading platform and service partner to alternative investment funds and portfolio managers serving over 460 mandates of 200 funds with full-stack digital and fund administration services Won all 3 RTA mandates awarded recently - J...

  As we know , TCS will lay off 12000 employees in the middle and senior management over the next 12 months which is 2% of their global work force The company clarified this is not because of AI but rather due to a skill mismatch where they are unable to redeploy employees due to a skill gap The situation in the tech sector is grim and the worry is that the other larger tech companies will follow suit with layoffs So , what exactly is happening ? why has demand been hit so much in the last 2 years ? Much of the traditional outsourcing like manual testing, support, low level coding is being automated rapidly Business is slow , deal sizes are declining , project ramp ups are delayed , client spends are being curtailed 2 reasons: - Automation is improving - Rise in GCCs or global capability centres Clients are now interested in AI native solutions and not just buzz words Tech is evolving fast Companies that pivot to AI services, build deep domain capabilities and automa...