Rounaq Bakshi notes

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 to plug into global supply chains as companies diversify dependencies 4...

  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 financing co...

  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%.   

  GIC Re : penetration level at under I% Group's net worth (without fair value change account) for the half year ended 30.09.2024 is z43,029.24 crores as compared to ~ 36,498.86 crore for the half year ended 30.09.2023. Incurred claims Ratio is 91.06% for the half year ended 30.09.2024 as compared to 95.72% for the half year ended 30.09.2023.  Consolidated Profit After Tax for half year ended 30.09.2024 was 3,256.36 crore as compared to Profit After Tax of 2,666.60 crore for the half year ended 30.09.2023.  Investment Income of the group was 6,280.37 crore for the half year ended 30.09.2024 as compared to 5,859.85 crore for the half year ended 30.09.2023.  Consolidated Gross Premium Income of the company was 21,103.51 crore for the half year ended 30.09.2024 as compared to~ 19,962.02 crore for the half year ended 30.09.2023    The general insurance business in India has penetration level at under I% thus indicating great potential. Its dominant position in ...

  Redington Achieves Record Q3 Performance   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...

  Fund Name Motilal Oswal NASDAQ Q 50 ETF 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 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 companies beyond the established, mega cap and large cap leaders in the Nasdaq 100.  Stock Selection: Top 50 companies that are not part of NASDAQ 100 Index are included, in the Index, but with acute focus on the next generation of market leadership Weighting: The index stocks are weighted by modified float adjusted market capitalization. The maximum weight of security is c...

  NIITLTD: Generative AI programs 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 equipping learners with a competitive edge in today’s rapidly evolving job market thereby making them industry-ready. Recovery was led by increased penetration in BFSI, GCCs/ Tier II GSIs and India Enterprise segment  Revenue from BFSI & Other programs at INR 935 Mn up 39% YoY; contributes 31% vs 20% last year  Revenue from Technology programs at INR 2,100 Mn down 23% YoY; contributes 69%  Change in Business mix has resulted in a more balanced portfolio with contribution from both Early Careers and Work Pros at 50% each Despite negative growth in Revenue, EBITDA at INR 48 Mn vs INR 10 Mn in FY23 driven by rationalization of operating expenses  PAT at INR 384 Mn up from INR 32 Mn last year Net Cash of INR 7,185 Mn 

  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...

  She built a ₹1,000 Cr stock portfolio without a finance degree. -> Started in 1996 Nobody knew her name… until she bought more than 1% in a listed company. That triggered a SEBI disclosure. And suddenly, Dalal Street wanted to know - “Who is this woman?” -> Her first legendary stock pick? Hawkins Cookers - bought at ₹130. Today? ₹3,400+. Add to that: 70% of profits distributed as dividends. Her conviction wasn’t loud - it was profitable. -> She picked stocks from her own living room: Nilkamal (plastic chairs) Fem Bleach (cosmetics) Avanti Feeds (fish feed) NOCIL, Rain Industries, Emkay Global All small-caps. All ignored. All turned 5x–20x. -> In 2008, the crash wiped out 75% of her wealth. But by March 2009 - while most were licking wounds - She went shopping for value. That’s when her fortune really started compounding. -> What’s her formula? Sales growth > 15% ROCE > 15% Low debt Promoter holding > 50% Real-world utility - products used in Indian ho...