Latest news with #HemangJani
Time of India
5 days ago
- Business
- Time of India
Hemang Jani sees 15-25% upside for Swiggy, 18-22% for Eternal on strong cash position
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads "But if you have IPO clearance and on a lower base you start looking for next year numbers, obviously there will be a significant growth that one can really look at. And then the fact that the position they have through gift, this entire SGX Nifty part, a large part of the market share is being grabbed by them, the data monetisation will happen," says Hemang Jani , Independent Market interesting question. NSE, of course, by far the biggest exchange particularly in terms of the dominant position it has on the option side. Definitely, there is appetite across investors. The only point is that this year because of the new sebi regulations which effected NSE's performance for last quarters, it has not been if you have IPO clearance and on a lower base you start looking for next year numbers, obviously there will be a significant growth that one can really look at. And then the fact that the position they have through gift, this entire SGX Nifty part, a large part of the market share is being grabbed by them, the data monetisation will it is interesting story and people really want to participate there. As far as BSE is concerned, the valuation is definitely stretched at 75 times. The only positive takeaway I can see for BSE is that on the market they have a share of about 15%, the premium, and now that the expiry issue will settle more or less with Sebi's diktat that you will have Tuesday and Thursday as the two expiries, there is a sense that the BSE will eventually get a market share of 30-35% versus when you have market share gain story, people would want to participate, but I do think that things are looking much better for NSE and MCX versus BSE at this thing that comes to my mind is that some of these fintech platform companies, Eternal and Swiggy , I do think that given the recent trends wherein the unlisted names like Zepto, even Flipkart some issue in terms of raising funds, the cash burn is on a higher side and when we look at Eternal which is sitting on a cash of 18,000 crore, even Swiggy because of the IPO and the cash raise that they have done are relatively better from quarterly earnings surprise perspective and their dominant positioning perspective, I do find both these companies quite compelling at this point. I think there is a case for a minimum 15% to 25% kind of an uptake for Swiggy and about 18% to 22% kind of uptake as far as Eternal is concerned.I think while that space is looking quite divergent in terms of performance, what has stood out is that some of the larger players be it United Spirits United Breweries , even Radico Khaitan have done much better and when you look at closely at the numbers in the case of United Spirits what stood was that the premium brand's growth continues to be about 8% to 10% and if you trade treaty with UK that bring in additional amount of cheer for the I do think that United Spirits by far looks the best in the current scenario followed by United Breweries where because some states there were some issues going on. So there will be some volume benefit over there, but stick to the larger names to my mind.
Economic Times
5 days ago
- Business
- Economic Times
Hemang Jani sees 15-25% upside for Swiggy, 18-22% for Eternal on strong cash position
"But if you have IPO clearance and on a lower base you start looking for next year numbers, obviously there will be a significant growth that one can really look at. And then the fact that the position they have through gift, this entire SGX Nifty part, a large part of the market share is being grabbed by them, the data monetisation will happen," says Hemang Jani, Independent Market Expert. ADVERTISEMENT We are just trying to understand BSE and then, there is NSE and there is MCX. Why suddenly exchange valuations have gone up? I mean, I was looking at a data yesterday where the valuations of NSE are now higher than Nasdaq. Hemang Jani: Very interesting question. NSE, of course, by far the biggest exchange particularly in terms of the dominant position it has on the option side. Definitely, there is appetite across investors. The only point is that this year because of the new sebi regulations which effected NSE's performance for last quarters, it has not been great. But if you have IPO clearance and on a lower base you start looking for next year numbers, obviously there will be a significant growth that one can really look at. And then the fact that the position they have through gift, this entire SGX Nifty part, a large part of the market share is being grabbed by them, the data monetisation will happen. So, it is interesting story and people really want to participate there. As far as BSE is concerned, the valuation is definitely stretched at 75 times. The only positive takeaway I can see for BSE is that on the market they have a share of about 15%, the premium, and now that the expiry issue will settle more or less with Sebi's diktat that you will have Tuesday and Thursday as the two expiries, there is a sense that the BSE will eventually get a market share of 30-35% versus when you have market share gain story, people would want to participate, but I do think that things are looking much better for NSE and MCX versus BSE at this point. Any new ideas that you are working with in this market or would you say that the valuations are getting a little toppish? Hemang Jani: First thing that comes to my mind is that some of these fintech platform companies, Eternal and Swiggy, I do think that given the recent trends wherein the unlisted names like Zepto, even Flipkart some issue in terms of raising funds, the cash burn is on a higher side and when we look at Eternal which is sitting on a cash of 18,000 crore, even Swiggy because of the IPO and the cash raise that they have done are relatively better placed. So, from quarterly earnings surprise perspective and their dominant positioning perspective, I do find both these companies quite compelling at this point. I think there is a case for a minimum 15% to 25% kind of an uptake for Swiggy and about 18% to 22% kind of uptake as far as Eternal is concerned. ADVERTISEMENT What do you like within the alcohol beverage space because I get a sense that looking at the price trend, that these stocks have consolidated enough. I mean, they are now ready to get into that spin if I may use the word early morning. Hemang Jani: I think while that space is looking quite divergent in terms of performance, what has stood out is that some of the larger players be it United Spirits, United Breweries, even Radico Khaitan have done much better and when you look at closely at the numbers in the case of United Spirits what stood was that the premium brand's growth continues to be about 8% to 10% and if you trade treaty with UK that bring in additional amount of cheer for the stock. ADVERTISEMENT So, I do think that United Spirits by far looks the best in the current scenario followed by United Breweries where because some states there were some issues going on. So there will be some volume benefit over there, but stick to the larger names to my mind. (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
08-05-2025
- Business
- Time of India
What sectors to be overweight on, underweight on, and completely avoid right now? Manish Gunwani answers
Live Events You Might Also Like: Buy the dips in quality names with earnings visibility: Hemang Jani You Might Also Like: What are Specialised Investment Funds and how will they impact investors? (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel , Head-Equity,, says despite expensive domestic-facing stocks , India's strong macroeconomics and the ' China plus one' theme offer opportunities, particularly in manufacturing exports to Europe and China. Despite a generally cautious outlook, beaten-down financials in India, trading below book value, present an attractive risk-reward opportunity due to the country's strong macroeconomics. While a deep US recession poses a threat to asset quality, the sector offers compensation for that risk. Elsewhere, auto and capital goods appear of good things have happened for India in the sense that the dollar has weakened, crude has fallen, RBI has become fairly dovish. I do not expect earnings to be anything great over the next two-three quarters, but there is the strength of the macro in terms of the currency, the current account deficit, inflation, interest rate trajectory, and also the geopolitical I do think that a lot of things that the US is trying to do are good for India. Now, it may be a very rocky path to get there, but what does the US want? They want to reduce China's current account deficit which could mean manufacturing moving out of China. They want lower energy prices and lower bond yields. Although they may not explicitly say this, they probably want a weaker dollar. So, all this is what India also wants. So, the macro narrative will support the is a fair thing to say that the US will definitely slow down. The extent of that slowdown is very difficult to gauge. It could be right from a mild slowdown to a deep recession, no one can predict that. So, it is not a market where you need to be very greedy. But the chances of macro narrative overpowering quarterly numbers is quite high.I do not think that at the overall headline index level, we will make big returns. But it is all about being nimble and catching the themes that can potentially work in the medium term. There are a fair amount of interesting themes which can work. Nothing is definite. For example, there is this tech platform segment, there is the shift of manufacturing from China segment, there is this beaten down financials segment. Personally, these kinds of themes look attractive from a risk-reward perspective.I am not very positive on global growth or as a corollary even on India growth from a one-year perspective in the sense that there is a range of probability outcome but there is a decent probability that there will be a severe slowdown globally. So, I do not think you can have a very cyclical portfolio at this point of time. Just following up from what you said, the risk-reward in buying anything related to the US economy is not you think about business cycles in three parts – US, India, and the rest of the world – which is Europe and China, the expectations are least from Europe, and China-related stocks and maybe there are some contrarian bets on that cycle which is metals and global auto which are worth owning purely because expectations are beaten has the best macro, but Indian domestic-facing stocks tend to be expensive, but there may be the theme of 'China plus one' expanding from the traditional chemicals to a lot of new segments may work. But yes, anything to do with the US economy is a bit risky, I would I meant was anything which is very cyclical and linked to the US economy is probably risky. But stocks linked with general global exports to Europe and China are quite cheap. They have done nothing for two-three years at least and that part is worth a bet. But I do not think you can be very aggressive because if the US slows down more than we think, then even Europe, China cannot do well, and even India will not do as well as we I said, it is not probably a time to be very cyclical, but I would say that any good manufacturing exporter from India – if the valuations look reasonable – are worth a bet because we do not know. All we know is that it is a once in a generation supply chain shift that will happen. You can be fairly certain that China's current account will go down and it will go down as a mix of exports coming down and imports going up. But safe to say that China's share in manufacturing will go who benefits, which category benefits, which country benefits is not exactly clear at this point of time, but as a theme, that is worth looking at. On the domestic side, it is a bit of a consensus view, but the only risk-reward space that looks attractive is financials which are below book or one-time book because India's macro is good. Hopefully, the asset quality will not deteriorate unless the US goes into a very deep recession that risk remains, but at least you are getting paid to take that risk. Auto, and capital goods look expensive to me. So, yes, on the domestic side, beaten down financials is the only really attractive cyclical sector.
