Parthiv Dhar on LinkedIn: #nse #smeipo (2024)

Parthiv Dhar

BSR & Co. LLP (KPMG) | CA Finalist | CFA Level I (90 percentile) | NMIMS'24

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You may be surprised to know that while Nifty and Sensex are up approximately 11% YTD, BSE SME IPO Index is up 113% during the same period! Keeping it short, the BSE SME IPO Index measures the returns of the SME IPOs in the primary market. Stocks are included in the index on the 2nd day of listing and are automatically excluded after 3 years from date of listing. With more than 120 SME IPOs in the 1st half of 2024 itself, the listing gains have been ultra rewarding. Stocks like Medicamen Organics Limited, GP Eco Solutions India Limited and TBI Corn Limited have given 100-350% listing gains. To standardize price discovery during pre-open session, NSE vide its Circular dated July 4, 2024 (NSE/SME/62757), has put a 90% cap over the issue price with immediate effect. What is considered as market making, might pave the way for market manipulation leading to unsustainable returns and wealth erosion.Source: NSE India, moneycontrol.com #NSE #SMEIPO

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    BSR & Co. LLP (KPMG) | CA Finalist | CFA Level I (90 percentile) | NMIMS'24

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    Delighted to let you all know that I have successfully cleared the CFA Level 1 examination in the very first attempt scoring in the 90th percentile bracket. Special thanks to Aswini Bajaj for his unwavering commitment towards his students and dedication towards the subject matter. Looking forward to more of finance theories, portfolio mathematics and pricing models only to achieve alpha in this journey!CFA Institute #CFA

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  • Parthiv Dhar

    BSR & Co. LLP (KPMG) | CA Finalist | CFA Level I (90 percentile) | NMIMS'24

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    As we stand today on the last trading day of the Financial Year 2023-24, we should take a moment to look at the market behaviour at a glance. The broader market indices rewarded the long only investors pretty well, with the following returns:Nifty 50- 30.50% Nifty Mid Cap 100- 63.13%Nifty Small Cap 100- 75.42%The top-performing sectors were:Nifty Realty- 140.79%Nifty PSU Bank- 100.08%Nifty Auto- 77.43%Over the past year, Nifty traded at an average PE of 22.18 which is well in line with its long term average historical PE of 22.84. Data also hints that despite solid fundamental growth, volatility did not give the investors any rest, with VIX ranging from 8.18 to 16.74. These are the years that add weightage to the philosophy of passive investing. In light of the domestic and international macro factors, certain sectors have proved to better shock absorbers, and have provided lesser volatility than others.At the very best, for investors who would still want to outperform the indices in a growth-driven market, a smart-beta portfolio would work pretty well for them, and may attempt to utilise price discrepancies in their favour. #nifty #passiveinvesting #growth

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  • Parthiv Dhar

    BSR & Co. LLP (KPMG) | CA Finalist | CFA Level I (90 percentile) | NMIMS'24

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    Hedge Funds, an alternative investment asset class, working as limited partnerships of wealthy investors, often fail to beat the index in 8 out of 10 cases. Known for aggressive investment strategies and high expense ratio (consisting of 2% management fees and 15-20% of profits as performance fees), hedge funds aim at outperforming the market significantly. However a recently published Bloomberg report would beg to differ! (extract attached)As per the report, majority of the funds failed to beat the S&P 500 which gave 20% return in 2023. Although certain funds of Discovery Capital, TCI, Tiger Global and others have given phenomenal returns in the past year, the median has been below average. Hedge Funds are known for employing risky strategies such as macro investing, thematic investing, event-driven and long/short equity. Historical performance of these hedge funds are poor, as currently they are not chasing alpha, but are in pursuit of recovering their past losses.

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  • Parthiv Dhar

    BSR & Co. LLP (KPMG) | CA Finalist | CFA Level I (90 percentile) | NMIMS'24

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    There is no better way to start a Sunday than with a marathon.Tata Steel Kolkata 25K Marathon 2023.Until next time!#kolkata #tatasteel25k #marathon #corporatesocialresponsibility

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    BSR & Co. LLP (KPMG) | CA Finalist | CFA Level I (90 percentile) | NMIMS'24

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    Just finished the course “PowerPoint: Eight Easy Ways to Make Your Presentation Stand Out” by Jole Simmons! Check it out: https://lnkd.in/eYfVVmgW #microsoftpowerpoint.

    Certificate of Completion linkedin.com

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  • Parthiv Dhar

    BSR & Co. LLP (KPMG) | CA Finalist | CFA Level I (90 percentile) | NMIMS'24

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    On Friday, 8th of December, Nifty hit an all-time-high of 21000, gaining more than 1000 points in just 61 trading sessions. Most long term investors who invested heavily in late 2020 or even early 2021 are sitting on a minimum of 60-70% ROI. Some noteworthy points to watch out for at this point:~ Over the past 10 trading sessions, FIIs made a net investment of INR 22,502 crores, whereas DIIs reported INR 8,813 crores, which is above average.~ Nifty is trading at a PE of 22.41 which is just slightly above its long term historical PE of 21.54.~ RSI is currently at 70+ levels, indicating a highly overbought zone.~ Daily chart of Nifty shows that the current level is way above the 50/100/200 day EMA.~ Macro factors like optimistic GDP growth estimates and political stability have contributed to this bull run. While we may witness some selling pressure in the upcoming days, it has never paid well to exit from the markets from a long term perspective. Staying invested throughout ups and downs is pivotal as most returns are generated on only a handful of trading sessions.Time in the market beats timing the market.

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    BSR & Co. LLP (KPMG) | CA Finalist | CFA Level I (90 percentile) | NMIMS'24

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    Just finished the course “Writing Formal Business Letters and Emails” by Tom Geller! Check it out: https://lnkd.in/gqJTXxnW

    Certificate of Completion linkedin.com

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  • Parthiv Dhar

    BSR & Co. LLP (KPMG) | CA Finalist | CFA Level I (90 percentile) | NMIMS'24

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    Tata Technologies IPO is hitting the street on 22nd November and yesterday only I heard a co-passenger saying that a Tata IPO never disappoints! Absolute glamour to think of the brand that TATA has built over the years.Now, before you invest with the same preconceived notion, here are some key points to watch out for:➡️ As of now, TTL provides engineering solutions and services to 3 industries: automotive, industrial heavy machinery and aerospace.➡️ Engineering services segment accounts for more than 60% of total revenue, which shows a highly concentrated revenue model.➡️ More than 48% of total revenue comes from 3 major customers, that too in the services segment, which increases risk exposure.➡️Majority of the future revenue is expected from new energy vehicle companies, almost all of which are startups.➡️ The company reported a PBT of Rs 796 crores, showing 35.7% increase YoY.➡️The company has reported uneven cash flow pattern over the past 5 years, with almost nil FCFF in several years. ➡️Considering the price band of Rs 475 - 500, PE stands between 30.9 and 32.5, which is fair compared to the industry standards.➡️ Rs 3042.51 crores is a decent IPO size for a 100% OFS. GMP stands at Rs 375 as on 18 November. Invest responsibly.

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  • Parthiv Dhar

    BSR & Co. LLP (KPMG) | CA Finalist | CFA Level I (90 percentile) | NMIMS'24

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    "The dream is free, but the hustle is sold separately."I am delighted to let everyone know that I will be joining KPMG India as a Staff Accountant in Corporate and International Tax (CIT) division.Eagerly looking forward to have a head start to my corporate career! Thanks a lot to KPMG Talent Acquisition team.

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