In this briefing: India-South Korea FTA 2026: What Can We Expect if It Plays Out? Aequitas: SBI Funds Management Pre-IPO -Parent’s Network Helps but Some Fees Are Very Low The Token Maxxing Delusion Yasho Industries Ltd- Chemistry Without Cash Primer: Info Edge India (INFOE IN) - Apr 2026 1. India-South Korea FTA 2026: What Can We Expect if It Plays Out? On 20th April 2026 India and South Korea resumed negotiations to upgrade their trade agreement, aiming to double bilateral trade to 50 billion dollars by 2030. This marks a strategic shift toward an advanced technology alliance, focusing on chips, ships, resilient supply chains , and structurally rebalancing the massive trade deficit. Key risks include complex trade barriers, persistent implementation hurdles for technology transfers, and severe geopolitical vulnerabilities threatening essential global energy supply chains. 2. Aequitas: SBI Funds Management Pre-IPO -Parent’s Network Helps but Some Fees Are Very Low SBI Funds Management is looking to raise about US$1.5bn in its upcoming India IPO.

In this briefing: Aequitas: SBI Funds Management Pre-IPO -Parent’s Network Helps but Some Fees Are Very Low The Token Maxxing Delusion Yasho Industries Ltd- Chemistry Without Cash Primer: Info Edge India (INFOE IN) - Apr 2026 Primer: Bajaj Housing Finance (BHF IN) - Apr 2026 1. Aequitas: SBI Funds Management Pre-IPO -Parent’s Network Helps but Some Fees Are Very Low SBI Funds Management is looking to raise about US$1.5bn in its upcoming India IPO. SBI Funds Management is an asset management company(AMC) involved in managing mutual funds, providing portfolio management services, managing alternative investment funds and ETFs, and providing advisory services to offshore clients. In this note, we look at the company’s past performance. 2. The Token Maxxing Delusion Earlier this month, Fortune reported that Meta’s 85,000 employees were competing on an internal AI leaderboard called “Claudeonomics”. Welcome to the world of Token Maxxing . Now that the door is closing on Agentic AI being able to sneak in under the cover of a monthly subscription, Token Optimisation should become front & center for every enterprise Treat your agentic sessions like sprints.

In this briefing: The Token Maxxing Delusion Yasho Industries Ltd- Chemistry Without Cash Primer: Info Edge India (INFOE IN) - Apr 2026 Primer: Bajaj Housing Finance (BHF IN) - Apr 2026 Primer: ICICI Lombard General Insurance Company (ICICIGI IN) - Apr 2026 1. The Token Maxxing Delusion Earlier this month, Fortune reported that Meta’s 85,000 employees were competing on an internal AI leaderboard called “Claudeonomics”. Welcome to the world of Token Maxxing . Now that the door is closing on Agentic AI being able to sneak in under the cover of a monthly subscription, Token Optimisation should become front & center for every enterprise Treat your agentic sessions like sprints. Define a clear objective for each session. Work to completion or a meaningful checkpoint. Then summarise and reset. You will save a fortune... 2. Yasho Industries Ltd- Chemistry Without Cash Yasho Industries (YASHO IN) operating cash flows are materially misstated due to misclassifications. Cash conversion is weak in the long run.

In this briefing: Yasho Industries Ltd- Chemistry Without Cash Primer: Info Edge India (INFOE IN) - Apr 2026 Primer: Bajaj Housing Finance (BHF IN) - Apr 2026 Primer: ICICI Lombard General Insurance Company (ICICIGI IN) - Apr 2026 HSIE Results Daily: ICICI Bank 1. Yasho Industries Ltd- Chemistry Without Cash Yasho Industries (YASHO IN) operating cash flows are materially misstated due to misclassifications. Cash conversion is weak in the long run. Working capital stress has intensified, driven by sharp inventory build-up amid weak utilization and export disruptions, raising execution and audit blind-spot risks. Capital allocation concerns persist: suboptimal capex utilization (<50%), negative long-term FCFs, high leverage, and opaque promoter-related transactions collectively weaken financial quality and governance confidence. 2. Primer: Info Edge India (INFOE IN) - Apr 2026 Info Edge is a premier Indian internet classifieds company, holding a dominant position in the online recruitment space with its flagship brand, Naukri.com, which contributes the majority of its operational revenue.

The job portal major delivered double-digit growth across all key verticals in Q2, led by strength in its recruitment and real estate businesses.

Gift Nifty indicates a positive opening for benchmark Indian indices

Keep an eye on developments from the India-China talks ahead of the SCO summit

The Cabinet approved ₹99,446 crore Employment-Based Incentive (ELI) scheme, which aims to generate 3.5 crore new jobs by 2027. Analysts believe firms like TeamLease, Quess, and Info Edge stand to benefit from the scheme.

Despite a 3% dip on Wednesday, Info Edge is showing signs of strength on technical charts after stellar earnings.