Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.</li>
<li>In this insight, we are presenting our final expectations for ADDs and DELs for the March 2025 index rebal event.</li>
<li>We see two changes for NIFTY 50 and four changes for NIFTY 100. We expect the results to be announced in the next few days.</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
In this insight, we are presenting our final expectations for ADDs and DELs for the March 2025 index rebal event.
We see two changes for NIFTY 50 and four changes for NIFTY 100. We expect the results to be announced in the next few days.


Quiddity Leaderboard NIFTY Mar 25: Final Expectations; Expected DELs Could Underperform Index

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>The Bharat Petroleum Corporation (BPCL) stock rallied ~33% and outperformed the Sensex by ~22% over the last 6M</li><li>However, we believe the current market price is still factoring in very optimistic earnings growth on the back of a very strong FY24</li><li>With crude oil prices rising by ~5% from average prices seen in Q4FY24 and rising ~12% to over USD 86/bbl over the last month, we expect this to adversely impact BPCL’s marketing segment profitability, going ahead</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The Bharat Petroleum Corporation (BPCL) stock rallied ~33% and outperformed the Sensex by ~22% over the last 6MHowever, we believe the current market price is still factoring in very optimistic earnings growth on the back of a very strong FY24With crude oil prices rising by ~5% from average prices seen in Q4FY24 and rising ~12% to over USD 86/bbl over the last month, we expect this to adversely impact BPCL’s marketing segment profitability, going aheadContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BPCL: Demanding Valuation. Maintain REDUCE

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul>
<li>Prabhudas Lilladher's research report onBharat Petroleum Corporation Bharat Petroleum Corporation (BPCL) reported better than expected Q4FY24 results with an EBITDA of Rs92.1 bn (up 48% QoQ, PLe: Rs85.8 bn).</li>
<li>Adj PAT came in at Rs55.7 bn (up 64% QoQ, PLe: Rs48.4 bn).</li>
<li>The company reported a moderate GRM at US$12.5/bbl.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Prabhudas Lilladher's research report onBharat Petroleum Corporation Bharat Petroleum Corporation (BPCL) reported better than expected Q4FY24 results with an EBITDA of Rs92.1 bn (up 48% QoQ, PLe: Rs85.8 bn).
Adj PAT came in at Rs55.7 bn (up 64% QoQ, PLe: Rs48.4 bn).
The company reported a moderate GRM at US$12.5/bbl.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bharat Petroleum Corporation - Operating Profit Improves Sequentially

Global Editor, Base Oil News

Iain Pocock

Global Editor

Global Base Oils and Lubricants Markets

Base Oil News

Base Oil News focuses on the interplay between fundamentals and prices in the global base oils and lubricants markets.

Baseoilnews.com combines daily, weekly and monthly base oils and lubes fundamentals data from every region of the world to build the most comprehensive and up-to-date global picture of the state of the market.

The data and analysis provide key tools to understand current market developments and opportunities and to anticipate how the market is likely to behave in the coming months.

Base oils producers, lube blenders and consumers can then better plan accordingly.

Baseoilnews.com analyses and publishes market news and data every day as it breaks.

Commodities

<ul><li>Global base oils prices stay firm vs feedstock/competing fuel prices.</li><li>Firm base oils margins point to tight supply and strong demand.</li><li>Firm base oils margins incentivize refiners to raise base oils output.</li></ul>

Global base oils prices stay firm vs feedstock/competing fuel prices.Firm base oils margins point to tight supply and strong demand.Firm base oils margins incentivize refiners to raise base oils output.

Global base oils margins outlook: Week of 21 April

<ul><li>Asia’s Group II base oils prices hold firm relative to prices in regional markets like northeast Asia so far this year.</li><li>Asia’s Group II base oils prices hold firm relative to prices in more distant markets like Americas so far this year.</li><li>Asia’s firm prices complicate arbitrage, reflecting tighter-than-usual regional supply late last year and in early-2025.</li></ul>

Asia’s Group II base oils prices hold firm relative to prices in regional markets like northeast Asia so far this year.Asia’s Group II base oils prices hold firm relative to prices in more distant markets like Americas so far this year.Asia’s firm prices complicate arbitrage, reflecting tighter-than-usual regional supply late last year and in early-2025.

Global base oils arb outlook: Week of 21 April

India

Bharat Petroleum Corporation Limited explores for and refines crude oil. The Company manufactures petroleum, petroleum products, lubricants, liquefied petroleum gas, aromatics like benzene and toluene, and other related products. Bharat has retail outlets throughout the country.

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Bharat Petroleum Corp (BPCL IN)

Quiddity Leaderboard NIFTY Mar 25: Final Expectations; Expected DELs Could Underperform Index

The NIFTY 50 and NIFTY 100 expected DELs have been underperforming the NIFTY 50 index over the last few months and that could continue over the...

Janaghan Jeyakumar, CFA

BPCL: Demanding Valuation. Maintain REDUCE

With crude oil prices rising by ~5% from average prices seen in Q4FY24 and rising ~12% to over USD 86/bbl over the last month, we expect this to...

HDFC Securities

Bharat Petroleum Corporation - Operating Profit Improves Sequentially

Prabhudas Lilladher's research report onBharat Petroleum Corporation Bharat Petroleum Corporation (BPCL) reported better than expected Q4FY24...

Prabhudas Lilladhar

Global base oils margins outlook: Week of 21 April

Global base oils prices stay firm vs feedstock/competing fuel prices. Firm base oils margins point to tight supply and strong demand. Firm base...

Base Oil News

Global base oils arb outlook: Week of 21 April

Asia’s Group II base oils prices hold firm relative to prices in regional markets like northeast Asia so far this year. Asia’s Group II base oils...

Base Oil News

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