Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, 200, and 500 Indices in the June 2023 Rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/adani-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:245:1" rel="noopener">Adani Enterprises (ADE IN)</a> could be added and <a href="https://www.smartkarma.com/entities/wipro-ltd" target="_blank" data-smartkarma-citation="entities:15360:1" rel="noopener">Wipro Ltd (WPRO IN)</a> could be deleted from the SENSEX Index. There could be multiple changes for BSE 100, 200, and 500.</li>
<li>Below is a look at our estimated rankings for potential ADDs/DELs, their recent price performance vs peers, and potential trading opportunities.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, 200, and 500 Indices in the June 2023 Rebalance.

Adani Enterprises (ADE IN) could be added and Wipro Ltd (WPRO IN) could be deleted from the SENSEX Index. There could be multiple changes for BSE 100, 200, and 500.
Below is a look at our estimated rankings for potential ADDs/DELs, their recent price performance vs peers, and potential trading opportunities.


S&P BSE/​​Sensex Quiddity Leaderboard Jun 23: Adani Enterprises, Wipro, & The Usual F&O Questions

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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.

Thematic (Sector/Industry)

<ul><li>Tata Motors: TTMT posted weak performance in Q2, both at JLR and in the India business</li><li>While JLR margin lagged expectations, domestic PV and CV margins also declined QoQ due to high input costs</li><li>Despite management’s best efforts, JLR debt has further increased to GBP8.2bn, from GBP7.6bn in Q4</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.

Tata Motors: TTMT posted weak performance in Q2, both at JLR and in the India businessWhile JLR margin lagged expectations, domestic PV and CV margins also declined QoQ due to high input costsDespite management’s best efforts, JLR debt has further increased to GBP8.2bn, from GBP7.6bn in Q4Content 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.

HSIE Results Daily: Tata Motors, Godrej Properties, Phoenix Mills, APL Apollo,

HSIE Results Daily: Tata Motors, Godrej Properties, Phoenix Mills, APL Apollo

<ul><li>Demand momentum may continue to reflect in presales: We expect presales momentum to continue, driven by high affordability, stable prices, and overall positive sentiment for real estate</li><li>Mortgage rate increase is yet to meaningfully reflect in demand destruction as we may be closer to peak of interest rate tightening</li><li>Affordability still has an upper hand in decision-making</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.

Demand momentum may continue to reflect in presales: We expect presales momentum to continue, driven by high affordability, stable prices, and overall positive sentiment for real estateMortgage rate increase is yet to meaningfully reflect in demand destruction as we may be closer to peak of interest rate tighteningAffordability still has an upper hand in decision-makingContent 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.

Real Estate (Q2FY23 Results Preview): Resilient demand

<ul><li>Siemens: Siemens India Ltd (SIL) delivered Q3FY22 revenue/EBITDA/PAT of INR 39/3.8/3bn, beating/(missing) our estimate by 15/(10)/(3)%</li><li>The effect of the supply chain disruption and high inflation was visible with gross margin contracting 100/15bps YoY/QoQ</li><li>Higher-than-expected other expenses (219/344bps expansion YoY/QoQ) led to an EBITDA margin miss (9.7%, sequential contraction of 270bps, vs estimate of 12.3%)</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.

Siemens: Siemens India Ltd (SIL) delivered Q3FY22 revenue/EBITDA/PAT of INR 39/3.8/3bn, beating/(missing) our estimate by 15/(10)/(3)%The effect of the supply chain disruption and high inflation was visible with gross margin contracting 100/15bps YoY/QoQHigher-than-expected other expenses (219/344bps expansion YoY/QoQ) led to an EBITDA margin miss (9.7%, sequential contraction of 270bps, vs estimate of 12.3%)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.

HSIE Results Daily: Siemens, Godrej Properties

India

Godrej Properties, Ltd. is a real estate development company.

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Godrej Properties (GPL IN)

S&P BSE/Sensex Quiddity Leaderboard Jun 23: Adani Enterprises, Wipro, & The Usual F&O Questions

I see one change for SENSEX, four changes for BSE 100, and three changes for BSE 200 based on the latest available data. There could be around...

Janaghan Jeyakumar, CFA

HSIE Results Daily: Tata Motors, Godrej Properties, Phoenix Mills, APL Apollo,

Tata Motors: TTMT posted weak performance in Q2, both at JLR and in the India business. While JLR margin lagged expectations, domestic PV and CV...

HDFC Securities

HSIE Results Daily: Tata Motors, Godrej Properties, Phoenix Mills, APL Apollo

Tata Motors: TTMT posted weak performance in Q2, both at JLR and in the India business. While JLR margin lagged expectations, domestic PV and CV...

HDFC Securities

Real Estate (Q2FY23 Results Preview): Resilient demand

We expect presales momentum to continue, driven by high affordability, stable prices, and overall positive sentiment for real estate

HDFC Securities

HSIE Results Daily: Siemens, Godrej Properties

Siemens: Siemens India Ltd (SIL) delivered Q3FY22 revenue/EBITDA/PAT of INR 39/3.8/3bn, beating/(missing) our estimate by 15/(10)/(3)%

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

S&P BSE/​​Sensex Quiddity Leaderboard Jun 23: Adani Enterprises, Wipro, & The Usual F&O Questions

I see one change for SENSEX, four changes for BSE 100, and three changes for BSE 200 based on the latest available data. There could be around...

Janaghan Jeyakumar, CFA

HSIE Results Daily: Tata Motors, Godrej Properties, Phoenix Mills, APL Apollo,

Tata Motors: TTMT posted weak performance in Q2, both at JLR and in the India business. While JLR margin lagged expectations, domestic PV and CV...

HDFC Securities

HSIE Results Daily: Tata Motors, Godrej Properties, Phoenix Mills, APL Apollo

Tata Motors: TTMT posted weak performance in Q2, both at JLR and in the India business. While JLR margin lagged expectations, domestic PV and CV...

HDFC Securities

Real Estate (Q2FY23 Results Preview): Resilient demand

We expect presales momentum to continue, driven by high affordability, stable prices, and overall positive sentiment for real estate

HDFC Securities

HSIE Results Daily: Siemens, Godrej Properties

Siemens: Siemens India Ltd (SIL) delivered Q3FY22 revenue/EBITDA/PAT of INR 39/3.8/3bn, beating/(missing) our estimate by 15/(10)/(3)%

HDFC Securities

S&P BSE/Sensex Quiddity Leaderboard Jun 23: Adani Enterprises, Wipro, & The Usual F&O Questions