Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pvr-ltd" target="_blank" data-smartkarma-citation="entities:10144:1" rel="noopener">PVR Ltd (PVRL IN)</a> &amp; <a href="https://www.smartkarma.com/entities/inox-leisure-ltd" target="_blank" data-smartkarma-citation="entities:1999:1" rel="noopener">Inox Leisure (INOL IN)</a> announced a stock merger. The merger would be in a ratio of 3:10, creating the largest multiplex company in India. </li>
<li>Synergies include more bargaining power, better F&amp;B margins and more ad revenues </li>
<li>Thanks to COVID's impact, the merger may not require approval from CCI. </li>
</ul>



PVR Ltd (PVRL IN) &amp; Inox Leisure (INOL IN) announced a stock merger. The merger would be in a ratio of 3:10, creating the largest multiplex company in India. 
Synergies include more bargaining power, better F&amp;B margins and more ad revenues 
Thanks to COVID's impact, the merger may not require approval from CCI. 


PVR & Inox Merger | Leveraging COVID Impact to Gain Dominance in Indian Multiplex Market

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>The sharp price drops experienced by the Adani Group companies have resulted in a negative change in index flow expectations for some names.</li>
<li>However, some Adani Group companies could be experiencing positive index flows in the June 2023 rebalance due to some peculiar derivative-linkage requirements in the index methodology.</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.
The sharp price drops experienced by the Adani Group companies have resulted in a negative change in index flow expectations for some names.
However, some Adani Group companies could be experiencing positive index flows in the June 2023 rebalance due to some peculiar derivative-linkage requirements in the index methodology.


Quiddity Leaderboard for BSE/SENSEX Jun 23: Mixed Expectations for Adani Names. Some Lose. Some Win.

<ul>
<li>With roughly a week left in the reference period, we take a look at the potential ADDs/DELs for the NIFTY 50, 100, and 500 Indices for the March 2023 Rebalance.</li>
<li>For NIFTY 50, <a href="https://www.smartkarma.com/entities/pidilite-industries-ltd" target="_blank" data-smartkarma-citation="entities:20573:1" rel="noopener">Pidilite Industries (PIDI IN)</a> is the highest-ranked Potential ADD while <a href="https://www.smartkarma.com/entities/bharat-petroleum-corp-ltd" target="_blank" data-smartkarma-citation="entities:10222:1" rel="noopener">Bharat Petroleum Corp (BPCL IN)</a> is the highest-ranked Potential DELETE according to our estimates.</li>
<li>In this insight, we take a look at the recent price performance of names that can potentially be involved in index changes and our flow expectations.</li>
</ul>


With roughly a week left in the reference period, we take a look at the potential ADDs/DELs for the NIFTY 50, 100, and 500 Indices for the March 2023 Rebalance.
For NIFTY 50, Pidilite Industries (PIDI IN) is the highest-ranked Potential ADD while Bharat Petroleum Corp (BPCL IN) is the highest-ranked Potential DELETE according to our estimates.
In this insight, we take a look at the recent price performance of names that can potentially be involved in index changes and our flow expectations.


Quiddity Final Expectations for NIFTY Mar 23: Pidilite Could Be an Interesting Pre-Event Bet

<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), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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>Inox Leisure is the second largest player in terms of multiplex screen count in India.</li><li>Currently, the company operates 695 screens in 165 cinemas in 74 cities in India with an aggregate seating capacity of ~1.57 lakhs seats.</li><li>It is the only national multiplex, which enjoys a net debt free balance sheet.</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.

Inox Leisure is the second largest player in terms of multiplex screen count in India.Currently, the company operates 695 screens in 165 cinemas in 74 cities in India with an aggregate seating capacity of ~1.57 lakhs seats.It is the only national multiplex, which enjoys a net debt free balance sheet.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.

India

Inox Leisure Ltd. provides motion picture entertainment. The Company owns and operates a chain of movie theaters throughout India.

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Inox Leisure (INOL IN)

PVR & Inox Merger | Leveraging COVID Impact to Gain Dominance in Indian Multiplex Market

PVR Ltd (PVRL IN) & Inox Leisure (INOL IN) announced a stock merger. Thanks to COVID, the merger may not require CCI approvals paving way for...

Pranav Bhavsar

Quiddity Leaderboard for BSE/SENSEX Jun 23: Mixed Expectations for Adani Names. Some Lose. Some Win.

Based on current data, I do not see any changes for SENSEX. I see 6 ADDs/DELs for BSE 100 with Adani Names involved in both sides and I see 3 ADDs...

Janaghan Jeyakumar, CFA

Quiddity Final Expectations for NIFTY Mar 23: Pidilite Could Be an Interesting Pre-Event Bet

There could be 3.8mn shares to buy in Pidilite in March 2023 which is around 11.3 days of volume and translates to a flow size of US$115mn.

Janaghan Jeyakumar, CFA

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

Inox Leisure - Washout Quarter!

Currently, the company operates 695 screens in 165 cinemas in 74 cities in India with an aggregate seating capacity of ~1.57 lakhs seats.

ICICI Securities Limited

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

PVR & Inox Merger | Leveraging COVID Impact to Gain Dominance in Indian Multiplex Market

PVR Ltd (PVRL IN) & Inox Leisure (INOL IN) announced a stock merger. Thanks to COVID, the merger may not require CCI approvals paving way for...

Pranav Bhavsar

Quiddity Leaderboard for BSE/SENSEX Jun 23: Mixed Expectations for Adani Names. Some Lose. Some Win.

Based on current data, I do not see any changes for SENSEX. I see 6 ADDs/DELs for BSE 100 with Adani Names involved in both sides and I see 3 ADDs...

Janaghan Jeyakumar, CFA

Quiddity Final Expectations for NIFTY Mar 23: Pidilite Could Be an Interesting Pre-Event Bet

There could be 3.8mn shares to buy in Pidilite in March 2023 which is around 11.3 days of volume and translates to a flow size of US$115mn.

Janaghan Jeyakumar, CFA

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

Inox Leisure - Washout Quarter!

Currently, the company operates 695 screens in 165 cinemas in 74 cities in India with an aggregate seating capacity of ~1.57 lakhs seats.

ICICI Securities Limited

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