Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>We are recommending to go long on <a href="https://www.smartkarma.com/entities/gland-pharma-ltd" target="_blank" data-smartkarma-citation="entities:29723:1" rel="noopener">Gland Pharma Ltd (GLAND IN)</a> and short on <a href="https://www.smartkarma.com/entities/syngene-international-ltd" target="_blank" data-smartkarma-citation="entities:26923:1" rel="noopener">Syngene International Ltd (SYNG IN)</a>. </li>
<li>Gland Pharma, with its niche focus on generic injectables is expected to be outlier, while Syngene, with substantial exposure to early-stage biotech research will continue to have muted performance.</li>
<li>Over the last six months, Gland Pharma shares rallied 83%, while Syngene International shares declined 5%. We expect the performance gap between the two companies will widen further.</li>
</ul>


We are recommending to go long on Gland Pharma Ltd (GLAND IN) and short on Syngene International Ltd (SYNG IN). 
Gland Pharma, with its niche focus on generic injectables is expected to be outlier, while Syngene, with substantial exposure to early-stage biotech research will continue to have muted performance.
Over the last six months, Gland Pharma shares rallied 83%, while Syngene International shares declined 5%. We expect the performance gap between the two companies will widen further.


Indian Contract Manufacturers: A Pair Trade Idea Between Gland Pharma and Syngene International

Senior Equity Derivatives Trader

Simon Harris

Event-Driven

<ul>
<li>Weekly summary of vol changes and moves across Global Markets</li>
<li>Analysing ATM volatility and skew changes over the last 5 days</li>
<li>We suggest a few trades to take advantage of the implied vol surfaces</li>
</ul>


Weekly summary of vol changes and moves across Global Markets
Analysing ATM volatility and skew changes over the last 5 days
We suggest a few trades to take advantage of the implied vol surfaces


EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades-Soft Landing

Steno Research

Elias Lisberg Glistrup

Macro and Geopolitical Research House

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>With the turn of the calendar, it’s once again time for our monthly assessment of the current and upcoming macroeconomic circumstances.</li><li>To carry out this evaluation, we utilize two critical tools: our Macro Regime Indicator framework and the interactive Structural Asset Allocation Model.</li><li>These integrated resources enable us to establish a portfolio allocation that is empirically supported, taking into account the prevailing macroeconomic conditions and the driving factors within financial markets.</li></ul>

With the turn of the calendar, it’s once again time for our monthly assessment of the current and upcoming macroeconomic circumstances.To carry out this evaluation, we utilize two critical tools: our Macro Regime Indicator framework and the interactive Structural Asset Allocation Model.These integrated resources enable us to establish a portfolio allocation that is empirically supported, taking into account the prevailing macroeconomic conditions and the driving factors within financial markets.

Macro Regime Indicator: What Technically Rising Liquidity Means for Your Portfolio

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-consultancy-svcs-ltd" target="_blank" data-smartkarma-citation="entities:18708:1" rel="noopener">Tata Consultancy Svcs (TCS IN)</a> launched an INR170bn (US$2bn) Buyback in mid-November 2023 which is one of the largest Buybacks in India in recent years.</li>
<li>The company has published the Letter of Offer confirming the final details and the expected timeline for this Buyback.</li>
<li>Below is a closer look at these details and their implications for shareholders.</li>
</ul>



Tata Consultancy Svcs (TCS IN) launched an INR170bn (US$2bn) Buyback in mid-November 2023 which is one of the largest Buybacks in India in recent years.
The company has published the Letter of Offer confirming the final details and the expected timeline for this Buyback.
Below is a closer look at these details and their implications for shareholders.


Tata Consultancy Services Buyback: Tender Offer Period Opens on 1st Dec

EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades-Rate Cuts?

India

The NIFTY 50 index is National Stock Exchange of India's benchmark stock market index for Indian equity market. Nifty is owned and managed by India Index Services and Products (IISL), which is a wholly owned subsidiary of the NSE Strategic Investment Corporation Limited.

NIFTY Index (NIFTY INDEX)

Indian Contract Manufacturers: A Pair Trade Idea Between Gland Pharma and Syngene International

Gland Pharma, with its niche focus on generic injectables is expected to be outlier, while Syngene, with substantial exposure to early-stage...

Tina Banerjee

EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades-Soft Landing

A weekly look at spot, vol and skew changes across 8 global Indices. We analyse the changes and try to identify the best trades based on the vol...

Simon Harris

Macro Regime Indicator: What Technically Rising Liquidity Means for Your Portfolio

For December, we see rising liquidity due to rallying treasuries and rising SOFR-Fed futures spreads, consequently depleting the ON RRP faster than...

Steno Research

Tata Consultancy Services Buyback: Tender Offer Period Opens on 1st Dec

The Tender Offer Period closes on 7th December 2023. The Tender Offer Price is INR4,150/share. The current share price is around INR3,514. The...

Janaghan Jeyakumar, CFA

EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades-Rate Cuts?

A weekly look at spot, vol and skew changes across 8 global Indices. We analyse the changes and try to identify the best trades based on the vol...

Simon Harris