Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<p>The <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX Index (SENSEX INDEX)</a> is the flagship index of the Bombay Stock Exchange (BSE). The index has 30 stocks and is a free float weighted market cap index. The next rebalance will be effective after the close of trading on 17 December.</p><p>The December review uses the market cap and turnover data from 1 May to 31 October to determine the stocks to be included and excluded from the index, and the announcement of the changes is done 4 weeks before the rebalance effective date.</p><p>After missing out on index inclusion at the June rebalance, <a href="https://www.smartkarma.com/entities/wipro-ltd" target="_blank" data-smartkarma-citation="entities:15360:1" rel="noopener">Wipro Ltd (WPRO IN)</a> has a high probability of being included at the upcoming review. <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> is the most likely deletion from the index.</p><p><a href="https://www.smartkarma.com/entities/wipro-ltd" target="_blank" data-smartkarma-citation="entities:15360:1" rel="noopener">Wipro Ltd (WPRO IN)</a> will have over 2 days of ADV (and 7 days of delivery volume) to buy from passive funds while <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> will have nearly 3.5 days of ADV (10 days of delivery volume) to sell.</p>

The S&amp;P BSE SENSEX Index (SENSEX INDEX) is the flagship index of the Bombay Stock Exchange (BSE). The index has 30 stocks and is a free float weighted market cap index. The next rebalance will be effective after the close of trading on 17 December.The December review uses the market cap and turnover data from 1 May to 31 October to determine the stocks to be included and excluded from the index, and the announcement of the changes is done 4 weeks before the rebalance effective date.After missing out on index inclusion at the June rebalance, Wipro Ltd (WPRO IN) has a high probability of being included at the upcoming review. Bajaj Auto Ltd (BJAUT IN) is the most likely deletion from the index.Wipro Ltd (WPRO IN) will have over 2 days of ADV (and 7 days of delivery volume) to buy from passive funds while Bajaj Auto Ltd (BJAUT IN) will have nearly 3.5 days of ADV (10 days of delivery volume) to sell.

Sensex Dec 2021 Index Rebalance Preview: Wipro Could Be IN, Pushing Bajaj Auto OUT

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>HSIE Results Daily NTPC: Generation/sales increased 19.2%/19.3% YoY to 71.7bn/66.6bn unit in Q1FY22 on the back of demand recovery. Coal PAF, however, declined in Q1FY22 to 94% vs 96% YoY, but coal PLF was up at 70% in Q1FY22 vs 58.2% YoY. Underrecovery in Q1FY22 came in at INR1.9bn. After adjusting for previous periods and one-off items, adjusted PAT came in at INR31.6bn above our estimate. Debtors (&gt;45 days) increased to INR90bn vs INR65bn QoQ during the second corona wave. NTPC plans to add 15GW of RES capacity by FY24 and another 45GW by FY32.</p>
<div class="content-highlight"><em>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.</em></div>

HSIE Results Daily NTPC: Generation/sales increased 19.2%/19.3% YoY to 71.7bn/66.6bn unit in Q1FY22 on the back of demand recovery. Coal PAF, however, declined in Q1FY22 to 94% vs 96% YoY, but coal PLF was up at 70% in Q1FY22 vs 58.2% YoY. Underrecovery in Q1FY22 came in at INR1.9bn. After adjusting for previous periods and one-off items, adjusted PAT came in at INR31.6bn above our estimate. Debtors (&gt;45 days) increased to INR90bn vs INR65bn QoQ during the second corona wave. NTPC plans to add 15GW of RES capacity by FY24 and another 45GW by FY32.
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: NTPC, IOC, Britannia and More

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

<p>NTPC has 17% of total installed capacity in India with 23% generation share The company's vision is to become a 130 GW+ company by 2032 of which 60 GW would be contributed by renewable energy Q1FY22 Results: NTPC reported Q1FY22 results, which were below estimates on...</p><div class="content-highlight"><em>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.</em></div>

NTPC has 17% of total installed capacity in India with 23% generation share The company's vision is to become a 130 GW+ company by 2032 of which 60 GW would be contributed by renewable energy Q1FY22 Results: NTPC reported Q1FY22 results, which were below estimates on...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.

NTPC India: Transitioning Towards Greener Side

<p>We maintain a BUY rating and FY23 P/BV (consolidated) TP of INR 143/share (+25% from the current level). The stock is currently trading at a FY23 standalone P/BV of 0.9x and a PE of 6.5x (consolidated PE of 5.7x). NTPC: Generation/sales increased 13.7%/13.8% YoY to 77.6bn/72.2bn unit in Q4FY21 on the back of demand recovery. PAF, however, declined in Q4 to 89% vs 94% YoY, but was up at 91.5% in FY21 vs 89.7% YoY. Underrecovery in FY21 came in at INR6bn vs INR2.5 YoY. After adjusting for previous periods and one-off items, adjusted PAT increased by a healthy 31% YoY to INR38.3bn in Q4.</p><div class="content-highlight"><em>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.</em></div>

We maintain a BUY rating and FY23 P/BV (consolidated) TP of INR 143/share (+25% from the current level). The stock is currently trading at a FY23 standalone P/BV of 0.9x and a PE of 6.5x (consolidated PE of 5.7x). NTPC: Generation/sales increased 13.7%/13.8% YoY to 77.6bn/72.2bn unit in Q4FY21 on the back of demand recovery. PAF, however, declined in Q4 to 89% vs 94% YoY, but was up at 91.5% in FY21 vs 89.7% YoY. Underrecovery in FY21 came in at INR6bn vs INR2.5 YoY. After adjusting for previous periods and one-off items, adjusted PAT increased by a healthy 31% YoY to INR38.3bn in Q4.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

NTPC Ltd. owns and operates power generation plants that supply power to state electricity boards throughout India.  The Company is a public sector undertaking of the Government of India and it also undertakes turnkey consulting projects to set up power plants.

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NTPC Ltd (NTPC IN)

Sensex Dec 2021 Index Rebalance Preview: Wipro Could Be IN, Pushing Bajaj Auto OUT

Half way through the review period for the Sensex, we expect Wipro replaces Bajaj Auto at the December rebalance. Both stocks trade cheaper than...

Brian Freitas

HSIE Results Daily: NTPC, IOC, Britannia and More

NTPC: Generation/sales increased 19.2%/19.3% YoY to 71.7bn/66.6bn unit in Q1FY22 on the back of demand recovery. Coal PAF, however, declined in...

HDFC Securities

NTPC India: Transitioning Towards Greener Side

NTPC has 17% of total installed capacity in India with 23% generation share The company's vision is to become a 130 GW+ company by 2032 of which 60...

ICICI Securities Limited

HSIE Results Daily: NTPC

We maintain a BUY rating and FY23 P/BV (consolidated) TP of INR 143/share (+25% from the current level). The stock is currently trading at a FY23...

HDFC Securities

HSIE Results Daily: NTPC

We maintain a BUY rating and FY23 P/BV (consolidated) TP of INR 143/share (+25% from the current level). The stock is currently trading at a FY23...

HDFC Securities

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