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 names leading the race to become ADDs/DELs for the NIFTY 50 and NIFTY 100 indices in the September 2023 rebalance.</li>
<li>The <a href="https://www.smartkarma.com/entities/housing-development-finance" target="_blank" data-smartkarma-citation="entities:252:1" rel="noopener">HDFC Limited (HDFC IN)</a> - <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> merger could complete earlier than previously expected, triggering intra-review index replacements.</li>
<li>Separately, I have presented some interesting new trading ideas involving some of the index change candidates, and I discuss the status of pre-existing trade ideas.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the NIFTY 50 and NIFTY 100 indices in the September 2023 rebalance.
The HDFC Limited (HDFC IN) - HDFC Bank (HDFCB IN) merger could complete earlier than previously expected, triggering intra-review index replacements.
Separately, I have presented some interesting new trading ideas involving some of the index change candidates, and I discuss the status of pre-existing trade ideas.


Quiddity Leaderboard NIFTY Sep 23: Some Interesting Long-Short Trades

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.

Thematic (Sector/Industry)

<ul><li>Hindustan Unilever: HUL’s revenue growth of 11% YoY was below our expectations (HSIE: 15%), with volumes growing by 4% (3% four-year CAGR, HSIE 7%)</li><li>Home care continued to outperform with revenue/EBIT growth of 19/13%</li><li>BPC clocked revenue/EBIT growth of 10/10% YoY and F&amp;R grew by 3/-5% YoY</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.

Hindustan Unilever: HUL’s revenue growth of 11% YoY was below our expectations (HSIE: 15%), with volumes growing by 4% (3% four-year CAGR, HSIE 7%)Home care continued to outperform with revenue/EBIT growth of 19/13%BPC clocked revenue/EBIT growth of 10/10% YoY and F&amp;R grew by 3/-5% YoYContent 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: Hindustan Unilever, Axis Bank, Wipro, LTIMindtree

HSIE Results Daily: Hindustan Unilever, Axis Bank, Wipro, LTIMindtree,

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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>In Q4FY23, Tech Mahindra Ltd (Tech M) reported revenue of Rs 13,718 Cr, which remained flat on a QoQ basis.</li><li>While it posted a growth of 3.7% on a YoY basis (in CC terms), it stood below our expectations.</li><li>The company posted an operating profit of Rs 1,530 Cr, reporting a de-growth of 5.7% on a QoQ basis.</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.

In Q4FY23, Tech Mahindra Ltd (Tech M) reported revenue of Rs 13,718 Cr, which remained flat on a QoQ basis.While it posted a growth of 3.7% on a YoY basis (in CC terms), it stood below our expectations.The company posted an operating profit of Rs 1,530 Cr, reporting a de-growth of 5.7% on a QoQ basis.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.

Tech Mahindra - Miss Expectations; Weaker Outlook

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the NIFTY 50 and NIFTY 100 indices in the September 2023 rebalance.</li>
<li>A couple of these names could become intra-review additions if the <a href="https://www.smartkarma.com/entities/housing-development-finance" target="_blank" data-smartkarma-citation="entities:252:1" rel="noopener">HDFC Limited (HDFC IN)</a> - <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> Merger closes prior to the September 2023 Rebalance.</li>
<li>Apart from that, there could be five ADDs/DELs for the NIFTY 100 index which by definition will also be added/deleted from the NIFTY Next 50 index.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the NIFTY 50 and NIFTY 100 indices in the September 2023 rebalance.
A couple of these names could become intra-review additions if the HDFC Limited (HDFC IN) - HDFC Bank (HDFCB IN) Merger closes prior to the September 2023 Rebalance.
Apart from that, there could be five ADDs/DELs for the NIFTY 100 index which by definition will also be added/deleted from the NIFTY Next 50 index.


Quiddity Leaderboard NIFTY Sep 23: LTIMINDTREE Could Be an Intra-Review NIFTY 50 ADD

India

Tech Mahindra Ltd. develops and markets computer software.  The Company markets software for telecommunications equipment manufacturers, telecom service providers, software vendors, and systems integrators.

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Tech Mahindra (TECHM IN)

Quiddity Leaderboard NIFTY Sep 23: Some Interesting Long-Short Trades

Apart from the HDFC merger-related intra-review change, there could be five ADDs/DELs for the NIFTY 100 index (and the NIFTY Next 50 index) but I...

Janaghan Jeyakumar, CFA

HSIE Results Daily: Hindustan Unilever, Axis Bank, Wipro, LTIMindtree

Hindustan Unilever: HUL’s revenue growth of 11% YoY was below our expectations (HSIE: 15%), with volumes growing by 4% (3% four-year CAGR, HSIE 7%)

HDFC Securities

HSIE Results Daily: Hindustan Unilever, Axis Bank, Wipro, LTIMindtree,

Hindustan Unilever: HUL’s revenue growth of 11% YoY was below our expectations (HSIE: 15%), with volumes growing by 4% (3% four-year CAGR, HSIE 7%)

HDFC Securities

Tech Mahindra - Miss Expectations; Weaker Outlook

While it posted a growth of 3.7% on a YoY basis (in CC terms), it stood below our expectations. The company posted an operating profit of Rs 1,530...

Axis Direct

Quiddity Leaderboard NIFTY Sep 23: LTIMINDTREE Could Be an Intra-Review NIFTY 50 ADD

LTIMindtree is currently the highest-ranked NIFTY 50 Potential ADD and is likely to be the favourite to replace HDFC in the NIFTY 50 index if the...

Janaghan Jeyakumar, CFA

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