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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>There are 7 changes for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a> that will be implemented at the close on 27 September. Changes are on expected lines.</li>
<li>Estimated one-way turnover for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index (NIFTYJR INDEX)</a> is 19.6% resulting in a one-way trade of INR 63.64bn (US$759m). Many stocks have over 1x ADV to trade.</li>
<li>The adds have outperformed the deletes this year but there has been big underperformance over the last month as stocks expected to benefit from rural spending have rallied.</li>
</ul>


There are 7 changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX) that will be implemented at the close on 27 September. Changes are on expected lines.
Estimated one-way turnover for the Nifty Next 50 Index (NIFTYJR INDEX) is 19.6% resulting in a one-way trade of INR 63.64bn (US$759m). Many stocks have over 1x ADV to trade.
The adds have outperformed the deletes this year but there has been big underperformance over the last month as stocks expected to benefit from rural spending have rallied.


NIFTY NEXT50 Index Rebalance: 7 Changes on Expected Lines

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/v-mart-retail-ltd" target="_blank" data-smartkarma-citation="entities:1987:1" rel="noopener">V-Mart Retail (VMART IN)</a>  is an omni-channel value retailer, providing a range of products aimed at Bharat’s middle and lower middle class</li>
<li>The company has implemented a cluster strategy that has supported its expansion across India. In FY24, V-Mart opened 46 new stores nationwide.</li>
<li>Being over-indexed to value, V-MART has posted slower revenue growth compared to the recent past. New Warehouse and tigher control over inventory could boost cashflows further. </li>
</ul>



V-Mart Retail (VMART IN)  is an omni-channel value retailer, providing a range of products aimed at Bharat’s middle and lower middle class
The company has implemented a cluster strategy that has supported its expansion across India. In FY24, V-Mart opened 46 new stores nationwide.
Being over-indexed to value, V-MART has posted slower revenue growth compared to the recent past. New Warehouse and tigher control over inventory could boost cashflows further. 


Narrative and Numbers | V-Mart Retail (VMART IN) | FY24

<ul>
<li>With 3 trading days left in the review period, there could be 7 changes (including 2 migrations) for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a> in September.</li>
<li>Estimated one-way turnover is 18% resulting in a one-way trade of INR 55bn (US$660m). 9 stocks will have over 1x ADV to trade from passive trackers.</li>
<li>All the deletes are F&amp;O members while most adds are not. NSE Indices may have to revisit the index membership criteria especially given the launch of futures on the index.</li>
</ul>


With 3 trading days left in the review period, there could be 7 changes (including 2 migrations) for the NSE Nifty Next 50 Index (NIFTYJR INDEX) in September.
Estimated one-way turnover is 18% resulting in a one-way trade of INR 55bn (US$660m). 9 stocks will have over 1x ADV to trade from passive trackers.
All the deletes are F&amp;O members while most adds are not. NSE Indices may have to revisit the index membership criteria especially given the launch of futures on the index.


NIFTY NEXT50 Index Rebalance Preview: 7 Changes as Non-F&O Stocks Replace F&O Members

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shoppers-stop-ltd" target="_blank" data-smartkarma-citation="entities:12804:1" rel="noopener">Shoppers Stop (SHOP IN)</a> is a leading retailer in India specializing in fashion and beauty brands with 12 department stores, 7 premium home stores, and 87 specialty beauty outlets,</li>
<li>SHOP has also launched its value retail format INTUNE in June 2023 generating excitement and interest around the same. </li>
<li>It seems SHOP is trying to play all cards of the retail game, i.e., premium, beauty, and value fast fashion, but so far has shown no signs of success.</li>
</ul>



Shoppers Stop (SHOP IN) is a leading retailer in India specializing in fashion and beauty brands with 12 department stores, 7 premium home stores, and 87 specialty beauty outlets,
SHOP has also launched its value retail format INTUNE in June 2023 generating excitement and interest around the same. 
It seems SHOP is trying to play all cards of the retail game, i.e., premium, beauty, and value fast fashion, but so far has shown no signs of success.


Narrative and Numbers | Shoppers Stop (SHOP IN) | FY24

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Overall, Cantabil Retail is a well-managed company with a solid track record and a clear growth strategy. </li>
<li>With a focus on expanding into new markets, maintaining high profitability, and strong promoter and FII confidence, Cantabil is poised for continued success in the Indian retail sector. </li>
<li>Investors looking for a promising investment opportunity in the apparel industry should consider Cantabil Retail for its strong financial performance and growth potential.</li>
</ul>


Overall, Cantabil Retail is a well-managed company with a solid track record and a clear growth strategy. 
With a focus on expanding into new markets, maintaining high profitability, and strong promoter and FII confidence, Cantabil is poised for continued success in the Indian retail sector. 
Investors looking for a promising investment opportunity in the apparel industry should consider Cantabil Retail for its strong financial performance and growth potential.


The Beat Ideas: What Makes Cantabil Retail an Interesting Bet on the Apparel Market?

India

Trent Limited operates a chain of retail stores that sell fashion apparel, cosmetics, perfumery products and toiletry items. The Company sells apparel for men, women and children. Trent sells its cosmetics products under the "Westside" and "Trent" brand names.

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Trent Ltd (TRENT IN)

NIFTY NEXT50 Index Rebalance: 7 Changes on Expected Lines

There are 7 changes for the NIFTY Next50 Index. Estimated 1-way turnover is 19.6% resulting in a 1-way trade of INR 63.64bn (US$759m). There are...

Brian Freitas

Narrative and Numbers | V-Mart Retail (VMART IN) | FY24

V-Mart Retail targets Bharat's middle class with omni-channel strategy, slower revenue growth due to focus on value, expansion with cluster...

Pranav Bhavsar

NIFTY NEXT50 Index Rebalance Preview: 7 Changes as Non-F&O Stocks Replace F&O Members

There could be 7 changes for the Nifty Next 50. The addition of non-FnO stocks and deletion of FnO stocks raises index replication issues. Expect...

Brian Freitas

Narrative and Numbers | Shoppers Stop (SHOP IN) | FY24

Shoppers Stop in India expands with new value retail format INTUNE, but faces challenges in capturing success across premium, beauty, and fast...

Pranav Bhavsar

The Beat Ideas: What Makes Cantabil Retail an Interesting Bet on the Apparel Market?

Cantabil Retail is a well-managed company with a clear growth strategy, poised for success in the Indian retail sector, making it a promising...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NIFTY NEXT50 Index Rebalance: 7 Changes on Expected Lines

There are 7 changes for the NIFTY Next50 Index. Estimated 1-way turnover is 19.6% resulting in a 1-way trade of INR 63.64bn (US$759m). There are...

Brian Freitas

Narrative and Numbers | V-Mart Retail (VMART IN) | FY24

​V-Mart Retail targets Bharat's middle class with omni-channel strategy, slower revenue growth due to focus on value, expansion with cluster...

Pranav Bhavsar

NIFTY NEXT50 Index Rebalance Preview: 7 Changes as Non-F&O Stocks Replace F&O Members

There could be 7 changes for the Nifty Next 50. The addition of non-FnO stocks and deletion of FnO stocks raises index replication issues. Expect...

Brian Freitas

Narrative and Numbers | Shoppers Stop (SHOP IN) | FY24

​Shoppers Stop in India expands with new value retail format INTUNE, but faces challenges in capturing success across premium, beauty, and fast...

Pranav Bhavsar

The Beat Ideas: What Makes Cantabil Retail an Interesting Bet on the Apparel Market?

​Cantabil Retail is a well-managed company with a clear growth strategy, poised for success in the Indian retail sector, making it a promising...

Sudarshan Bhandari

V-Mart Retail targets Bharat's middle class with omni-channel strategy, slower revenue growth due to focus on value, expansion with cluster...

Shoppers Stop in India expands with new value retail format INTUNE, but faces challenges in capturing success across premium, beauty, and fast...

Cantabil Retail is a well-managed company with a clear growth strategy, poised for success in the Indian retail sector, making it a promising...