In today’s briefing:
- Nifty Next50 Index Rebalance Preview: Big Capping Flows in December; Methodology Change Coming?
- Vishal Mega Mart Pre-IPO – The Positives – One-Stop Shop
- Riding the Derivatives Wave: Can BSE Seize the Opportunity Presented by SEBI’s Circular?
- Aditya Infotech Pre-IPO – Expanding Channel Network and Increased Production Capacity to Drive Sales
- Vishal Mega Mart Pre-IPO – The Negatives – No Online Presence, PE Overhang
- Lucror Analytics – Morning Views Asia
Nifty Next50 Index Rebalance Preview: Big Capping Flows in December; Methodology Change Coming?
- Following the introduction of 45 stocks in the F&O segment from 29 November, there will be big capping changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX) in December.
- We estimate one-way turnover of 21.9% leading to a one-way trade of INR 75bn (US$881m). There are 25 stocks with over 1x ADV to trade.
- There could be changes to the index methodology announced in the next few months and that could result in the deletion of a couple of constituents in March.
Vishal Mega Mart Pre-IPO – The Positives – One-Stop Shop
- Vishal Mega Mart is planning to raise around US$950m through its upcoming IPO in India.
- Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India
- In this note, we talk about the positive aspects of the deal.
Riding the Derivatives Wave: Can BSE Seize the Opportunity Presented by SEBI’s Circular?
- Implementation of SEBI’s new F&O circular to remove weekly option contracts, is expected to significantly impact BSE’s market share in derivatives.
- The new F&O circular is anticipated to considerably affect BSE’s topline and bottom line. Management believes the initiatives will ultimately enhance market efficiency and benefit investors.
- With removal of weekly contracts, it is expected that volumes will increase in existing contracts, which will benefit more to BSE vs NSE.
Aditya Infotech Pre-IPO – Expanding Channel Network and Increased Production Capacity to Drive Sales
- Aditya Infotech Ltd (6596564Z IN) is looking to raise about US$155m in its upcoming India IPO.
- Aditya Infotech is a CCTV/video surveillance provider offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.
- In this note, we talk about the company’s historical performance.
Vishal Mega Mart Pre-IPO – The Negatives – No Online Presence, PE Overhang
- Vishal Mega Mart is planning to raise around US$950m through its upcoming IPO in India.
- Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India
- In this note, we talk about the not-so-good aspects of the deal.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: GMR Hyderabad, Rakuten Group
- In the US, the ISM services index fell to 52.1 (55.7 e / 56.0 p). This was the slowest pace in three months, albeit the gauge remained in expansion territory for the ninth month this year. Meanwhile, the November (final) S&P services PMI rose to 56.0 (55.0 p), albeit below the preliminary estimate of 57.0.
- The composite PMI climbed to 54.9 (54.1 p). Separately, the ADP employment survey showed that private sector job growth slowed to 146 k (150 k e / 184 k revised p).
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