In today’s briefing:
- India: Potential Adds/Deletes from F&O Segment
- The Beat Ideas: EID Parry’s Strategic Transformation- Cane to Consumer
- India: Index Implications of Additions to the F&O Segment
- Apollo Hospitals Enterprise (APHS IN): Upside Momentum to Continue on Promising Business Outlook
- Morning Views Asia: Vedanta Resources, Xiaomi Corp
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India: Potential Adds/Deletes from F&O Segment
- Following SEBI’s review of eligibility criteria for entry/exit of stocks in the derivatives segment, there could be 18 deletions/79 inclusions in the F&O segment over the next 6 months.
- The new framework could lead to mechanical entry and exit of stocks in the F&O segment with minimal intervention from SEBI.
- The introduction of some large cap stocks in the F&O segment could lead to their inclusion in the NIFTY Index, SENSEX Index and other local indices.
The Beat Ideas: EID Parry’s Strategic Transformation- Cane to Consumer
- Eid Parry India (EID IN) A Murugappa Group Company setting stage for transformation from cyclical sugar business to more stable consumer and high margin business.
- The company has diversified into the non-sweetener segment and is emphasizing an asset-light model to drive further expansion.
- Eid Parry India (EID IN) is also the holding company of Coromandel International (CRIN IN), which holds substantial intrinsic value.
India: Index Implications of Additions to the F&O Segment
- Following SEBI’s review of eligibility criteria for entry/exit of stocks in the derivatives segment, there could be 18 deletions/79 inclusions in the F&O segment over the next 6 months.
- The introduction of some stocks in the F&O segment could lead to their inclusion in the NIFTY, SENSEX, Nifty Bank and CNXIT indices and weight changes in the Nifty Next50.
- The inclusion of stocks in indices with a fixed number of constituents will result in deletion of some stocks from these indices. There should be methodology changes too.
Apollo Hospitals Enterprise (APHS IN): Upside Momentum to Continue on Promising Business Outlook
- Apollo Hospitals Enterprise (APHS IN) reported strong Q1FY25 result, with 15% revenue growth and a massive 83% jump in net profit. EBITDA margin improved to 13.3% (Q1FY24: 13.0%).
- Sequential improvement is expected in Q2 and Q3. The company believes ARPOB growth will improve over the next few quarters with stronger growth in surgical volume and better case mix.
- The company believes enhanced volume growth, improvement in case and payer mix, and a focus on cost optimization will drive margin expansion by 100bps over the next 3–4 quarters.
Morning Views Asia: Vedanta Resources, Xiaomi Corp
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.