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

Brian Freitas

Highly experienced ex-Delta One trader with 17 years of experience trading arbitrage and related strategies across Asian markets.

Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd.

It is important to note that the information provided by Periscope Analytics is based on publicly available data and own knowledge, which has been gathered and synthesized from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions.

All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include, but are not limited to, company announcements, exchange filings, ETF and other passive investment vehicle holdings, and free float and volume data from third-party data providers. Periscope Analytics does not guarantee the accuracy and completeness of the forecasts, estimates and/or other information.

Pan-Asia Index Rebalances/ Events/ Delta One

Tata Motors - DVR Deep Discount Vs ADR Small Premium

Event-Driven

<a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:216:1">Tata Motors Ltd (TTMT IN)</a> announced its results for the second quarter of the financial year on Friday evening post local market close. Revenues at INR 65,432 crore (US$9.24bn) for the quarter were 9% lower yoy, while the quarterly loss of INR 187.7 crore (US$26.5m) was narrower than expectations. EBITDA margins increased by 250bps.The company also announced a preferential allotment of ordinary shares and warrants to the promoter, Tata Sons, for an aggregate consideration of INR 6,494 crore (US$920m) subject to shareholder approval.<a href="https://www.smartkarma.com/entities/tata-motors-ltd-spon-adr" target="_blank" rel="noopener" data-smartkarma-citation="entities:12763:1">Tata Motors Ltd Spon Adr (TTM US)</a> closed 13% higher on 2.55 times the 30 day ADV. We expect the local stock <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:216:1">Tata Motors Ltd (TTMT IN)</a> to open around INR 148 today during the special trading session for Diwali.We also expect the discount on the Different Voting Rights <a href="https://www.smartkarma.com/entities/tata-motors-ltd-a-dvr" target="_blank" rel="noopener" data-smartkarma-citation="entities:349:1">Tata Motors DVR (TTMT/A IN)</a> to narrow post the preferential allotment to Tata Sons.

Tata Motors Ltd (TTMT IN) announced its results for the second quarter of the financial year on Friday evening post local market close. Revenues at INR 65,432 crore (US$9.24bn) for the quarter were 9% lower yoy, while the quarterly loss of INR 187.7 crore (US$26.5m) was narrower than expectations. EBITDA margins increased by 250bps.The company also announced a preferential allotment of ordinary shares and warrants to the promoter, Tata Sons, for an aggregate consideration of INR 6,494 crore (US$920m) subject to shareholder approval.Tata Motors Ltd Spon Adr (TTM US) closed 13% higher on 2.55 times the 30 day ADV. We expect the local stock Tata Motors Ltd (TTMT IN) to open around INR 148 today during the special trading session for Diwali.We also expect the discount on the Different Voting Rights Tata Motors DVR (TTMT/A IN) to narrow post the preferential allotment to Tata Sons.

Tata Motors Ltd

Tata Motors - Driving Gains