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

Index Rebalance

<ul>
<li>There could be 20 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 27 June.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 68.7% and that will result in a round-trip trade of INR 159bn (US$1.87bn).</li>
<li>Financials are expected to gain 9 index spots and Materials are expected to gain 3 spots. Consumer Discretionary could lose 5 spots and Information Technology could lose 4 spots.</li>
</ul>


There could be 20 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 27 June.
If all changes are on expected lines, one-way turnover is estimated at 68.7% and that will result in a round-trip trade of INR 159bn (US$1.87bn).
Financials are expected to gain 9 index spots and Materials are expected to gain 3 spots. Consumer Discretionary could lose 5 spots and Information Technology could lose 4 spots.


NIFTY200 Momentum30 Index Rebalance Preview: 69% One-Way Turnover & US$1.9bn Trade

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Schloss Bangalore Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN) </a>is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.</li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>In this note, we will talk about the IPO valuations.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
In this note, we will talk about the IPO valuations.


Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN)</a> is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.</li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about the RHP updates.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
We have looked at the company’s past performance in our previous notes. In this note, we talk about the RHP updates.


Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Global Materials | Industrials | Commodities

Rahul Jain

Thematic (Sector/Industry)

<ul>
<li>U.S. tariff surprises triggered a sharp correction in global commodity prices and Indian metal stocks.</li>
<li>Despite limited U.S. exposure, Indian metal producers were hit hard—despite strong domestic demand and top-tier cost positioning.</li>
<li>Valuation reset appears overdone; further dips offer a compelling entry point. Vedanta, JSW Steel, Jindal Steel and Power and NMDC are best bets in our view. </li>
</ul>


U.S. tariff surprises triggered a sharp correction in global commodity prices and Indian metal stocks.
Despite limited U.S. exposure, Indian metal producers were hit hard—despite strong domestic demand and top-tier cost positioning.
Valuation reset appears overdone; further dips offer a compelling entry point. Vedanta, JSW Steel, Jindal Steel and Power and NMDC are best bets in our view. 


Tariff Shock Creates Overreaction: Indian Metal Stocks Poised for a Tactical Rebound

Partner at Exencial Research, Exencial Research

Viral Kishorchandra Shah

Partner at Exencial Research

Exencial Research

<ul>
<li>
Record Rs47.8B investments in 2025-26, marking the highest project completions in a decade, driven by surging demand for aluminium products.</li>
<li>
<a href="https://www.smartkarma.com/entities/hindalco-industries-ltd" target="_blank" data-smartkarma-citation="entities:18490:1" rel="noopener">Hindalco Industries (HNDL IN)</a>  dominates with Rs37.6B Hirakud project, accounting for 79% of 2025-26 investments, boosting flat-rolled product capacity by 170k tonnes/year.</li>
<li>
25 new projects announced in 2024-25, including <a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a> ’s Rs409.9B smelter, signalling robust growth in downstream and recycled aluminium sectors.</li>
</ul>



Record Rs47.8B investments in 2025-26, marking the highest project completions in a decade, driven by surging demand for aluminium products.

Hindalco Industries (HNDL IN)  dominates with Rs37.6B Hirakud project, accounting for 79% of 2025-26 investments, boosting flat-rolled product capacity by 170k tonnes/year.

25 new projects announced in 2024-25, including Vedanta Ltd (VEDL IN) ’s Rs409.9B smelter, signalling robust growth in downstream and recycled aluminium sectors.


The Aluminium Revolution: Four Major Projects Set to Transform India's Metal Landscape

India

Vedanta Limited mines, produces, and exports base metals. The Company mines and distributes metals such as zinc, iron ore, copper, silver, and aluminium, as well as operates power plants. Vedanta markets its products worldwide.

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Vedanta Ltd (VEDL IN)

NIFTY200 Momentum30 Index Rebalance Preview: 69% One-Way Turnover & US$1.9bn Trade

We forecast 20 changes for the index in June. One-way turnover is estimated at 68.7% resulting in a round-trip trade of INR 159bn (US$1.87bn). The...

Brian Freitas

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Schloss Bangalore Limited (SBL) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around...

Akshat Shah

Tariff Shock Creates Overreaction: Indian Metal Stocks Poised for a Tactical Rebound

The breakthrough in US-China trade talks removes a major overhang on global trade and is a near-term positive for metals, as it reduces tariff...

Rahul Jain

The Aluminium Revolution: Four Major Projects Set to Transform India's Metal Landscape

Record investments in 2025-26 driven by demand for aluminium products, Hindalco Industries leads with Hirakud project, 25 new projects announced...

Viral Kishorchandra Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NIFTY200 Momentum30 Index Rebalance Preview: 69% One-Way Turnover & US$1.9bn Trade

We forecast 20 changes for the index in June. One-way turnover is estimated at 68.7% resulting in a round-trip trade of INR 159bn (US$1.87bn). The...

Brian Freitas

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Schloss Bangalore Limited (SBL) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around...

Akshat Shah

Tariff Shock Creates Overreaction: Indian Metal Stocks Poised for a Tactical Rebound

The breakthrough in US-China trade talks removes a major overhang on global trade and is a near-term positive for metals, as it reduces tariff...

Rahul Jain

The Aluminium Revolution: Four Major Projects Set to Transform India's Metal Landscape

​Record investments in 2025-26 driven by demand for aluminium products, Hindalco Industries leads with Hirakud project, 25 new projects announced...

Viral Kishorchandra Shah

Record investments in 2025-26 driven by demand for aluminium products, Hindalco Industries leads with Hirakud project, 25 new projects announced...