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

Aditya Birla Capital Ltd / Index Rebalance

<ul>
<li>There could be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 64.2% and that will result in a round-trip trade of INR 163bn (US$1.8bn).</li>
<li>The adds have outperformed the deletes in the short-term. With the index based on momentum, there could be further gains over the next couple of weeks.</li>
</ul>


There could be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.
If all changes are on expected lines, one-way turnover is estimated at 64.2% and that will result in a round-trip trade of INR 163bn (US$1.8bn).
The adds have outperformed the deletes in the short-term. With the index based on momentum, there could be further gains over the next couple of weeks.


NIFTY200 Momentum30 Index Rebalance Preview: 64% One-Way Turnover & US$1.8bn Trade

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

Equity Bottom-Up

Aditya Birla Capital Ltd / Equity Bottom-Up

<ul>
<li>ABCL’s Q2 FY26 lending portfolio surged 29% YoY, driven by Housing Finance and secured MSME loans, while the firm deployed Generative AI across its flagship digital platforms.</li>
<li>Robust asset growth and an improving credit profile (Gross Stage 2 &amp; 3 down 121 bps YoY in NBFC), but consolidated PAT growth was constrained by rising interest costs.</li>
<li>The One ABC’ digital ecosystem and high-growth segments position ABCL for enhanced return ratios, meriting a closer look at its valuation discount relative to pure-play NBFC peers.</li>
</ul>


ABCL’s Q2 FY26 lending portfolio surged 29% YoY, driven by Housing Finance and secured MSME loans, while the firm deployed Generative AI across its flagship digital platforms.
Robust asset growth and an improving credit profile (Gross Stage 2 &amp; 3 down 121 bps YoY in NBFC), but consolidated PAT growth was constrained by rising interest costs.
The One ABC’ digital ecosystem and high-growth segments position ABCL for enhanced return ratios, meriting a closer look at its valuation discount relative to pure-play NBFC peers.


Aditya Birla Capital: Under-Appreciated Compounder or Value Trap?

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Aditya Birla Capital Limited (ABCL) reported a decent set of numbers with reported PAT at INR 7.36bn for Q3FY25, lower 4% YoY and 15% QoQ (vs. adjusted PAT of INR 8.34bn in Q2FY25).</li><li>AUM growth was calibrated in the NBFC segment at 4% QoQ/21% YoY, while the HFC business continues its strong growth momentum with 15% QoQ/62% YoY AUM growth.</li><li>RoA for the NBFC business fell to 2.10% vs. 2.34% QoQ and 2.41% YoY, while RoA for HFC business fell to 1.42% vs. 1.53% QoQ and 2.01% YoY, largely due to margin headwinds for both the entities.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aditya Birla Capital Limited (ABCL) reported a decent set of numbers with reported PAT at INR 7.36bn for Q3FY25, lower 4% YoY and 15% QoQ (vs. adjusted PAT of INR 8.34bn in Q2FY25).AUM growth was calibrated in the NBFC segment at 4% QoQ/21% YoY, while the HFC business continues its strong growth momentum with 15% QoQ/62% YoY AUM growth.RoA for the NBFC business fell to 2.10% vs. 2.34% QoQ and 2.41% YoY, while RoA for HFC business fell to 1.42% vs. 1.53% QoQ and 2.01% YoY, largely due to margin headwinds for both the entities.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aditya Birla Capital - Lending Business Margins Under Pressure

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Aditya Birla Capital (ABCAP)’s 3QFY25 consolidated revenue grew 10% YoY to ~INR109b and consolidated PAT declined ~3% YoY to ~INR7.1b.</li><li>The proposed amalgamation of Aditya Birla Finance with Aditya Birla Capital has been approved by shareholders.</li><li>ABCAP has submitted an application to NCLT Ahmedabad and expects the merger to be completed by Mar’25, subject to regulatory approval.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aditya Birla Capital (ABCAP)’s 3QFY25 consolidated revenue grew 10% YoY to ~INR109b and consolidated PAT declined ~3% YoY to ~INR7.1b.The proposed amalgamation of Aditya Birla Finance with Aditya Birla Capital has been approved by shareholders.ABCAP has submitted an application to NCLT Ahmedabad and expects the merger to be completed by Mar’25, subject to regulatory approval.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aditya Birla Capital  - Calibrated Disbursements in NBFC; HFC Asset Quality Improves

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Event-Driven

Edelweiss Financial Services / Event-Driven

<ul>
<li>Edelweiss is a financial services platform offering asset management, lending, and insurance. It has restructured its corporate model in recent years, shifting from a diversified conglomerate to operating standalone businesses.</li>
<li>The proposed IPO of the alternate-assets business and stake sale in MF business creates an event-driven opportunity. Group is out of liquidity issues now with legacy ARC assets resolved.</li>
<li>Stock corrected 20% in the last month after SEBI returned the IPO application. We note that the reason was just reporting changes and company is on track for 2026 IPO.</li>
</ul>


Edelweiss is a financial services platform offering asset management, lending, and insurance. It has restructured its corporate model in recent years, shifting from a diversified conglomerate to operating standalone businesses.
The proposed IPO of the alternate-assets business and stake sale in MF business creates an event-driven opportunity. Group is out of liquidity issues now with legacy ARC assets resolved.
Stock corrected 20% in the last month after SEBI returned the IPO application. We note that the reason was just reporting changes and company is on track for 2026 IPO.


Edelweiss Financial (EDEL IN): Attractive Valuations with Value Unlocking on the Anvil

India

Aditya Birla Capital Limited (ABCL) provides financial services. The Company offers life and health insurance, private equity, corporate lending, structured finance, asset and wealth management, currency and commodity brokerage, online personal finance management, housing finance, pension funds, and other financial services. ABCL serves customers in India.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Aditya Birla Capital Ltd (ABCAP IN)

NIFTY200 Momentum30 Index Rebalance Preview: 64% One-Way Turnover & US$1.8bn Trade

We forecast 19 changes for the index in Dec. One-way turnover is estimated at 64.2% resulting in a round-trip trade of INR 163bn (US$1.8bn). The...

Brian Freitas

Aditya Birla Capital: Under-Appreciated Compounder or Value Trap?

ABCL's Q2 FY26 lending portfolio surged 29% YoY, driven by Housing Finance and secured MSME loans, with improving credit profile but constrained...

Sudarshan Bhandari

Aditya Birla Capital - Lending Business Margins Under Pressure

Aditya Birla Capital Limited (ABCL) reported a decent set of numbers with reported PAT at INR 7.36bn for Q3FY25, lower 4% YoY and 15% QoQ (vs....

ICICI Securities Limited

Aditya Birla Capital - Calibrated Disbursements in NBFC; HFC Asset Quality Improves

Aditya Birla Capital (ABCAP)’s 3QFY25 consolidated revenue grew 10% YoY to ~INR109b and consolidated PAT declined ~3% YoY to ~INR7.1b.

Motilal Oswal

Edelweiss Financial (EDEL IN): Attractive Valuations with Value Unlocking on the Anvil

Edelweiss has sharpened focus on individual businesses and is looking to unlock value in its alternates and MF businesses. With recent 20% price...

Himanshu Dugar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NIFTY200 Momentum30 Index Rebalance Preview: 64% One-Way Turnover & US$1.8bn Trade

We forecast 19 changes for the index in Dec. One-way turnover is estimated at 64.2% resulting in a round-trip trade of INR 163bn (US$1.8bn). The...

Brian Freitas

Aditya Birla Capital: Under-Appreciated Compounder or Value Trap?

​ABCL's Q2 FY26 lending portfolio surged 29% YoY, driven by Housing Finance and secured MSME loans, with improving credit profile but constrained...

Sudarshan Bhandari

Aditya Birla Capital - Lending Business Margins Under Pressure

Aditya Birla Capital Limited (ABCL) reported a decent set of numbers with reported PAT at INR 7.36bn for Q3FY25, lower 4% YoY and 15% QoQ (vs....

ICICI Securities Limited

Aditya Birla Capital - Calibrated Disbursements in NBFC; HFC Asset Quality Improves

Aditya Birla Capital (ABCAP)’s 3QFY25 consolidated revenue grew 10% YoY to ~INR109b and consolidated PAT declined ~3% YoY to ~INR7.1b.

Motilal Oswal

Edelweiss Financial (EDEL IN): Attractive Valuations with Value Unlocking on the Anvil

Edelweiss has sharpened focus on individual businesses and is looking to unlock value in its alternates and MF businesses. With recent 20% price...

Himanshu Dugar

ABCL's Q2 FY26 lending portfolio surged 29% YoY, driven by Housing Finance and secured MSME loans, with improving credit profile but constrained...