Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the NIFTY 50 and NIFTY 100 indices in the September 2023 rebalance.</li>
<li>The NIFTY Next 50 methodology was <em>supposed to</em> change in June 2023 but this has been kept on hold for now. This change could still take place before September 2023.</li>
<li>The HDFC/HDFC Bank Merger is expected to complete in the next few weeks and that could trigger intra-review index changes.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the NIFTY 50 and NIFTY 100 indices in the September 2023 rebalance.
The NIFTY Next 50 methodology was supposed to change in June 2023 but this has been kept on hold for now. This change could still take place before September 2023.
The HDFC/HDFC Bank Merger is expected to complete in the next few weeks and that could trigger intra-review index changes.


Quiddity Leaderboard NIFTY Sep 23: Non F&O Stocks Dilemma and Replacements for HDFC

External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

External broker reports(aggregated public sources)

Edelweiss Broking Limited

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Equity Bottom-Up

<ul><li>Astral Ltd (ASTRAL) reported a healthy set of numbers for Q3FY22 in both pipes and adhesives, despite the inflation in raw material prices</li><li>Consol. revenue/EBITDA/PAT grew 22.4%/2.9%/3.2% YoY, respectively, in-line with our estimates of 20%/0.6%/1.6% YoY</li><li>Revenue for Q3FY22 came in at INR1099cr, led by the healthy performance of the pipes business(up ~24% YoY).</li></ul><div class="content-highlight"><em>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.</em></div>

Astral Ltd (ASTRAL) reported a healthy set of numbers for Q3FY22 in both pipes and adhesives, despite the inflation in raw material pricesConsol. revenue/EBITDA/PAT grew 22.4%/2.9%/3.2% YoY, respectively, in-line with our estimates of 20%/0.6%/1.6% YoYRevenue for Q3FY22 came in at INR1099cr, led by the healthy performance of the pipes business(up ~24% YoY).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.

Astral Ltd: Robust Performance with Market Share Gain Continues

<ul><li>Astral Ltd (ASTRAL) reported healthy set of Q2FY22 numbers in both pipes and adhesives, despite the raw materials inflations.</li><li>Revenue for Q2FY22 came in at INR1154cr, led by better-than-expected performance in Adhesives (up 34.2% YoY).</li><li>We remain positive on ASTRAL. Maintain ‘BUY’ with a revised target price of INR2,500/share.</li></ul><div class="content-highlight"><em>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.</em></div>

Astral Ltd (ASTRAL) reported healthy set of Q2FY22 numbers in both pipes and adhesives, despite the raw materials inflations.Revenue for Q2FY22 came in at INR1154cr, led by better-than-expected performance in Adhesives (up 34.2% YoY).We remain positive on ASTRAL. Maintain ‘BUY’ with a revised target price of INR2,500/share.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.

Astral Ltd: Industry Leading Performance Continue

India

Astral Polytechnik Limited manufactures and markets CPVC plumbing systems for residential and industrial applications. The Company also manufactures ASTM solvent weld lead free PVC plumbing systems.

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Astral Ltd (ASTRA IN)

Quiddity Leaderboard NIFTY Sep 23: Non F&O Stocks Dilemma and Replacements for HDFC

LTIMindtree and Jindal Steel could be NIFTY 50 and NIFTY Next 50 intra-review replacements for HDFC and these changes could be implemented at the...

Janaghan Jeyakumar, CFA

Astral Ltd: Industry Leading Performance Continue

Astral Ltd (ASTRAL) reported healthy set of Q2FY22 numbers in both pipes and adhesives, despite the raw materials inflations.

Edelweiss

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