Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

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Context: The <a href="https://www.smartkarma.com/entities/bajaj-finserv-ltd" target="_blank" data-smartkarma-citation="entities:5669:1" rel="noopener">Bajaj Finserv (BJFIN IN)</a> vs. <a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">Bajaj Finance Ltd (BAF IN)</a> price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.</li>
<li>
 Highlight: Going long <a href="https://www.smartkarma.com/entities/bajaj-finserv-ltd" target="_blank" data-smartkarma-citation="entities:5669:1" rel="noopener">Bajaj Finserv (BJFIN IN)</a> and short <a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">Bajaj Finance (BAF IN)</a> targets a 6% return. 
</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: The Bajaj Finserv (BJFIN IN) vs. Bajaj Finance Ltd (BAF IN) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.

 Highlight: Going long Bajaj Finserv (BJFIN IN) and short Bajaj Finance (BAF IN) targets a 6% return. 


Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


Bajaj Finserv (BJFIN IN) Vs. Bajaj Finance (BAF IN): Holding Company Spread Signals 6% Opportunity

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of NIFTY in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on JIO Financial Services, InterGlobe Aviation, HDFC Bank, UltraTech Cement, Reliance Industries, Tata Motors Passenger Vehicles, Maruti Suzuki India.</li>
</ul>


We analysed the earning revision of component stocks of NIFTY in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on JIO Financial Services, InterGlobe Aviation, HDFC Bank, UltraTech Cement, Reliance Industries, Tata Motors Passenger Vehicles, Maruti Suzuki India.


NIFTY Index Earning Revision (Apr): JIO Financial Services, InterGlobe Aviation, HDFC Bank

Value investor- India mid & small caps

Bhaskar Chakraborty

Thematic (Sector/Industry)

1QFY18 impact in the run up to GST implementation<ul class="">
<li>Consumer electrical leader <a href="https://www.smartkarma.com/entities/9158" target="_blank" data-smartkarma-citation="entities:9158:1">Havells India Ltd (HAVL IN)</a> saw single digit revenue growth and sharp reduction in operating margins as (1) the channel destocked 40-50% of the 45-60 day inventory, (2) it was unable to take the requisite price hikes to offset increase in input cost.</li>
<li>
<a href="https://www.smartkarma.com/entities/13828" target="_blank" data-smartkarma-citation="entities:13828:1">Hindustan Unilever Ltd (HUVR IN)</a> reported flat volume YoY after +4% volume growth in 4QFY17. It said rural channel was more impacted than urban resulting in decline in rural…</li>
</ul>

1QFY18 impact in the run up to GST implementation
Consumer electrical leader Havells India Ltd (HAVL IN) saw single digit revenue growth and sharp reduction in operating margins as (1) the channel destocked 40-50% of the 45-60 day inventory, (2) it was unable to take the requisite price hikes to offset increase in input cost.

Hindustan Unilever Ltd (HUVR IN) reported flat volume YoY after +4% volume growth in 4QFY17. It said rural channel was more impacted than urban resulting in decline in rural…


India: GST's Impact on 1QFY18 Corporate Performance

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

Orkla India Ltd. / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orkla-india-ltd" target="_blank" data-smartkarma-citation="entities:45300:1" rel="noopener">Orkla India Ltd. (0752506D IN)</a> raised about US$190m in its India IPO in Nov 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.</li>
<li>Orkla India Limited (OIL) is a multi-category Indian food company offering a diverse range of spices and convenience food products catering to every meal occasion.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Orkla India Ltd. (0752506D IN) raised about US$190m in its India IPO in Nov 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.
Orkla India Limited (OIL) is a multi-category Indian food company offering a diverse range of spices and convenience food products catering to every meal occasion.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Orkla India IPO Lockup - Shares Have Traded Below IPO Price but PE Owner Well in The Money

Consumer loan applications recoverIndian consumers seem to have recovered some of their strides after the jolt of demonetization in November 2016. The period of November-December 2016 saw a 60% YoY decline in consumer durable loan applications, a 43% decline in 2-Wheeler loan applications, a 27% decline in home loan applications and a 23% decline in personal loan applications (Source: TransUnion CIBIL). However, consumer credit inquiries have rebounded at a healthy 25% YoY in January and 15% YoY…

Consumer loan applications recoverIndian consumers seem to have recovered some of their strides after the jolt of demonetization in November 2016. The period of November-December 2016 saw a 60% YoY decline in consumer durable loan applications, a 43% decline in 2-Wheeler loan applications, a 27% decline in home loan applications and a 23% decline in personal loan applications (Source: TransUnion CIBIL). However, consumer credit inquiries have rebounded at a healthy 25% YoY in January and 15% YoY…

India Consumer Discretionary: On-The-Ground Signals of Growth Rebound

India

Bajaj Finance is an Indian deposit-taking non-banking financial company (NBFC) that offers a diversified portfolio of financial products and services. These include consumer loans, SME and commercial lending, rural lending, fixed deposits, and various investment and insurance products. The company is headquartered in Pune, India, and was founded on March 25, 1987.

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Bajaj Finance (BAF IN)

Bajaj Finserv (BJFIN IN) Vs. Bajaj Finance (BAF IN): Holding Company Spread Signals 6% Opportunity

Pair trade with derivatives available on both legs: long Bajaj Finserv and short Bajaj Finance targets a 6% return from a 2.5 standard-deviation...

Gaudenz Schneider

NIFTY Index Earning Revision (Apr): JIO Financial Services, InterGlobe Aviation, HDFC Bank

We analyzed NIFTY's consensus for Apr 2026 and highlighted changes of EPS in JIO Financial Services (JIOFIN IN), InterGlobe Aviation (INDIGO IN),...

Ke Yan, CFA, FRM

India: GST's Impact on 1QFY18 Corporate Performance

1QFY18 impact in the run up to GST implementation Consumer electrical leader Havells India Ltd (HAVL IN) saw single digit revenue growth and sharp...

Bhaskar Chakraborty

Aequitas: Orkla India IPO Lockup - Shares Have Traded Below IPO Price but PE Owner Well in The Money

Orkla India raised about US$190m in its India IPO in Nov 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.

Akshat Shah

India Consumer Discretionary: On-The-Ground Signals of Growth Rebound

Consumer loan applications recoverIndian consumers seem to have recovered some of their strides after the jolt of demonetization in November 2016....

Bhaskar Chakraborty

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)