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>The changes to a global index in August will be announced pre-market open Thursday and will be implemented at the close of trading on 31 August.</li>
<li>The big market moves since the last rebalance result in many changes with the final number dependent on the day picked to compute market cap and free float market cap.</li>
<li>The forecast adds have outperformed the forecast deletes over the last 1, 2 and 3 months but near-term performance has been far from awesome due to the momentum unwind.</li>
</ul>


The changes to a global index in August will be announced pre-market open Thursday and will be implemented at the close of trading on 31 August.
The big market moves since the last rebalance result in many changes with the final number dependent on the day picked to compute market cap and free float market cap.
The forecast adds have outperformed the forecast deletes over the last 1, 2 and 3 months but near-term performance has been far from awesome due to the momentum unwind.


Global Index: Potential Changes in August for Asia Pac

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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.

Equity Bottom-Up

<ul><li>Generics &amp; Biosimilars Driving Growth, CRDMO Drags: Biocon’s Q3FY26 top line performance was a miss versus expectations, with reported revenue of Rs 4,173 Cr, up 9% YoY.</li><li>Growth was primarily driven by a strong performance in the Generics segment, which surged 24% YoY to Rs 851 Cr, supported by the launch of generic Liraglutide in European markets and steady traction in the U.S. formulations business.</li><li>The Biosimilars division, while witnessing some softness, remained the key contributor with revenue of Rs 2,497 Cr, up 9% YoY, aided by market share gains in North America and new launches such as Yesintek and Yesafili. </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.

Generics &amp; Biosimilars Driving Growth, CRDMO Drags: Biocon’s Q3FY26 top line performance was a miss versus expectations, with reported revenue of Rs 4,173 Cr, up 9% YoY.Growth was primarily driven by a strong performance in the Generics segment, which surged 24% YoY to Rs 851 Cr, supported by the launch of generic Liraglutide in European markets and steady traction in the U.S. formulations business.The Biosimilars division, while witnessing some softness, remained the key contributor with revenue of Rs 2,497 Cr, up 9% YoY, aided by market share gains in North America and new launches such as Yesintek and Yesafili. 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.

Biocon Ltd - Blip in Biosimilars; Structural Story Intact

<ul><li>Biocon Limited is an innovation-led, global biopharmaceutical company dedicated to enhancing affordable access to complex therapies for chronic conditions such as diabetes, cancer, and autoimmune diseases.</li><li>The company has developed and commercialized novel biologics, biosimilars, complex small molecule APIs in India and key global markets, and generic formulations in the US and Europe.</li><li>Additionally, it has a pipeline of promising novel assets in immunotherapy under development.</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.

Biocon Limited is an innovation-led, global biopharmaceutical company dedicated to enhancing affordable access to complex therapies for chronic conditions such as diabetes, cancer, and autoimmune diseases.The company has developed and commercialized novel biologics, biosimilars, complex small molecule APIs in India and key global markets, and generic formulations in the US and Europe.Additionally, it has a pipeline of promising novel assets in immunotherapy under development.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.

Pick of the Week: Biocon - 29th November, 2025

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

<ul>
<li>
Biocon Ltd has confirmed its board, via a committee first formed on May 8, 2025, is formally evaluating a reverse merger of its unlisted arm, Biocon Biologics, into the parent.</li>
<li>This merger is a financial de-risking move designed to immediately address $1.2 billion in acquisition debt and unlock a 'conglomerate discount' on the Rs.2,721 crore revenue biosimilars business.</li>
<li>The move would eliminate the parent's holding company discount, but the key hurdle is the valuation and swap ratio required to satisfy minority shareholders, chiefly Serum Institute.</li>
</ul>



Biocon Ltd has confirmed its board, via a committee first formed on May 8, 2025, is formally evaluating a reverse merger of its unlisted arm, Biocon Biologics, into the parent.
This merger is a financial de-risking move designed to immediately address $1.2 billion in acquisition debt and unlock a 'conglomerate discount' on the Rs.2,721 crore revenue biosimilars business.
The move would eliminate the parent's holding company discount, but the key hurdle is the valuation and swap ratio required to satisfy minority shareholders, chiefly Serum Institute.


Why Biocon's Merger Is the Cleaner, Cheaper Path to Value Unlock?

<ul><li>Operational Performance: Biocon reported an in-line performance for Q2FY26, with revenue rising 19.6% YoY and 9% QoQ to Rs 4,296 Cr, driven by strong traction in biosimilars (up 24.7% YoY) and generics (up 24.7% YoY).</li><li>Growth in biosimilars was led by the successful launch and market traction of bUstekinumab, bAspart, bBevacizumab, and bAflibercept across key markets.</li><li>CRDMO Business Update: The CRDMO (Syngene) business posted muted growth, as expected, while continuing to expand its global footprint and capability set.</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.

Operational Performance: Biocon reported an in-line performance for Q2FY26, with revenue rising 19.6% YoY and 9% QoQ to Rs 4,296 Cr, driven by strong traction in biosimilars (up 24.7% YoY) and generics (up 24.7% YoY).Growth in biosimilars was led by the successful launch and market traction of bUstekinumab, bAspart, bBevacizumab, and bAflibercept across key markets.CRDMO Business Update: The CRDMO (Syngene) business posted muted growth, as expected, while continuing to expand its global footprint and capability set.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.

Biocon Ltd - Resilient Momentum in Biosimilars Driving Growth

India

Biocon Ltd., is an integrated biotechnology enterprise with a presence in biopharmaceuticals, enzymes, custom research and clinical research. The Company's pharmaceutical products include statins, immunosuppressants and anti-diabetic drugs. Biocon also manufactures specialty enzymes and new enzyme applications besides providing clinical and custom research services.

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Biocon Ltd (BIOS IN)

Global Index: Potential Changes in August for Asia Pac

The global index changes were announced using D1 as the cutoff. 99% hit rate across Asia Pacific, so no surprises. Big price changes in the stocks...

Brian Freitas

Biocon Ltd - Blip in Biosimilars; Structural Story Intact

Generics & Biosimilars Driving Growth, CRDMO Drags: Biocon’s Q3FY26 top line performance was a miss versus expectations, with reported revenue of...

Axis Direct

Pick of the Week: Biocon - 29th November, 2025

The company has developed and commercialized novel biologics, biosimilars, complex small molecule APIs in India and key global markets, and generic...

Axis Direct

Why Biocon's Merger Is the Cleaner, Cheaper Path to Value Unlock?

Biocon Ltd is considering a reverse merger with Biocon Biologics to address debt and unlock value, but faces hurdles with minority shareholders.

Sudarshan Bhandari

Biocon Ltd - Resilient Momentum in Biosimilars Driving Growth

Biocon reported an in-line performance for Q2FY26, with revenue rising 19.6% YoY and 9% QoQ to Rs 4,296 Cr, driven by strong traction in...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Global Index: Potential Changes in August for Asia Pac

The global index changes were announced using D1 as the cutoff. 99% hit rate across Asia Pacific, so no surprises. Big price changes in the stocks...

Brian Freitas

Biocon Ltd - Blip in Biosimilars; Structural Story Intact

Generics & Biosimilars Driving Growth, CRDMO Drags: Biocon’s Q3FY26 top line performance was a miss versus expectations, with reported revenue of...

Axis Direct

Pick of the Week: Biocon - 29th November, 2025

The company has developed and commercialized novel biologics, biosimilars, complex small molecule APIs in India and key global markets, and generic...

Axis Direct

Why Biocon's Merger Is the Cleaner, Cheaper Path to Value Unlock?

​Biocon Ltd is considering a reverse merger with Biocon Biologics to address debt and unlock value, but faces hurdles with minority shareholders.

Sudarshan Bhandari

Biocon Ltd - Resilient Momentum in Biosimilars Driving Growth

Biocon reported an in-line performance for Q2FY26, with revenue rising 19.6% YoY and 9% QoQ to Rs 4,296 Cr, driven by strong traction in...

Axis Direct

Biocon Ltd is considering a reverse merger with Biocon Biologics to address debt and unlock value, but faces hurdles with minority shareholders.