Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SP Select Sector indices are a family of 11 sector-specific indices derived from the SP 500 index based on GICS (Global Industry Classification Standard) classifications.</li>
<li>The Technology Select Sector Index is the top sector with US$6.1 bn one-way flow. We expect one-way flow of ~US$14bn in September 2026 for the Select Sector indices in total.</li>
<li>There is, of course, an additional US$5bn for the SP500, $6bn for Equal Weight, and a large expected funding flow across TMI.</li>
</ul>


The SP Select Sector indices are a family of 11 sector-specific indices derived from the SP 500 index based on GICS (Global Industry Classification Standard) classifications.
The Technology Select Sector Index is the top sector with US$6.1 bn one-way flow. We expect one-way flow of ~US$14bn in September 2026 for the Select Sector indices in total.
There is, of course, an additional US$5bn for the SP500, $6bn for Equal Weight, and a large expected funding flow across TMI.


Quiddity Leaderboard SP Select Sector Sep26 Rebal: Over US$14bn One-Way Flow Expected

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

<ul>
<li>Q1FY27 revenue rose 130% YoY to INR 360.7 crore, EBITDA nearly tripled to INR 85.1 crore and PAT increased 365% to INR 50.2 crore.</li>
<li>MTAR’s post-quarter order visibility reached INR 5,943 crore, about 3.8x the revenue implied by its FY27 growth guidance shifting the bottleneck from demand to execution.</li>
<li>Bloom’s record Q2 and higher 2026 outlook validate MTAR’s fuel-cell expansion, but customer concentration and a INR 500 crore capex programme keep the thesis execution-sensitive.</li>
</ul>


Q1FY27 revenue rose 130% YoY to INR 360.7 crore, EBITDA nearly tripled to INR 85.1 crore and PAT increased 365% to INR 50.2 crore.
MTAR’s post-quarter order visibility reached INR 5,943 crore, about 3.8x the revenue implied by its FY27 growth guidance shifting the bottleneck from demand to execution.
Bloom’s record Q2 and higher 2026 outlook validate MTAR’s fuel-cell expansion, but customer concentration and a INR 500 crore capex programme keep the thesis execution-sensitive.


MTAR Technologies: Bloom’s AI Power Boom Moves the Debate from Demand to Delivery

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Clean energy stocks of all types (e.g., hydrogen/fuel cell, solar, lithium, EVs, etc.) display major bullish price and RS inflections, and we expect strength to continue in the months ahead. This report focuses on buy opportunities within the hydrogen/fuel cell space; we are buyers at current levels -- buy PLUG, BE, BLDP, FCEL, and NEL-NO.

Clean energy stocks of all types (e.g., hydrogen/fuel cell, solar, lithium, EVs, etc.) display major bullish price and RS inflections, and we expect strength to continue in the months ahead. This report focuses on buy opportunities within the hydrogen/fuel cell space; we are buyers at current levels -- buy PLUG, BE, BLDP, FCEL, and NEL-NO.

Hydrogen/Fuel Cell Stocks Are Bottoming -- Buy PLUG, BE, BLDP, FCEL, and NEL-NO

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>MTAR's recent rally has been driven primarily by Bloom Energy's AI-fuelled expansion, positioning the company as an indirect beneficiary of the growing demand for distributed power infrastructure.</li>
<li>Although clean energy remains the primary earnings driver today, MTAR's expanding nuclear order book could gradually reduce customer concentration and support longer-term growth.</li>
<li>Revenue growth appears well supported, but sustaining margins, improving working capital efficiency and executing capacity expansion will ultimately determine whether MTAR can justify its recent surge.</li>
</ul>


MTAR's recent rally has been driven primarily by Bloom Energy's AI-fuelled expansion, positioning the company as an indirect beneficiary of the growing demand for distributed power infrastructure.
Although clean energy remains the primary earnings driver today, MTAR's expanding nuclear order book could gradually reduce customer concentration and support longer-term growth.
Revenue growth appears well supported, but sustaining margins, improving working capital efficiency and executing capacity expansion will ultimately determine whether MTAR can justify its recent surge.


Is MTAR Technologies Built for the Long Run?

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/marvell-technology-inc" target="_blank" data-smartkarma-citation="entities:15837:1" rel="noopener">Marvell Technology (MRVL US)</a> is the main candidate for addition from TMI but has a reduced probability of inclusion due to sector balance.</li>
<li>
<a href="https://www.smartkarma.com/entities/flex-ltd" target="_blank" data-smartkarma-citation="entities:36680:1" rel="noopener">Flex (FLEX US)</a> and <a href="https://www.smartkarma.com/entities/technipfmc-plc-2f8326ad-9188-44ca-bada-c9b9144835fd" target="_blank" data-smartkarma-citation="entities:13457:1" rel="noopener">TechnipFMC (FTI US)</a> are in MidCap and the top candidates for addition based on high eligibility scores.</li>
<li>
<a href="https://www.smartkarma.com/entities/flex-ltd" target="_blank" data-smartkarma-citation="entities:36680:1" rel="noopener">Flex (FLEX US)</a> is projected for double inclusion to S&amp;P500 and Nasdaq100 on 19 June.</li>
</ul>



Marvell Technology (MRVL US) is the main candidate for addition from TMI but has a reduced probability of inclusion due to sector balance.

Flex (FLEX US) and TechnipFMC (FTI US) are in MidCap and the top candidates for addition based on high eligibility scores.

Flex (FLEX US) is projected for double inclusion to S&amp;P500 and Nasdaq100 on 19 June.


S&P500 June 2026 Forecast: FLEX, FTI & MTZ Leading the Pack

United States

Bloom Energy Corporation manufactures power generation equipment. The Company offers on-site power generation systems that utilizes fuel cell technology to generate electricity. Bloom Energy serves banking, health care, data centers, media and communication, food and beverage, logistics, technology, and utilities industries in the United States.

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Bloom Energy Corp (BE US)

Quiddity Leaderboard SP Select Sector Sep26 Rebal: Over US$14bn One-Way Flow Expected

Select Sector flows for the September 2026 SP 500 rebalance are ~US$14bn across 11 sectors, versus ~US$5bn in the SP 500 and ~US$6bn in SP 500...

Anjana Amarasuriya

MTAR Technologies: Bloom’s AI Power Boom Moves the Debate from Demand to Delivery

MTAR's strong Q1FY27 results show revenue up 130% YoY, EBITDA nearly tripling, and PAT increasing 365%. Order visibility at INR 5,943 crore shifts...

Sudarshan Bhandari

Hydrogen/Fuel Cell Stocks Are Bottoming -- Buy PLUG, BE, BLDP, FCEL, and NEL-NO

We highlight our favorite technical setups in order of attractiveness. Buy: PLUG, BE, BLDP, FCEL, and NEL-NO... see pages 2-4.

Vermilion Research

Is MTAR Technologies Built for the Long Run?

MTAR's recent rally driven by Bloom Energy's expansion and growing demand for distributed power infrastructure, with potential for sustained...

Mint Finance

S&P500 June 2026 Forecast: FLEX, FTI & MTZ Leading the Pack

MRVL faces reduced probability due to sector balance; FLEX and FTI are top candidates for addition based on high eligibility scores, with FLEX...

Dimitris Ioannidis

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Quiddity Leaderboard SP Select Sector Sep26 Rebal: Over US$14bn One-Way Flow Expected

Select Sector flows for the September 2026 SP 500 rebalance are ~US$14bn across 11 sectors, versus ~US$5bn in the SP 500 and ~US$6bn in SP 500...

Anjana Amarasuriya

MTAR Technologies: Bloom’s AI Power Boom Moves the Debate from Demand to Delivery

​MTAR's strong Q1FY27 results show revenue up 130% YoY, EBITDA nearly tripling, and PAT increasing 365%. Order visibility at INR 5,943 crore shifts...

Sudarshan Bhandari

Hydrogen/Fuel Cell Stocks Are Bottoming -- Buy PLUG, BE, BLDP, FCEL, and NEL-NO

We highlight our favorite technical setups in order of attractiveness. Buy: PLUG, BE, BLDP, FCEL, and NEL-NO... see pages 2-4.

Vermilion Research

Is MTAR Technologies Built for the Long Run?

​MTAR's recent rally driven by Bloom Energy's expansion and growing demand for distributed power infrastructure, with potential for sustained...

Mint Finance

S&P500 June 2026 Forecast: FLEX, FTI & MTZ Leading the Pack

​MRVL faces reduced probability due to sector balance; FLEX and FTI are top candidates for addition based on high eligibility scores, with FLEX...

Dimitris Ioannidis

MTAR's strong Q1FY27 results show revenue up 130% YoY, EBITDA nearly tripling, and PAT increasing 365%. Order visibility at INR 5,943 crore shifts...

MTAR's recent rally driven by Bloom Energy's expansion and growing demand for distributed power infrastructure, with potential for sustained...

MRVL faces reduced probability due to sector balance; FLEX and FTI are top candidates for addition based on high eligibility scores, with FLEX...