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

Thematic (Sector/Industry)

<ul>
<li>Overall, the introduction of the price-linked tick size mechanism by the NSE is a positive development as it leads to improving market efficiency and enhancing price discovery. </li>
<li>This move is likely to benefit investors by reducing slippage costs and improving liquidity, especially for small-cap and mid-cap stocks. </li>
<li>The move is also evidence of intense competition between NSE and BSE. BSE earlier was the only exchange to offer reduced tick size.</li>
</ul>


Overall, the introduction of the price-linked tick size mechanism by the NSE is a positive development as it leads to improving market efficiency and enhancing price discovery. 
This move is likely to benefit investors by reducing slippage costs and improving liquidity, especially for small-cap and mid-cap stocks. 
The move is also evidence of intense competition between NSE and BSE. BSE earlier was the only exchange to offer reduced tick size.


India's Largest Exchange Took Major Move To Improve Price Efficiency

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>Nearly 90% of the way through the review period of the June rebalance, we see one potential index change with <a href="https://www.smartkarma.com/entities/wipro-ltd" target="_blank" data-smartkarma-citation="entities:15360:1" rel="noopener">Wipro Ltd (WPRO IN)</a> in deletion zone.</li>
<li>
<a href="https://www.smartkarma.com/entities/oil-natural-gas-corp-ltd" target="_blank" data-smartkarma-citation="entities:3456:1" rel="noopener">Oil &amp; Natural Gas Corp (ONGC IN)</a>, <a href="https://www.smartkarma.com/entities/coal-india-ltd" target="_blank" data-smartkarma-citation="entities:9117:1" rel="noopener">Coal India Ltd (COAL IN)</a> and <a href="https://www.smartkarma.com/entities/adani-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:245:1" rel="noopener">Adani Enterprises (ADE IN)</a> are potential replacements with sector balance likely to come into play.</li>
<li>Passive trackers will need to trade over 13 days of delivery volume on the potential index changes.</li>
</ul>


Nearly 90% of the way through the review period of the June rebalance, we see one potential index change with Wipro Ltd (WPRO IN) in deletion zone.

Oil &amp; Natural Gas Corp (ONGC IN), Coal India Ltd (COAL IN) and Adani Enterprises (ADE IN) are potential replacements with sector balance likely to come into play.
Passive trackers will need to trade over 13 days of delivery volume on the potential index changes.


SENSEX Index Rebalance Preview: Wipro Deletion to Bring Sector Balance into Play

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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>BSE reported a strong quarter, with 31% QoQ revenue growth and healthy margins</li><li>The robust performance was on account of higher transaction revenue, supported by scale-up in derivatives volume and strong cash volumes</li><li>Post the regulatory setback, BSE had to take an immediate price hike of ~35% to offset the impact of higher regulatory costs</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.

BSE reported a strong quarter, with 31% QoQ revenue growth and healthy marginsThe robust performance was on account of higher transaction revenue, supported by scale-up in derivatives volume and strong cash volumesPost the regulatory setback, BSE had to take an immediate price hike of ~35% to offset the impact of higher regulatory costsContent 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.

BSE (4QFY24): Limited Scope for Further Rerating. Downgrade to REDUCE

<ul><li>As per the letter dated 26th April 2024, SEBI has asked BSE to pay the regulatory fee on the annual turnover considering “notional value” in the case of options contracts</li><li>BSE was paying the regulatory fee based on annual turnover considering the premium turnover of options for the last many years</li><li>The definition of ‘annual turnover’ is not very clear as per the ‘exchanges and clearing corporations regulations 2018’ but in the ‘SEBI stockbroker regulation 1992’, it clearly states that the ‘turnover’ is calculated based on the premium of options and notional for options contracts that are exercised</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.

As per the letter dated 26th April 2024, SEBI has asked BSE to pay the regulatory fee on the annual turnover considering “notional value” in the case of options contractsBSE was paying the regulatory fee based on annual turnover considering the premium turnover of options for the last many yearsThe definition of ‘annual turnover’ is not very clear as per the ‘exchanges and clearing corporations regulations 2018’ but in the ‘SEBI stockbroker regulation 1992’, it clearly states that the ‘turnover’ is calculated based on the premium of options and notional for options contracts that are exercisedContent 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.

<ul>
<li>Indian household savings seeing a significant transition from traditional assets to financial assets</li>
<li>More than transition, there is a transformative trend ahead for financialization of savings paving way for Indian Households a decadal opportunity of wealth creation</li>
<li>What happened in US could happen in India over the next few decades - Significant wealth creation opportunity</li>
</ul>


Indian household savings seeing a significant transition from traditional assets to financial assets
More than transition, there is a transformative trend ahead for financialization of savings paving way for Indian Households a decadal opportunity of wealth creation
What happened in US could happen in India over the next few decades - Significant wealth creation opportunity


From Savings to Wealth Creation: The Financialization of Indian Households

India

Bombay Stock Exchange Limited provides market for trading in equity, debt instruments, derivatives, and mutual funds. The Company offers services including risk management, clearing, settlement, market data services, and education. Bombay Stock Exchange serves customers in India. ... More

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Bombay Stock Exchange (BSE IN)

India's Largest Exchange Took Major Move To Improve Price Efficiency

The NSE's introduction of reduced tick size mechanism improves market efficiency, benefits investors by reducing slippage costs, and shows...

Sudarshan Bhandari

SENSEX Index Rebalance Preview: Wipro Deletion to Bring Sector Balance into Play

The June changes for the SENSEX should be announced post market close today. Adani Enterprises is an expected inclusion and the stock has zoomed...

Brian Freitas

BSE (4QFY24): Limited Scope for Further Rerating. Downgrade to REDUCE

BSE reported a strong quarter, with 31% QoQ revenue growth and healthy marginsThe robust performance was on account of higher transaction revenue

HDFC Securities

BSE - Regulatory Setback. Maintain BUY

As per the letter dated 26th April 2024, SEBI has asked BSE to pay the regulatory fee on the annual turnover considering “notional value” in the...

HDFC Securities

From Savings to Wealth Creation: The Financialization of Indian Households

Equities as % household assets have rose from 2% to 5% as of 2023 and is expected to gone to 10% by 2030 paving a significant opportunity for...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India's Largest Exchange Took Major Move To Improve Price Efficiency

​The NSE's introduction of reduced tick size mechanism improves market efficiency, benefits investors by reducing slippage costs, and shows...

Sudarshan Bhandari

SENSEX Index Rebalance Preview: Wipro Deletion to Bring Sector Balance into Play

The June changes for the SENSEX should be announced post market close today. Adani Enterprises is an expected inclusion and the stock has zoomed...

Brian Freitas

BSE (4QFY24): Limited Scope for Further Rerating. Downgrade to REDUCE

BSE reported a strong quarter, with 31% QoQ revenue growth and healthy marginsThe robust performance was on account of higher transaction revenue

HDFC Securities

BSE - Regulatory Setback. Maintain BUY

As per the letter dated 26th April 2024, SEBI has asked BSE to pay the regulatory fee on the annual turnover considering “notional value” in the...

HDFC Securities

From Savings to Wealth Creation: The Financialization of Indian Households

Equities as % household assets have rose from 2% to 5% as of 2023 and is expected to gone to 10% by 2030 paving a significant opportunity for...

Sudarshan Bhandari

The NSE's introduction of reduced tick size mechanism improves market efficiency, benefits investors by reducing slippage costs, and shows...