Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 indices in the December 2024 index rebal event.</li>
<li>We expect six ADDs/DELs for BSE 100 and six ADDs/DELs for BSE 200.</li>
<li>Zomato is one of the six BSE 100 expected DELs but its fate will depend on when its expected F&amp;O list inclusion takes place and the index provider's discretionary choices.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 indices in the December 2024 index rebal event.
We expect six ADDs/DELs for BSE 100 and six ADDs/DELs for BSE 200.
Zomato is one of the six BSE 100 expected DELs but its fate will depend on when its expected F&amp;O list inclusion takes place and the index provider's discretionary choices.


Quiddity Leaderboard BSE/​​​​SENSEX Dec 24: Some Changes to Expectations + Zomato Question Mark

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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>The U.S. House passed the Biosecure Act, mandating U.S. pharma firms to cut ties with specific Chinese biotechs by 2032.</li>
<li>This opens opportunities for Indian CDMOs, positioning them as viable alternatives due to geopolitical alignment and regulatory quality.</li>
<li>India’s CDMOs could see substantial growth, benefiting from increased global diversification efforts away from China.</li>
</ul>


The U.S. House passed the Biosecure Act, mandating U.S. pharma firms to cut ties with specific Chinese biotechs by 2032.
This opens opportunities for Indian CDMOs, positioning them as viable alternatives due to geopolitical alignment and regulatory quality.
India’s CDMOs could see substantial growth, benefiting from increased global diversification efforts away from China.


The US Biosecure Act: A Boon for Indian CDMO Players?

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 indices in the December 2024 index rebal event.</li>
<li>We see four expected ADDs/DELs for BSE 100 and six expected ADDs/DELs for BSE 200.</li>
<li>The BSE 100 handling rules for names without futures and options (F&amp;O) sometimes punish companies that have enjoyed good share price rallies and Zomato could fall into such a trap.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 indices in the December 2024 index rebal event.
We see four expected ADDs/DELs for BSE 100 and six expected ADDs/DELs for BSE 200.
The BSE 100 handling rules for names without futures and options (F&amp;O) sometimes punish companies that have enjoyed good share price rallies and Zomato could fall into such a trap.


Quiddity Leaderboard BSE/​​​​SENSEX Dec 24: Zomato Needs F&O Membership to Avoid BSE 100 Deletion

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>GLAND (Ex-Cenexi) registered a revenue growth of 14.2% YoY, maintaining EBITDA margins of ~29%, which is in line with preceding quarters on a YoY basis.</li><li>The acquired company – Cenexi reported revenue of Rs 388 Cr (7% QoQ), EBITDA loss of – Rs 29 Cr, and EBITDA margins of -7% YoY.</li><li>However, in Cenexi itself, the company has improved operational effiencies and cut down its losses to ~13% on QoQ basis, demonstrating upwards trend. </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.

GLAND (Ex-Cenexi) registered a revenue growth of 14.2% YoY, maintaining EBITDA margins of ~29%, which is in line with preceding quarters on a YoY basis.The acquired company – Cenexi reported revenue of Rs 388 Cr (7% QoQ), EBITDA loss of – Rs 29 Cr, and EBITDA margins of -7% YoY.However, in Cenexi itself, the company has improved operational effiencies and cut down its losses to ~13% on QoQ basis, demonstrating upwards trend. 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.

Gland Pharma Ltd - Margins Impacted by Subsidiary; Maintain HOLD

APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Akums Drugs and Pharmaceuticals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/akums-drugs-and-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:40915:1" rel="noopener">Akums Drugs and Pharmaceuticals (0200361D IN)</a> raised around US$222m in its India IPO, after pricing the deal at the top end of the range at INR679/share.</li>
<li>Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.</li>
<li>We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.</li>
</ul>



Akums Drugs and Pharmaceuticals (0200361D IN) raised around US$222m in its India IPO, after pricing the deal at the top end of the range at INR679/share.
Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.
We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.


Akums Drugs and Pharmaceuticals IPO Trading - Strong Demand and a Decent Margin of Safety

India

Gland Pharma Limited manufactures and markets small volume parenteral solutions.The Company offers injectables, including vials, ampoules, pre-filled syringes, lyophilized vials, dry powders, infusions, and ophthalmic solutions, and other active pharmaceutical ingredients. Gland Pharma conducts its business worldwide.

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Gland Pharma Ltd (GLAND IN)

Quiddity Leaderboard BSE/SENSEX Dec 24: Some Changes to Expectations + Zomato Question Mark

The reference period ends today (31st October). Our BSE 100 expected ADDs/DELs remain unchanged. For BSE 200, all expected ADDs/DELs mentioned in...

Janaghan Jeyakumar, CFA

The US Biosecure Act: A Boon for Indian CDMO Players?

The Biosecure Act passed by the U.S. House could boost Indian CDMOs as alternative to Chinese biotechs by 2032, leading to potential growth...

Nimish Maheshwari

Quiddity Leaderboard BSE/SENSEX Dec 24: Zomato Needs F&O Membership to Avoid BSE 100 Deletion

Zomato does not have F&O membership and it could violate a BSE Sensex Next 50 selection rule which would trigger a BSE 100 deletion. To escape...

Janaghan Jeyakumar, CFA

Gland Pharma Ltd - Margins Impacted by Subsidiary; Maintain HOLD

GLAND (Ex-Cenexi) registered a revenue growth of 14.2% YoY, maintaining EBITDA margins of ~29%, which is in line with preceding quarters on a YoY...

Axis Direct

Akums Drugs and Pharmaceuticals IPO Trading - Strong Demand and a Decent Margin of Safety

Akums Drugs and Pharmaceuticals (0200361D IN) raised around US$222m in its India IPO, after pricing the deal at the top end of the range at INR679...

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard BSE/​​​​SENSEX Dec 24: Some Changes to Expectations + Zomato Question Mark

The reference period ends today (31st October). Our BSE 100 expected ADDs/DELs remain unchanged. For BSE 200, all expected ADDs/DELs mentioned in...

Janaghan Jeyakumar, CFA

The US Biosecure Act: A Boon for Indian CDMO Players?

​The Biosecure Act passed by the U.S. House could boost Indian CDMOs as alternative to Chinese biotechs by 2032, leading to potential growth...

Nimish Maheshwari

Quiddity Leaderboard BSE/​​​​SENSEX Dec 24: Zomato Needs F&O Membership to Avoid BSE 100 Deletion

Zomato does not have F&O membership and it could violate a BSE Sensex Next 50 selection rule which would trigger a BSE 100 deletion. To escape...

Janaghan Jeyakumar, CFA

Gland Pharma Ltd - Margins Impacted by Subsidiary; Maintain HOLD

GLAND (Ex-Cenexi) registered a revenue growth of 14.2% YoY, maintaining EBITDA margins of ~29%, which is in line with preceding quarters on a YoY...

Axis Direct

Akums Drugs and Pharmaceuticals IPO Trading - Strong Demand and a Decent Margin of Safety

Akums Drugs and Pharmaceuticals (0200361D IN) raised around US$222m in its India IPO, after pricing the deal at the top end of the range at INR679...

Ethan Aw

Quiddity Leaderboard BSE/SENSEX Dec 24: Some Changes to Expectations + Zomato Question Mark

The Biosecure Act passed by the U.S. House could boost Indian CDMOs as alternative to Chinese biotechs by 2032, leading to potential growth...

Quiddity Leaderboard BSE/SENSEX Dec 24: Zomato Needs F&O Membership to Avoid BSE 100 Deletion