Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/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

<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

Akums Drugs and Pharmaceuticals (0200361D IN)

<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

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Akums Drugs and Pharmaceuticals, the largest India-focused CDMO, has set price band of Rs 646–679/share for its upcoming IPO. The company has blue chip and sticky clientele.</li>
<li>The Indian domestic CDMO market is forecasted to grow at a CAGR of 14.3% during FY24–28, nearly doubling its historical growth rate.</li>
<li>Akums seeks a P/E valuation of 28.7–30.2x, which seems to be reasonable compared with listed peers.</li>
</ul>


Akums Drugs and Pharmaceuticals, the largest India-focused CDMO, has set price band of Rs 646–679/share for its upcoming IPO. The company has blue chip and sticky clientele.
The Indian domestic CDMO market is forecasted to grow at a CAGR of 14.3% during FY24–28, nearly doubling its historical growth rate.
Akums seeks a P/E valuation of 28.7–30.2x, which seems to be reasonable compared with listed peers.


Akums Drugs and Pharmaceuticals IPO: Subscribe on Favorable Industry Tailwind and Reasonable Pricing

India

Gland Pharma is a leading pharmaceutical company specializing in the manufacturing and marketing of complex injectables, operating primarily under a business-to-business (B2B) model. The company provides contract development and manufacturing organization (CDMO) services and out-licenses its generic injectable portfolio globally. Headquartered in Hyderabad, India, it was founded in 1978.

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Gland Pharma (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

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

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

Akums Drugs and Pharmaceuticals IPO: Subscribe on Favorable Industry Tailwind and Reasonable Pricing

Akums Drugs and Pharmaceuticals, has set IPO price band at Rs 646–679 per share, seeking a P/E valuation of 28.7–30.2x, which seems to be...

Tina Banerjee

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

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