Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Mahindra &amp; Mahindra, Indian Oil, LTIMindtree, Jindal Steel &amp; Power, State Bank of India, HDFC Bank, Adani Enterprises.</li>
</ul>


We analysed the earning revision of component stocks of MS-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Mahindra &amp; Mahindra, Indian Oil, LTIMindtree, Jindal Steel &amp; Power, State Bank of India, HDFC Bank, Adani Enterprises.


MS-India Index Earning Revision (Feb): Mahindra & Mahindra, Indian Oil, LTIMindtree

<ul>
<li>We analysed the earning revision of component stocks of NIFTY in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Coal India, Max Healthcare Institute, HDFC Bank, Mahindra &amp; Mahindra, Grasim Industries, State Bank of India, Adani Enterprises, ICICI Bank.</li>
</ul>


We analysed the earning revision of component stocks of NIFTY in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Coal India, Max Healthcare Institute, HDFC Bank, Mahindra &amp; Mahindra, Grasim Industries, State Bank of India, Adani Enterprises, ICICI Bank.


NIFTY Index Earning Revision (Feb): Coal India, Max Healthcare Institute, HDFC Bank

<ul>
<li>We analysed the earning revision of component stocks of NIFTY in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Eternal, Hindalco Industries, Mahindra &amp; Mahindra, State Bank of India, HDFC Bank, Adani Enterprises, ICICI Bank, State Bank Of India, Hdfc Bank, Hindalco Industries.</li>
</ul>


We analysed the earning revision of component stocks of NIFTY in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Eternal, Hindalco Industries, Mahindra &amp; Mahindra, State Bank of India, HDFC Bank, Adani Enterprises, ICICI Bank, State Bank Of India, Hdfc Bank, Hindalco Industries.


NIFTY Index Earning Revision (Nov): Eternal, Hindalco Industries, Mahindra & Mahindra

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) of India.</li>
<li>In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in December 2025.</li>
<li>The official index changes could be announced publicly in the next few days.</li>
</ul>


BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) of India.
In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in December 2025.
The official index changes could be announced publicly in the next few days.


Quiddity Leaderboard BSE ​​​​SENSEX Dec25: Final Expectations; Announcement Soon

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

Tata Motors Passenger Vehicles / Index Rebalance

<ul>
<li>With the review period complete, there could be one change for the <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX Index (SENSEX INDEX)</a> at the December rebalance.</li>
<li>Following the demerger of the Commercial Vehicle business, the drop in market cap for <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors (TTMT IN)</a> could result in index deletion.</li>
<li>
<a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a> is a potential inclusion to the index, but there is a small possibility of <a href="https://www.smartkarma.com/entities/grasim-industries-ltd" target="_blank" data-smartkarma-citation="entities:290:1" rel="noopener">Grasim Industries (GRASIM IN)</a> being added to the index instead.</li>
</ul>


With the review period complete, there could be one change for the S&amp;P BSE SENSEX Index (SENSEX INDEX) at the December rebalance.
Following the demerger of the Commercial Vehicle business, the drop in market cap for Tata Motors (TTMT IN) could result in index deletion.

InterGlobe Aviation Ltd (INDIGO IN) is a potential inclusion to the index, but there is a small possibility of Grasim Industries (GRASIM IN) being added to the index instead.


SENSEX Index Rebalance Preview: Tata Motors OUT; Indigo IN; Grasim - Dark Horse

India

Grasim Industries Limited is a diversified operating company and part of the Aditya Birla group. The group manufactures a wide range of products, including Viscose Staple Fiber(VSF), cement, chemicals and textiles.

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Grasim Industries (GRASIM IN)

MS-India Index Earning Revision (Feb): Mahindra & Mahindra, Indian Oil, LTIMindtree

We analyzed MS-India's consensus for Feb 2026 and highlighted changes of EPS in Mahindra & Mahindra, Indian Oil, LTIMindtree, Jindal Steel & Power,...

Ke Yan, CFA, FRM

NIFTY Index Earning Revision (Feb): Coal India, Max Healthcare Institute, HDFC Bank

We analyzed NIFTY's consensus for Feb 2026 and highlighted changes of EPS in Coal India (COAL IN), Max Healthcare Institute (MAXHEALT IN), HDFC...

Ke Yan, CFA, FRM

NIFTY Index Earning Revision (Nov): Eternal, Hindalco Industries, Mahindra & Mahindra

We analyzed NIFTY's consensus for Nov 2025 and highlighted changes of EPS in Eternal (ETERNAL IN), Hindalco Industries (HNDL IN), Mahindra &...

Ke Yan, CFA, FRM

Quiddity Leaderboard BSE SENSEX Dec25: Final Expectations; Announcement Soon

InterGlobe Aviation Ltd (INDIGO IN) and Grasim Industries (GRASIM IN) have been our top choices for Sensex addition since August 2025. One of these...

Janaghan Jeyakumar, CFA

SENSEX Index Rebalance Preview: Tata Motors OUT; Indigo IN; Grasim - Dark Horse

Following the demerger of the Commercial Vehicle business, Tata Motors could be deleted from the index. Indigo is the highest ranked non-member;...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MS-India Index Earning Revision (Feb): Mahindra & Mahindra, Indian Oil, LTIMindtree

We analyzed MS-India's consensus for Feb 2026 and highlighted changes of EPS in Mahindra & Mahindra, Indian Oil, LTIMindtree, Jindal Steel & Power,...

Ke Yan, CFA, FRM

NIFTY Index Earning Revision (Feb): Coal India, Max Healthcare Institute, HDFC Bank

We analyzed NIFTY's consensus for Feb 2026 and highlighted changes of EPS in Coal India (COAL IN), Max Healthcare Institute (MAXHEALT IN), HDFC...

Ke Yan, CFA, FRM

NIFTY Index Earning Revision (Nov): Eternal, Hindalco Industries, Mahindra & Mahindra

We analyzed NIFTY's consensus for Nov 2025 and highlighted changes of EPS in Eternal (ETERNAL IN), Hindalco Industries (HNDL IN), Mahindra &...

Ke Yan, CFA, FRM

Quiddity Leaderboard BSE ​​​​SENSEX Dec25: Final Expectations; Announcement Soon

InterGlobe Aviation Ltd (INDIGO IN) and Grasim Industries (GRASIM IN) have been our top choices for Sensex addition since August 2025. One of these...

Janaghan Jeyakumar, CFA

SENSEX Index Rebalance Preview: Tata Motors OUT; Indigo IN; Grasim - Dark Horse

Following the demerger of the Commercial Vehicle business, Tata Motors could be deleted from the index. Indigo is the highest ranked non-member;...

Brian Freitas

Quiddity Leaderboard BSE SENSEX Dec25: Final Expectations; Announcement Soon