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, BSE 100, and BSE 200 Indices in the June 2025 index rebal event.</li>
<li>As things stand, there could be two index changes for the SENSEX index.</li>
<li>There could be two ADDs/DELs for the BSE 100 Index and four ADDs/DELs for the BSE 200 Index.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 Indices in the June 2025 index rebal event.
As things stand, there could be two index changes for the SENSEX index.
There could be two ADDs/DELs for the BSE 100 Index and four ADDs/DELs for the BSE 200 Index.


Quiddity Leaderboard BSE/​​​​SENSEX Jun25: One Change to Expectations; US$500mn One-Way Collectively

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>State Bank of India: SBIN’s Q3FY25 earnings missed our estimates owing to lower treasury/MTM gains and softer margins, offset by strong operational performance and reversal of standard asset provisions</li><li>Loan growth (~13.8% YoY) was healthy across all segments, while the growth in Xpress credit portfolio decelerated further</li><li>Deposit growth (+9% YoY, +2.2% QoQ) was marginally soft as the CASA ratio dropped further to 37.6% (-84bps QoQ), due to weaker traction in SA balances</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.

State Bank of India: SBIN’s Q3FY25 earnings missed our estimates owing to lower treasury/MTM gains and softer margins, offset by strong operational performance and reversal of standard asset provisionsLoan growth (~13.8% YoY) was healthy across all segments, while the growth in Xpress credit portfolio decelerated furtherDeposit growth (+9% YoY, +2.2% QoQ) was marginally soft as the CASA ratio dropped further to 37.6% (-84bps QoQ), due to weaker traction in SA balancesContent 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.

HSIE Results Daily: State Bank of India, Trent, BSE, Gujarat Gas, Motherson Sumi Wiring India

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

<ul>
<li>Natural gas may be brought under GST at 18%, replacing fragmented state taxes and excise duties.</li>
<li>Uniform GST boosts cost efficiency, increases gas competitiveness, and benefits companies’ margins.</li>
<li>A simpler, uniform tax regime accelerates natural gas adoption, driving long-term industry growth and profitability.</li>
</ul>


Natural gas may be brought under GST at 18%, replacing fragmented state taxes and excise duties.
Uniform GST boosts cost efficiency, increases gas competitiveness, and benefits companies’ margins.
A simpler, uniform tax regime accelerates natural gas adoption, driving long-term industry growth and profitability.


India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/deep-industries-ltd" target="_blank" data-smartkarma-citation="entities:14923:1" rel="noopener">Deep Industries (DEEPI IN)</a> targeting 800 Cr worth of revenue by FY26, with 35% CAGR in next 2 years.</li>
<li>India is opening more oil &amp; gas wells, needs services of company like Deep who can provide one stop shop for all Oil &amp; Gas Needs.</li>
<li>Key Triggers- Prabha Barge(60% Operating Margins) and Dolphin Offshore(for diversifying into offshore services) will further margin accretive.</li>
</ul>



Deep Industries (DEEPI IN) targeting 800 Cr worth of revenue by FY26, with 35% CAGR in next 2 years.
India is opening more oil &amp; gas wells, needs services of company like Deep who can provide one stop shop for all Oil &amp; Gas Needs.
Key Triggers- Prabha Barge(60% Operating Margins) and Dolphin Offshore(for diversifying into offshore services) will further margin accretive.


The Beat Ideas: Deep Industries- A Hidden Oil & Gas Proxy

<ul><li>State Bank of India: SBIN’s earnings beat our estimates on the back of higher treasury/MTM gains backed by healthy loan growth, largely stable margins and in-line asset quality</li><li>Loan growth (+15% YoY) was strong across segments even as the Xpress credit portfolio continued to decelerate</li><li>Deposit growth (+9% YoY, +4.4% QoQ) was marginally soft as the CASA ratio dropped further to 38.4% (-64 bps QoQ), given that strong CA traction was offset by sluggish growth in SA balances</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.

State Bank of India: SBIN’s earnings beat our estimates on the back of higher treasury/MTM gains backed by healthy loan growth, largely stable margins and in-line asset qualityLoan growth (+15% YoY) was strong across segments even as the Xpress credit portfolio continued to decelerateDeposit growth (+9% YoY, +4.4% QoQ) was marginally soft as the CASA ratio dropped further to 38.4% (-64 bps QoQ), given that strong CA traction was offset by sluggish growth in SA balancesContent 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.

HSIE Results Daily: State Bank of India, Tata Motors, Oil India, Ashok Leyland, Gujarat Gas

India

Gujarat Gas Limited provides natural gas. The Company supplies piped natural gas to residential, commercial, and industrial customers. Gujarat Gas serves customers in India.

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Gujarat Gas Ltd (GUJGA IN)

Quiddity Leaderboard BSE/SENSEX Jun25: One Change to Expectations; US$500mn One-Way Collectively

Collectively, we see one way flows of around US$500mn for BSE Sensex, BSE 100, and BSE 200 in June 2025 based on the latest data. Some names have...

Janaghan Jeyakumar, CFA

HSIE Results Daily: State Bank of India, Trent, BSE, Gujarat Gas, Motherson Sumi Wiring India

SBIN’s Q3FY25 earnings missed our estimates owing to lower treasury/MTM gains and softer margins, offset by strong operational performance

HDFC Securities

Impact of Bringing Natural Gas Under GST

Proposed inclusion of natural gas in GST at 18% could enhance cost efficiency, competitiveness, and industry growth due to higher demand.

Nimish Maheshwari

The Beat Ideas: Deep Industries- A Hidden Oil & Gas Proxy

Deep Industries aims for 800 Cr revenue by FY26 with 35% CAGR, benefiting from India's increasing oil & gas well openings and offering...

Sudarshan Bhandari

HSIE Results Daily: State Bank of India, Tata Motors, Oil India, Ashok Leyland, Gujarat Gas

SBIN’s earnings beat our estimates on the back of higher treasury/MTM gains backed by healthy loan growth, largely stable margins and in-line asset...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard BSE/​​​​SENSEX Jun25: One Change to Expectations; US$500mn One-Way Collectively

Collectively, we see one way flows of around US$500mn for BSE Sensex, BSE 100, and BSE 200 in June 2025 based on the latest data. Some names have...

Janaghan Jeyakumar, CFA

HSIE Results Daily: State Bank of India, Trent, BSE, Gujarat Gas, Motherson Sumi Wiring India

SBIN’s Q3FY25 earnings missed our estimates owing to lower treasury/MTM gains and softer margins, offset by strong operational performance

HDFC Securities

Impact of Bringing Natural Gas Under GST

​Proposed inclusion of natural gas in GST at 18% could enhance cost efficiency, competitiveness, and industry growth due to higher demand.

Nimish Maheshwari

The Beat Ideas: Deep Industries- A Hidden Oil & Gas Proxy

​Deep Industries aims for 800 Cr revenue by FY26 with 35% CAGR, benefiting from India's increasing oil & gas well openings and offering...

Sudarshan Bhandari

HSIE Results Daily: State Bank of India, Tata Motors, Oil India, Ashok Leyland, Gujarat Gas

SBIN’s earnings beat our estimates on the back of higher treasury/MTM gains backed by healthy loan growth, largely stable margins and in-line asset...

HDFC Securities

Quiddity Leaderboard BSE/SENSEX Jun25: One Change to Expectations; US$500mn One-Way Collectively

Proposed inclusion of natural gas in GST at 18% could enhance cost efficiency, competitiveness, and industry growth due to higher demand.

Deep Industries aims for 800 Cr revenue by FY26 with 35% CAGR, benefiting from India's increasing oil & gas well openings and offering...