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 InterGlobe Aviation, Oracle Financial Services Software, Bharat Petroleum, ICICI Bank, HDFC Bank, Indian Oil, Vedanta, Reliance Industries.</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 InterGlobe Aviation, Oracle Financial Services Software, Bharat Petroleum, ICICI Bank, HDFC Bank, Indian Oil, Vedanta, Reliance Industries.


MS-India Index Earning Revision (Apr): InterGlobe Aviation, Oracle Financial Services Software

<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 JIO Financial Services, InterGlobe Aviation, HDFC Bank, UltraTech Cement, Reliance Industries, Tata Motors Passenger Vehicles, Maruti Suzuki India.</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 JIO Financial Services, InterGlobe Aviation, HDFC Bank, UltraTech Cement, Reliance Industries, Tata Motors Passenger Vehicles, Maruti Suzuki India.


NIFTY Index Earning Revision (Apr): JIO Financial Services, InterGlobe Aviation, HDFC Bank

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). We have presented our estimations for selection ranks for ADDs/DELs for the upcoming index rebal event.</li>
<li>Since our last insight, there have been some sharp relative price moves among top-ranked index change candidates and our expectations have changed.</li>
<li>Today is the base date for the June 2026 review and we have presented our final expectations in this insight. </li>
</ul>


BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE). We have presented our estimations for selection ranks for ADDs/DELs for the upcoming index rebal event.
Since our last insight, there have been some sharp relative price moves among top-ranked index change candidates and our expectations have changed.
Today is the base date for the June 2026 review and we have presented our final expectations in this insight. 


Quiddity Leaderboard BSE ​​​​SENSEX Jun26: All For Nothing; Final Expectations

Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

Thematic (Sector/Industry)

<p>Expectations on economic reforms from Modi government are running high after the big win in Uttar Pradesh. Political analysts are expecting this win to ease Modi's chances for another term at national elections in 2019 and that would give him total 7 year period to push for reforms (In his victory speech Modi himself said he is now looking for delivering by 2022 - the 75th year of Indian Independence). Amidst the euphoria of Modi's victory, we would like to highlight some of the ground realities…</p>

Expectations on economic reforms from Modi government are running high after the big win in Uttar Pradesh. Political analysts are expecting this win to ease Modi's chances for another term at national elections in 2019 and that would give him total 7 year period to push for reforms (In his victory speech Modi himself said he is now looking for delivering by 2022 - the 75th year of Indian Independence). Amidst the euphoria of Modi's victory, we would like to highlight some of the ground realities…

Investors Need To Be Patient With Reform Momentum Even As Modi Win Ensures Policy Continuity

<p>Ruling party BJP has won a landslide victory in the largest state of Uttar Pradesh (UP) thereby putting to rest any doubts over the adverse impact of demonetisation on the electoral prospects of the party. Performance in UP is impressive as the opposition had formed an alliance to fight Modi but still lost poorly.  Most political analysts have been caught on the wrong foot as they predicted a hung assembly while the results show that Modi wave seen during the General elections continues. We…</p>

Ruling party BJP has won a landslide victory in the largest state of Uttar Pradesh (UP) thereby putting to rest any doubts over the adverse impact of demonetisation on the electoral prospects of the party. Performance in UP is impressive as the opposition had formed an alliance to fight Modi but still lost poorly.  Most political analysts have been caught on the wrong foot as they predicted a hung assembly while the results show that Modi wave seen during the General elections continues. We…

Landslide Win for Modi in UP Elections;Upper House No.s to Cross 100 Mark by 2018, a +ve for Reforms

India

Hindalco Industries Limited is an Indian aluminium and copper manufacturing company, and a subsidiary of the Aditya Birla Group. It is a major producer of primary aluminium, flat-rolled products, extrusions, and foils, and also manufactures copper cathodes and continuous cast copper rods. The company is headquartered in Mumbai, Maharashtra, India, and was founded in 1958.

Price Gauge
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Hindalco Industries (HNDL IN)

MS-India Index Earning Revision (Apr): InterGlobe Aviation, Oracle Financial Services Software

We analyzed MS-India's consensus for Apr 2026 and highlighted changes of EPS in InterGlobe Aviation (INDIGO IN), Oracle Financial Services Software...

Ke Yan, CFA, FRM

NIFTY Index Earning Revision (Apr): JIO Financial Services, InterGlobe Aviation, HDFC Bank

We analyzed NIFTY's consensus for Apr 2026 and highlighted changes of EPS in JIO Financial Services (JIOFIN IN), InterGlobe Aviation (INDIGO IN),...

Ke Yan, CFA, FRM

Quiddity Leaderboard BSE SENSEX Jun26: All For Nothing; Final Expectations

Trent remains the highest-ranked potential DEL. According to our estimates, Trent is expected to escape deletion in June 2026.

Janaghan Jeyakumar, CFA

Investors Need To Be Patient With Reform Momentum Even As Modi Win Ensures Policy Continuity

Expectations on economic reforms from Modi government are running high after the big win in Uttar Pradesh. Political analysts are expecting this...

Asia Advisors

Landslide Win for Modi in UP Elections;Upper House No.s to Cross 100 Mark by 2018, a +ve for Reforms

Ruling party BJP has won a landslide victory in the largest state of Uttar Pradesh (UP) thereby putting to rest any doubts over the adverse impact...

Asia Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MS-India Index Earning Revision (Apr): InterGlobe Aviation, Oracle Financial Services Software

We analyzed MS-India's consensus for Apr 2026 and highlighted changes of EPS in InterGlobe Aviation (INDIGO IN), Oracle Financial Services Software...

Ke Yan, CFA, FRM

NIFTY Index Earning Revision (Apr): JIO Financial Services, InterGlobe Aviation, HDFC Bank

We analyzed NIFTY's consensus for Apr 2026 and highlighted changes of EPS in JIO Financial Services (JIOFIN IN), InterGlobe Aviation (INDIGO IN),...

Ke Yan, CFA, FRM

Quiddity Leaderboard BSE ​​​​SENSEX Jun26: All For Nothing; Final Expectations

Trent remains the highest-ranked potential DEL. According to our estimates, Trent is expected to escape deletion in June 2026.

Janaghan Jeyakumar, CFA

Investors Need To Be Patient With Reform Momentum Even As Modi Win Ensures Policy Continuity

Expectations on economic reforms from Modi government are running high after the big win in Uttar Pradesh. Political analysts are expecting this...

Asia Advisors

Landslide Win for Modi in UP Elections;Upper House No.s to Cross 100 Mark by 2018, a +ve for Reforms

Ruling party BJP has won a landslide victory in the largest state of Uttar Pradesh (UP) thereby putting to rest any doubts over the adverse impact...

Asia Advisors

Quiddity Leaderboard BSE SENSEX Jun26: All For Nothing; Final Expectations