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

Index Rebalance

<ul>
<li>There could be 22 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 29 June.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 74.6% and that will result in a round-trip trade of INR 180bn (US$1.9bn).</li>
<li>There is a huge sector mismatch with Industrials and Utilities stocks expected to net gain 4 spots each while Financials are expected to lose 9 index spots.</li>
</ul>


There could be 22 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 29 June.
If all changes are on expected lines, one-way turnover is estimated at 74.6% and that will result in a round-trip trade of INR 180bn (US$1.9bn).
There is a huge sector mismatch with Industrials and Utilities stocks expected to net gain 4 spots each while Financials are expected to lose 9 index spots.


NIFTY200 Momentum30 Index Rebalance Preview: 75% One-Way Turnover & US$1.9bn Trade

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names</li>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices during the September 2026 index rebal event.</li>
<li>We see one change for NIFTY 50 and five changes for NIFTY 100.</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names
In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices during the September 2026 index rebal event.
We see one change for NIFTY 50 and five changes for NIFTY 100.


Quiddity Leaderboard NIFTY Sep26: Many Changes Likely; ~US$950mn Collective One-Way Flows

APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

Hitachi Construction Machinery / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hitachi-ltd" target="_blank" data-smartkarma-citation="entities:7797:1" rel="noopener">Hitachi Ltd (6501 JP)</a> aims to raise around US$580m via a ~7% stake sale in <a href="https://www.smartkarma.com/entities/hitachi-construction-machinery" target="_blank" data-smartkarma-citation="entities:19433:1" rel="noopener">Hitachi Construction Machinery (6305 JP)</a>.</li>
<li>Hitachi Construction Machinery Co (HCMC) is a Japanese company that designs, manufactures, sells, and services construction and mining equipment.</li>
<li>In this note we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Hitachi Ltd (6501 JP) aims to raise around US$580m via a ~7% stake sale in Hitachi Construction Machinery (6305 JP).
Hitachi Construction Machinery Co (HCMC) is a Japanese company that designs, manufactures, sells, and services construction and mining equipment.
In this note we talk about the deal dynamics and run the deal through our ECM framework.


Aequitas: Hitachi Construction Machinery Block - Another Selldown by Hitachi Right At Lockup Expiry

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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

Equity Bottom-Up

Transformers and Rectifiers (India) / Equity Bottom-Up

Transformers and Rectifiers (India) (TARIL IN)

<ul>
<li>TARIL, a leading Indian transformer manufacturer, delivered record FY26 Consolidated performance with INR 2,509 crore revenue, INR 444 crore EBITDA, INR 272 crore PAT, and record production of 33,763 MVA.</li>
<li>The company closed FY26 with an order book of over INR 5,005 crore, providing nearly 18 months of revenue visibility, while maintaining focus on profitable and shorter-cycle orders.</li>
<li>TARIL’s HVDC repair order from PGCIL, planned capacity expansion to 75,000 MVA, and FY27 utilisation target of around 95% can support its next growth phase.</li>
</ul>


TARIL, a leading Indian transformer manufacturer, delivered record FY26 Consolidated performance with INR 2,509 crore revenue, INR 444 crore EBITDA, INR 272 crore PAT, and record production of 33,763 MVA.
The company closed FY26 with an order book of over INR 5,005 crore, providing nearly 18 months of revenue visibility, while maintaining focus on profitable and shorter-cycle orders.
TARIL’s HVDC repair order from PGCIL, planned capacity expansion to 75,000 MVA, and FY27 utilisation target of around 95% can support its next growth phase.


Transformer & Rectifiers Ltd.(Power Sector Proxy): Backward Integration and HVDC Opportunity

<ul>
<li>KSH International is the India’s 3rd largest Magnet Winding Wire Manufacturer (in terms of production capacity) and India’s Largest Exporter of Magnet Winding Wire (in terms of export revenue) for FY2025</li>
<li>India races towards 500GW of Renewable Capacity &amp; expand HVDC corridor, KSH’s specialized conductor (including continuously transposed conductor for 765kV transformer) is at an irreplaceable intersection of power capex supercycle</li>
<li>New 12,000 MT Supa Facility operational, Repaid IPO Funded Debt &amp; Orders covering 37 HVDC transformers, KSH’s revenue &amp; margin trajectory looks beyond 3000 crore Market Cap</li>
</ul>


KSH International is the India’s 3rd largest Magnet Winding Wire Manufacturer (in terms of production capacity) and India’s Largest Exporter of Magnet Winding Wire (in terms of export revenue) for FY2025
India races towards 500GW of Renewable Capacity &amp; expand HVDC corridor, KSH’s specialized conductor (including continuously transposed conductor for 765kV transformer) is at an irreplaceable intersection of power capex supercycle
New 12,000 MT Supa Facility operational, Repaid IPO Funded Debt &amp; Orders covering 37 HVDC transformers, KSH’s revenue &amp; margin trajectory looks beyond 3000 crore Market Cap


KSH International: Capacity Expansion Meets Demand Tailwind

India

Hitachi Energy India specializes in advanced power systems and grid solutions, serving utility, industry, and infrastructure customers with products, projects, and services across the energy value chain. The company manufactures and supplies systems, equipment, devices, and accessories such as transformers, high-voltage products, and grid automation solutions, playing a significant role in integrating renewable energy into the national grid and modernizing power transmission. It is headquartered in Bengaluru, India, and was incorporated on February 19, 2019, carrying a legacy of operations in India since 1949 through its predecessor entities.

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Hitachi Energy India (POWERIND IN)

NIFTY200 Momentum30 Index Rebalance Preview: 75% One-Way Turnover & US$1.9bn Trade

We forecast 22 changes for the index in Dec. One-way turnover is estimated at 74.6% resulting in a round-trip trade of INR 180bn (US$1.9bn). The...

Brian Freitas

Quiddity Leaderboard NIFTY Sep26: Many Changes Likely; ~US$950mn Collective One-Way Flows

The NIFTY 50 expected ADD/DEL could trigger US$640mn in one-way flows. There could be more changes for NIFTY 100 which could collectively trigger...

Janaghan Jeyakumar, CFA

Aequitas: Hitachi Construction Machinery Block - Another Selldown by Hitachi Right At Lockup Expiry

Hitachi Ltd (6501 JP) aims to raise around US$580m via a ~7% stake sale in Hitachi Construction Machinery Co. In this note we talk about the deal...

Akshat Shah

Transformer & Rectifiers Ltd.(Power Sector Proxy): Backward Integration and HVDC Opportunity

Indian transformer manufacturer TARIL achieved record performance in FY26 with INR 2,509 crore revenue, focusing on profitable orders and capacity...

Sudarshan Bhandari

KSH International: Capacity Expansion Meets Demand Tailwind

KSH International emerges as India's top Magnet Winding Wire Manufacturer and Exporter, positioned at a crucial intersection of power capex...

Sudarshan Bhandari

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52-week Range

Market Cap (USDm)

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NIFTY200 Momentum30 Index Rebalance Preview: 75% One-Way Turnover & US$1.9bn Trade

We forecast 22 changes for the index in Dec. One-way turnover is estimated at 74.6% resulting in a round-trip trade of INR 180bn (US$1.9bn). The...

Brian Freitas

Quiddity Leaderboard NIFTY Sep26: Many Changes Likely; ~US$950mn Collective One-Way Flows

The NIFTY 50 expected ADD/DEL could trigger US$640mn in one-way flows. There could be more changes for NIFTY 100 which could collectively trigger...

Janaghan Jeyakumar, CFA

Aequitas: Hitachi Construction Machinery Block - Another Selldown by Hitachi Right At Lockup Expiry

Hitachi Ltd (6501 JP) aims to raise around US$580m via a ~7% stake sale in Hitachi Construction Machinery Co. In this note we talk about the deal...

Akshat Shah

Transformer & Rectifiers Ltd.(Power Sector Proxy): Backward Integration and HVDC Opportunity

​Indian transformer manufacturer TARIL achieved record performance in FY26 with INR 2,509 crore revenue, focusing on profitable orders and capacity...

Sudarshan Bhandari

KSH International: Capacity Expansion Meets Demand Tailwind

​KSH International emerges as India's top Magnet Winding Wire Manufacturer and Exporter, positioned at a crucial intersection of power capex...

Sudarshan Bhandari

Indian transformer manufacturer TARIL achieved record performance in FY26 with INR 2,509 crore revenue, focusing on profitable orders and capacity...

KSH International emerges as India's top Magnet Winding Wire Manufacturer and Exporter, positioned at a crucial intersection of power capex...