External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>Indian Hotels Company Ltd’s (IHCL’s) Q3FY25 numbers were strong with domestic like-for-like (LFL) RevPAR growth at 13% y-o-y, management fees rising 32% y-o-y and new businesses seeing 40% y-o-y growth.</li><li>Consolidated revenue/adjusted PAT (including Taj SATS) rose 29%/40% y-o-y, respectively.</li><li>Strong momentum set to continue in Q4 led by large-scale regional events, weddings and continued business and leisure demand.</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.

Indian Hotels Company Ltd’s (IHCL’s) Q3FY25 numbers were strong with domestic like-for-like (LFL) RevPAR growth at 13% y-o-y, management fees rising 32% y-o-y and new businesses seeing 40% y-o-y growth.Consolidated revenue/adjusted PAT (including Taj SATS) rose 29%/40% y-o-y, respectively.Strong momentum set to continue in Q4 led by large-scale regional events, weddings and continued business and leisure demand.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.

Indian Hotels Company Ltd - Stellar Q3; Strong Outlook Ahead

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>Standalone domestic business shows encouraging growth: The standalone domestic business reported a growth of 15.1% YoY.</li><li>Standalone ARR (Average Room Rate) increased to Rs 20,440 (+12.9% YoY), with occupancy reaching 78%, an improvement of 100bps YoY.</li><li>This resulted in standalone RevPAR growth of 14.7% YoY, largely driven by growth in the F&amp;B segment.</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.

Standalone domestic business shows encouraging growth: The standalone domestic business reported a growth of 15.1% YoY.Standalone ARR (Average Room Rate) increased to Rs 20,440 (+12.9% YoY), with occupancy reaching 78%, an improvement of 100bps YoY.This resulted in standalone RevPAR growth of 14.7% YoY, largely driven by growth in the F&amp;B segment.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.

Indian Hotels Company Ltd - Outstanding Quarter Marked by Double-Digit Growth...

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<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 in the March 2025 index rebal event.</li>
<li>We see two changes for the NIFTY 50 index and five changes for the NIFTY 100 index.</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 in the March 2025 index rebal event.
We see two changes for the NIFTY 50 index and five changes for the NIFTY 100 index.


Quiddity Leaderboard NIFTY Mar 25: US$1.2bn Collective One-Way Flows but Momentum Is Negative

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

<ul>
<li>With 10 trading days left in the review period, there could be 7 changes (including 2 migrations) for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a> in March.</li>
<li>Estimated one-way turnover is 15.9% resulting in a one-way trade of INR 52bn (US$600m). All forecast changes, bar one, have over 1.5x ADV to trade from passive trackers.</li>
<li>All the forecast deletes are F&amp;O members while two adds are not. NSE Indices could revisit the index membership criteria especially given the launch of futures on the index.</li>
</ul>


With 10 trading days left in the review period, there could be 7 changes (including 2 migrations) for the NSE Nifty Next 50 Index (NIFTYJR INDEX) in March.
Estimated one-way turnover is 15.9% resulting in a one-way trade of INR 52bn (US$600m). All forecast changes, bar one, have over 1.5x ADV to trade from passive trackers.
All the forecast deletes are F&amp;O members while two adds are not. NSE Indices could revisit the index membership criteria especially given the launch of futures on the index.


NIFTY NEXT50 Index Rebalance Preview: 7 Potential Changes in March

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a> will demerge its Hotels business with the ex-date set as 6 January and shareholders receiving 1 share of ITC Hotels for 10 shares of ITC Ltd.</li>
<li>
<a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a> shareholders will own 100% of ITC Hotels - 60% will be owned directly and 40% will be owned through their shareholding in <a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a>.</li>
<li>There will be a lot of selling in ITC Hotels within a few days of listing from different passive index trackers and that could provide buying opportunities for those interested.</li>
</ul>



ITC Ltd (ITC IN) will demerge its Hotels business with the ex-date set as 6 January and shareholders receiving 1 share of ITC Hotels for 10 shares of ITC Ltd.

ITC Ltd (ITC IN) shareholders will own 100% of ITC Hotels - 60% will be owned directly and 40% will be owned through their shareholding in ITC Ltd (ITC IN).
There will be a lot of selling in ITC Hotels within a few days of listing from different passive index trackers and that could provide buying opportunities for those interested.


ITC Hotels: Index Implications of Demerger from ITC Ltd (ITC IN)

India

Indian Hotels Company Limited operates The Taj Group of hotels.  The Company owns or maintains long term leases/licenses for hotels in India, in addition to International hotels.  The Group's hotels are divided into three groups: Luxury, Business, and, Leisure.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Indian Hotels (IH IN)

Indian Hotels Company Ltd - Stellar Q3; Strong Outlook Ahead

Strong momentum set to continue in Q4 led by large-scale regional events, weddings and continued business and leisure demand.

Sharekhan

Indian Hotels Company Ltd - Outstanding Quarter Marked by Double-Digit Growth...

The standalone domestic business reported a growth of 15.1% YoY. Standalone ARR (Average Room Rate) increased to Rs 20,440 (+12.9% YoY), with...

Axis Direct

Quiddity Leaderboard NIFTY Mar 25: US$1.2bn Collective One-Way Flows but Momentum Is Negative

NIFTY 50 expected ADDs Zomato and JioFin could see multiple days of volume of net index buying. There is still room for our NIFTY 50 expected DELs...

Janaghan Jeyakumar, CFA

NIFTY NEXT50 Index Rebalance Preview: 7 Potential Changes in March

There could be 7 changes in March. Estimated one-way turnover is 15.9% resulting in a one-way trade of INR 52bn (US$600m). Index methodology could...

Brian Freitas

ITC Hotels: Index Implications of Demerger from ITC Ltd (ITC IN)

ITC Hotels demerges from ITC on 6 Jan. There will be an SPOS on 6 Jan to determine ITC's price post demerger. There will be a LOT of selling in ITC...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)