Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/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 Jun 25: Two Sensex Changes Could Trigger US$440mn One-Way Flows

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>The Indraprastha Gas (IGL) stock price has risen ~11% over the last 1M and outperformed the Sensex by ~15% due to the price hike undertaken by the company in December 2024</li><li>We maintain our BUY recommendation on Indraprastha Gas (IGL) with a target price of INR 515, given (1) a strong portfolio of new geographical areas (GAs) ensuring volume growth visibility, (2) healthy long-term volume growth of ~9% CAGR over FY24-27E, and (3) robust long-term margins, supported by pricing power and higher allocation of gas from the high-pressure, high-temperature (HPHT) fields to the priority sector</li><li>With the diversion of APM gas from LPG production to CGD sector, we expect (lower) further price hikes by IGL in the near term</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.

The Indraprastha Gas (IGL) stock price has risen ~11% over the last 1M and outperformed the Sensex by ~15% due to the price hike undertaken by the company in December 2024We maintain our BUY recommendation on Indraprastha Gas (IGL) with a target price of INR 515, given (1) a strong portfolio of new geographical areas (GAs) ensuring volume growth visibility, (2) healthy long-term volume growth of ~9% CAGR over FY24-27E, and (3) robust long-term margins, supported by pricing power and higher allocation of gas from the high-pressure, high-temperature (HPHT) fields to the priority sectorWith the diversion of APM gas from LPG production to CGD sector, we expect (lower) further price hikes by IGL in the near termContent 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.

Indraprastha Gas: Partial Restoration of APM Gas – Is the Tide Turning

Indraprastha Gas: Partial Restoration of APM Gas – Is the Tide Turning Maintain BUY

<ul><li>The Indraprastha Gas (IGL) stock price has corrected ~35% over the last 3M and underperformed the Sensex by ~33% due to the adverse impact on profitability expected to be caused by the reduction in APM gas allocation to city gas distributors</li><li>We maintain our BUY recommendation on Indraprastha Gas (IGL) with a revised target price of INR 515, given (1) a strong portfolio of new geographical areas (GAs) ensuring volume growth visibility, (2) healthy long-term volume growth of ~9% CAGR over FY24-27E, and (3) robust long-term margins supported by pricing power and higher allocation of gas from the high-pressure, high-temperature (HPHT) fields to the priority sector</li><li>We expect IGL to undertake further price hikes in the near term to pass on the impact of lower APM gas allocation, which, in turn, could adversely impact volume growth in FY26E</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.

The Indraprastha Gas (IGL) stock price has corrected ~35% over the last 3M and underperformed the Sensex by ~33% due to the adverse impact on profitability expected to be caused by the reduction in APM gas allocation to city gas distributorsWe maintain our BUY recommendation on Indraprastha Gas (IGL) with a revised target price of INR 515, given (1) a strong portfolio of new geographical areas (GAs) ensuring volume growth visibility, (2) healthy long-term volume growth of ~9% CAGR over FY24-27E, and (3) robust long-term margins supported by pricing power and higher allocation of gas from the high-pressure, high-temperature (HPHT) fields to the priority sectorWe expect IGL to undertake further price hikes in the near term to pass on the impact of lower APM gas allocation, which, in turn, could adversely impact volume growth in FY26EContent 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.

Indraprastha Gas: APM Gas Allocation Cut Poses Profit Challenges. Maintain BUY

<ul><li>The Indraprastha Gas (IGL) stock price has rallied ~2% over the last 3M and underperformed the Sensex by ~0.3%</li><li>We maintain our BUY recommendation on Indraprastha Gas (IGL) with a target price of INR 635, given (1) a strong portfolio of new geographical areas (GAs) ensuring volume growth visibility, (2) healthy long-term volume growth of ~10% CAGR over FY24-29E, and (3) robust margins supported by pricing power and higher allocation of gas from the high-pressure, high-temperature (HPHT) fields to the priority sector</li><li>We anticipate volume growth to be led by the company’s focus on expanding its city gas network, especially in new GAs and competitive CNG price vs petrol/diesel.</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.

The Indraprastha Gas (IGL) stock price has rallied ~2% over the last 3M and underperformed the Sensex by ~0.3%We maintain our BUY recommendation on Indraprastha Gas (IGL) with a target price of INR 635, given (1) a strong portfolio of new geographical areas (GAs) ensuring volume growth visibility, (2) healthy long-term volume growth of ~10% CAGR over FY24-29E, and (3) robust margins supported by pricing power and higher allocation of gas from the high-pressure, high-temperature (HPHT) fields to the priority sectorWe anticipate volume growth to be led by the company’s focus on expanding its city gas network, especially in new GAs and competitive CNG price vs petrol/diesel.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.

Indraprastha Gas: Looking beyond near-term headwinds. Maintain BUY

India

Indraprastha Gas Limited processes and distributes compressed natural gas and liquefied petroleum gas. The Company has been jointly promoted by Bharat Petroleum Corporation and Gas Authority of India.

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Indraprastha Gas (IGL IN)

Quiddity Leaderboard BSE/SENSEX Jun 25: Two Sensex Changes Could Trigger US$440mn One-Way Flows

IndusInd Bank and Nestle India are expected DELs and Trent and Bharat Electronics are expected ADDs for the SENSEX index in June 2025. However,...

Janaghan Jeyakumar, CFA

Indraprastha Gas: Partial Restoration of APM Gas – Is the Tide Turning

The Indraprastha Gas (IGL) stock price has risen ~11% over the last 1M and outperformed the Sensex by ~15% due to the price hike undertaken by the...

HDFC Securities

Indraprastha Gas: Partial Restoration of APM Gas – Is the Tide Turning Maintain BUY

The Indraprastha Gas (IGL) stock price has risen ~11% over the last 1M and outperformed the Sensex by ~15% due to the price hike undertaken by the...

HDFC Securities

Indraprastha Gas: APM Gas Allocation Cut Poses Profit Challenges. Maintain BUY

We believe CNG volume growth levers are in place to achieve 9% CAGR volume growth over FY24-27E. We reiterate a BUY rating on IGL with a target...

HDFC Securities

Indraprastha Gas: Looking beyond near-term headwinds. Maintain BUY

The Indraprastha Gas (IGL) stock price has rallied ~2% over the last 3M and underperformed the Sensex by ~0.3%. We maintain our BUY recommendation...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard BSE/​​​​SENSEX Jun 25: Two Sensex Changes Could Trigger US$440mn One-Way Flows

IndusInd Bank and Nestle India are expected DELs and Trent and Bharat Electronics are expected ADDs for the SENSEX index in June 2025. However,...

Janaghan Jeyakumar, CFA

Indraprastha Gas: Partial Restoration of APM Gas – Is the Tide Turning

The Indraprastha Gas (IGL) stock price has risen ~11% over the last 1M and outperformed the Sensex by ~15% due to the price hike undertaken by the...

HDFC Securities

Indraprastha Gas: Partial Restoration of APM Gas – Is the Tide Turning Maintain BUY

The Indraprastha Gas (IGL) stock price has risen ~11% over the last 1M and outperformed the Sensex by ~15% due to the price hike undertaken by the...

HDFC Securities

Indraprastha Gas: APM Gas Allocation Cut Poses Profit Challenges. Maintain BUY

We believe CNG volume growth levers are in place to achieve 9% CAGR volume growth over FY24-27E. We reiterate a BUY rating on IGL with a target...

HDFC Securities

Indraprastha Gas: Looking beyond near-term headwinds. Maintain BUY

The Indraprastha Gas (IGL) stock price has rallied ~2% over the last 3M and underperformed the Sensex by ~0.3%. We maintain our BUY recommendation...

HDFC Securities

Quiddity Leaderboard BSE/SENSEX Jun 25: Two Sensex Changes Could Trigger US$440mn One-Way Flows