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 during the September 2024 index rebal event.</li>
<li>More than 50% of the 6-month reference period is now complete. There are a couple of changes to the expected ADDs/DELs list since my last insight.</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 during the September 2024 index rebal event.
More than 50% of the 6-month reference period is now complete. There are a couple of changes to the expected ADDs/DELs list since my last insight.


Quiddity Leaderboard NIFTY Sep 24: Strong Flow Rationale for LONG Jio Financial - SHORT SBI Cards

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy</a> aims to raise US$1.25bn in its upcoming India IPO. The company has filed confidentially for its IPO, which is likely to be launched towards the end of the year.</li>
<li>Swiggy, along with Zomato, operates a duopoly that has come to dominate the food delivery market in India. In 1H24, Swiggy serviced over 274,000 restaurants via its 370,000 delivery partners.</li>
<li>In this note, we will take an early look at the company based on the publicly available financials. </li>
</ul>



Swiggy aims to raise US$1.25bn in its upcoming India IPO. The company has filed confidentially for its IPO, which is likely to be launched towards the end of the year.
Swiggy, along with Zomato, operates a duopoly that has come to dominate the food delivery market in India. In 1H24, Swiggy serviced over 274,000 restaurants via its 370,000 delivery partners.
In this note, we will take an early look at the company based on the publicly available financials. 


Swiggy Pre-IPO Early Look - Innovation Leader, Profitability Laggard

Event-Driven

<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 the NIFTY 50 and NIFTY Next 50 indices in the September 2024 rebalance.</li>
<li>There could be at least one change for NIFTY 50 and separately, there could be up to five changes for NIFTY Next 50.</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 the NIFTY 50 and NIFTY Next 50 indices in the September 2024 rebalance.
There could be at least one change for NIFTY 50 and separately, there could be up to five changes for NIFTY Next 50.


Quiddity Leaderboard NIFTY Sep 24: Multiple Names Eligible for NIFTY 50 Addition

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>Market momentum continues to be strong. As we head into earnings season, the momentum is likely to continue.</li>
<li>Strong operational updates <a href="https://www.smartkarma.com/entities/info-edge-india-ltd" target="_blank" data-smartkarma-citation="entities:14461:1" rel="noopener">Info Edge India (INFOE IN)</a>; <a href="https://www.smartkarma.com/entities/aavas-financiers-ltd" target="_blank" data-smartkarma-citation="entities:27422:1" rel="noopener">Aavas Financiers Ltd (AAVAS IN)</a> &amp; <a href="https://www.smartkarma.com/entities/sula-vineyards-ltd" target="_blank" data-smartkarma-citation="entities:36206:1" rel="noopener">Sula Vineyards (SULA IN)</a>.  </li>
<li>The overall market sentiment, represented by the average revisions across all sectors, is nearly flat, with a slight positive revision for FY1E at 0.02% and essentially stable for FY2E.</li>
</ul>


Market momentum continues to be strong. As we head into earnings season, the momentum is likely to continue.
Strong operational updates Info Edge India (INFOE IN); Aavas Financiers Ltd (AAVAS IN) &amp; Sula Vineyards (SULA IN).  
The overall market sentiment, represented by the average revisions across all sectors, is nearly flat, with a slight positive revision for FY1E at 0.02% and essentially stable for FY2E.


[#21] Namaste India 🙏 | Business Updates and Earnings Playbook

<ul>
<li>AntFin is looking to raise around US$350m by selling around 2% of <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a>.</li>
<li>Ant Group had earlier sold some of its stake in Nov 2023 and Ant just came out of lockup from the previous selldown a few days ago.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


AntFin is looking to raise around US$350m by selling around 2% of Zomato (ZOMATO IN).
Ant Group had earlier sold some of its stake in Nov 2023 and Ant just came out of lockup from the previous selldown a few days ago.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Zomato Placement - Momentum Is Very Strong, Somewhat Well Flagged

India

Info Edge is an Indian technology holding company that owns, operates, and invests in internet-led businesses. It provides online platforms for recruitment (Naukri.com), real estate (99acres.com), matrimony (Jeevansathi.com), and education (Shiksha.com), along with strategic investments in technology startups. The company is headquartered in Noida, Uttar Pradesh, India, and was founded in 1995.

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

Info Edge (INFOE IN)

Quiddity Leaderboard NIFTY Sep 24: Strong Flow Rationale for LONG Jio Financial - SHORT SBI Cards

SBI Cards is an expected DEL for NIFTY Next 50 in Sep 24 and BSE 100 in Jun 24. Jio Financial is an expected ADD for both BSE 100 and BSE 200 in...

Janaghan Jeyakumar, CFA

Swiggy Pre-IPO Early Look - Innovation Leader, Profitability Laggard

Swiggy aims to raise US$1.25bn in its upcoming India IPO. The company has filed confidentially for its IPO, which is likely to be launched towards...

Sumeet Singh

Quiddity Leaderboard NIFTY Sep 24: Multiple Names Eligible for NIFTY 50 Addition

For NIFTY 50, the top-ranked potential ADD and DEL are Trent Ltd and LTIMindtree respectively. I expect there to be at least one NIFTY 50 change in...

Janaghan Jeyakumar, CFA

[#21] Namaste India 🙏 | Business Updates and Earnings Playbook

Market momentum remains strong as we head into earnings season, with positive operational updates from Info Edge India, Aavas Financiers Ltd, and...

Pranav Bhavsar

Zomato Placement - Momentum Is Very Strong, Somewhat Well Flagged

AntFin is looking to raise around US$350m by selling around 2% of Zomato (ZOMATO IN). In this note, we talk about the deal dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard NIFTY Sep 24: Strong Flow Rationale for LONG Jio Financial - SHORT SBI Cards

SBI Cards is an expected DEL for NIFTY Next 50 in Sep 24 and BSE 100 in Jun 24. Jio Financial is an expected ADD for both BSE 100 and BSE 200 in...

Janaghan Jeyakumar, CFA

Swiggy Pre-IPO Early Look - Innovation Leader, Profitability Laggard

Swiggy aims to raise US$1.25bn in its upcoming India IPO. The company has filed confidentially for its IPO, which is likely to be launched towards...

Sumeet Singh

Quiddity Leaderboard NIFTY Sep 24: Multiple Names Eligible for NIFTY 50 Addition

For NIFTY 50, the top-ranked potential ADD and DEL are Trent Ltd and LTIMindtree respectively. I expect there to be at least one NIFTY 50 change in...

Janaghan Jeyakumar, CFA

[#21] Namaste India 🙏 | Business Updates and Earnings Playbook

​Market momentum remains strong as we head into earnings season, with positive operational updates from Info Edge India, Aavas Financiers Ltd, and...

Pranav Bhavsar

Zomato Placement - Momentum Is Very Strong, Somewhat Well Flagged

AntFin is looking to raise around US$350m by selling around 2% of Zomato (ZOMATO IN). In this note, we talk about the deal dynamics.

Sumeet Singh

Market momentum remains strong as we head into earnings season, with positive operational updates from Info Edge India, Aavas Financiers Ltd, and...