Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Recent strategic announcements improve pellet security, downstream mix, and low-carbon readiness, strengthening Tata Steel’s long-term positioning.</li>
<li>Balance sheet can fund near-term projects, but upstream expansions require careful sequencing amid non-linear cyclical earnings.</li>
<li>Valuation remains balanced at ₹165–185/share, with Europe performance the key swing factor for re-rating.</li>
</ul>


Recent strategic announcements improve pellet security, downstream mix, and low-carbon readiness, strengthening Tata Steel’s long-term positioning.
Balance sheet can fund near-term projects, but upstream expansions require careful sequencing amid non-linear cyclical earnings.
Valuation remains balanced at ₹165–185/share, with Europe performance the key swing factor for re-rating.


Tata Steel: Strategic Announcements Boost Long-Term Positioning; Valuation Still Balanced

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>We forecast 7 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 13 stocks are expected to be added to Large Cap, 5 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.</li>
<li>With the review period nearing completion, there could still be more outperformance given the momentum, but we would look to take profit on the stocks as the divergence gets wider.</li>
</ul>


We forecast 7 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.
From the new listings, 13 stocks are expected to be added to Large Cap, 5 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
With the review period nearing completion, there could still be more outperformance given the momentum, but we would look to take profit on the stocks as the divergence gets wider.


AMFI Stock Reclassification Preview (Dec 2025): New Listings Shaking Up the Rankings

<ul>
<li>Companies in India have disclosed their shareholding pattern as of end-September in October. There are companies with significant float changes from end-June and/or end-March.</li>
<li>The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in flow from passive trackers.</li>
<li>Depending on the date that the shareholding was published, there could be 20 stocks with passive inflows from global trackers while 6 could have passive outflows in November.</li>
</ul>


Companies in India have disclosed their shareholding pattern as of end-September in October. There are companies with significant float changes from end-June and/or end-March.
The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in flow from passive trackers.
Depending on the date that the shareholding was published, there could be 20 stocks with passive inflows from global trackers while 6 could have passive outflows in November.


India: Potential Free Float Changes & Passive Flows in November

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>We highlight large and small cap companies that experienced significant insider buying during September 2025, as reported on the stock exchanges.</li>
<li>We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.</li>
<li>As September is a month just before the result season starts, some of these companies may highlight about improving prospects during coming quarters.</li>
</ul>


We highlight large and small cap companies that experienced significant insider buying during September 2025, as reported on the stock exchanges.
We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.
As September is a month just before the result season starts, some of these companies may highlight about improving prospects during coming quarters.


Insider Activity: Who Bought Their Own Stock in September?

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

<ul>
<li>Jindal Steel International, part of the Naveen Jindal group, has offered over €2 billion (approx. INR 21,000 crore) to acquire thyssenkrupp Steel Europe, supporting its vital decarbonization projects.</li>
<li>The deal strengthens Jindal’s position in Europe’s high-grade steel market, helps bypass EU carbon tariffs under CBAM, and secures access to the region’s key automotive supply chain.</li>
<li>A high-stakes move, success depends on tackling EU regulations, integrating complex operations, and managing pension liabilities, while navigating subdued global steel demand.</li>
</ul>


Jindal Steel International, part of the Naveen Jindal group, has offered over €2 billion (approx. INR 21,000 crore) to acquire thyssenkrupp Steel Europe, supporting its vital decarbonization projects.
The deal strengthens Jindal’s position in Europe’s high-grade steel market, helps bypass EU carbon tariffs under CBAM, and secures access to the region’s key automotive supply chain.
A high-stakes move, success depends on tackling EU regulations, integrating complex operations, and managing pension liabilities, while navigating subdued global steel demand.


Jindal’s €2 Billion Bet: Can Green Steel Reshape Thyssenkrupp’s Future?

India

Jindal Steel Limited manufactures steel products. The Company offers steel rails, parallel flange beams and columns, angles and channels, plates, and coils, as well as engages in the power, mining, manufacturing, and infrastructure construction businesses. Jindal Steel serves customers worldwide.

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Jindal Steel (JINDALST IN)

Tata Steel: Strategic Announcements Boost Long-Term Positioning; Valuation Still Balanced

Tata Steel's strategic moves enhance pellet security, downstream mix, and low-carbon readiness, with balanced valuation and Europe performance as...

Rahul Jain

AMFI Stock Reclassification Preview (Dec 2025): New Listings Shaking Up the Rankings

We currently forecast 31 migrations for the AMFI December reclassification. Many IPOs could be added to Large/Mid cap. The forecast upward...

Brian Freitas

India: Potential Free Float Changes & Passive Flows in November

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices in November. Passive trackers will need to...

Brian Freitas

Insider Activity: Who Bought Their Own Stock in September?

September 2025 saw significant insider buying in large and small cap companies, with key sectors experiencing movement above insider buying...

Sreemant Dudhoria

Jindal’s €2 Billion Bet: Can Green Steel Reshape Thyssenkrupp’s Future?

Jindal Steel offers €2 billion for thyssenkrupp Steel Europe, aiming to strengthen position in Europe's high-grade steel market and navigate EU...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tata Steel: Strategic Announcements Boost Long-Term Positioning; Valuation Still Balanced

​Tata Steel's strategic moves enhance pellet security, downstream mix, and low-carbon readiness, with balanced valuation and Europe performance as...

Rahul Jain

AMFI Stock Reclassification Preview (Dec 2025): New Listings Shaking Up the Rankings

We currently forecast 31 migrations for the AMFI December reclassification. Many IPOs could be added to Large/Mid cap. The forecast upward...

Brian Freitas

India: Potential Free Float Changes & Passive Flows in November

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices in November. Passive trackers will need to...

Brian Freitas

Insider Activity: Who Bought Their Own Stock in September?

​September 2025 saw significant insider buying in large and small cap companies, with key sectors experiencing movement above insider buying...

Sreemant Dudhoria

Jindal’s €2 Billion Bet: Can Green Steel Reshape Thyssenkrupp’s Future?

​Jindal Steel offers €2 billion for thyssenkrupp Steel Europe, aiming to strengthen position in Europe's high-grade steel market and navigate EU...

Sudarshan Bhandari

Tata Steel's strategic moves enhance pellet security, downstream mix, and low-carbon readiness, with balanced valuation and Europe performance as...

September 2025 saw significant insider buying in large and small cap companies, with key sectors experiencing movement above insider buying...

Jindal Steel offers €2 billion for thyssenkrupp Steel Europe, aiming to strengthen position in Europe's high-grade steel market and navigate EU...