External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>The Q1FY26 earnings season was marked with interesting events such as 1) Geopolitical tension, 2) Volatility in Crude Prices, 3) Interest rate cuts, 4) Unseasonal Rainfall, 5) Supply chain disruptions, and 6) Improving liquidity.</li><li>These developments indicate Q1FY26 earnings season is expected to exhibit a mix trend, similar to the patterns observed in previous quarters.</li><li>Some breather is expected in Q1FY26 on account of sequential improvement in some of the pockets of high-frequency indicators. </li></ul><p><em>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.</em></p>

The Q1FY26 earnings season was marked with interesting events such as 1) Geopolitical tension, 2) Volatility in Crude Prices, 3) Interest rate cuts, 4) Unseasonal Rainfall, 5) Supply chain disruptions, and 6) Improving liquidity.These developments indicate Q1FY26 earnings season is expected to exhibit a mix trend, similar to the patterns observed in previous quarters.Some breather is expected in Q1FY26 on account of sequential improvement in some of the pockets of high-frequency indicators. 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.

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

FSN E-Commerce Ventures (Nykaa) / Equity Capital Markets

<ul>
<li>Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a 2% stake in <a href="https://www.smartkarma.com/entities/fsn-e-commerce-ventures-nykaa" target="_blank" data-smartkarma-citation="entities:33796:1" rel="noopener">FSN E-Commerce Ventures (NYKAA IN)</a>.</li>
<li>He has been gradually reducing his holding, currently owns about 4.97% of Nykaa. Prior to Nykaa’s IPO in Nov 2021, he held a stake of 8.7% in the company.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a 2% stake in FSN E-Commerce Ventures (NYKAA IN).
He has been gradually reducing his holding, currently owns about 4.97% of Nykaa. Prior to Nykaa’s IPO in Nov 2021, he held a stake of 8.7% in the company.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Nykaa Block - US$140m Selldown by Banga Family

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

Mazagon Dock Shipbuilders  / Index Rebalance

<ul>
<li>We forecast 10 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 10 stocks from SmallCap to MidCap, and 13 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 1 stock is expected to be added to Large cap, 2 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.</li>
<li>There are multiple stocks among the AMFI changes that will be changes for global indices, <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a>, <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</a> and/or Nifty Midcap 150 Index in September.</li>
</ul>


We forecast 10 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 10 stocks from SmallCap to MidCap, and 13 stocks from MidCap to SmallCap.
From the new listings, 1 stock is expected to be added to Large cap, 2 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
There are multiple stocks among the AMFI changes that will be changes for global indices, NIFTY Index, NSE Nifty Next 50 Index and/or Nifty Midcap 150 Index in September.


AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Max Healthcare Institute / 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 during the September 2025 index rebal event.</li>
<li>We see two changes for NIFTY 50 and five changes for NIFTY 100 in the September 2025 rebal.</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 2025 index rebal event.
We see two changes for NIFTY 50 and five changes for NIFTY 100 in the September 2025 rebal.


Quiddity Leaderboard NIFTY Sep25: Multiple Changes to Expected ADDs/DELs; New Pair Trade Ideas

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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>One search on Google Gemini or ChatGPT in terms of watts is 10 times more intensive than a plain Google search today.</li>
<li>AI is fueling energy demand, which currently accounts for just 1.5% of total demand, may outpace the growth of energy demand for all the sectors</li>
<li>AI, along with data centres, can also be utilised in effective use of energy</li>
</ul>


One search on Google Gemini or ChatGPT in terms of watts is 10 times more intensive than a plain Google search today.
AI is fueling energy demand, which currently accounts for just 1.5% of total demand, may outpace the growth of energy demand for all the sectors
AI, along with data centres, can also be utilised in effective use of energy


Charted Insight: How the Digital Boom Is Driving the Green Energy Revolution?

India

JSW Energy Limited generates power by using Corex gas and coal. The Company, through its subsidiary, also operates lignite thermal power plant in Rajasthan and has a capacity to produce 3,140 megawatts of electricity. JSW is also present in the power trading and transmission businesses.

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

JSW Energy Ltd (JSW IN)

Q1FY26 - Consolidated Earnings Preview

Some breather is expected in Q1FY26 on account of sequential improvement in some of the pockets of high-frequency indicators.

Axis Direct

Nykaa Block - US$140m Selldown by Banga Family

Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a stake of around 2.1% at a floor price of around...

Akshat Shah

AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows

We currently forecast 44 migrations for the AMFI July reclassification. Some IPOs could be added to Large/Mid cap. The forecast upward migrations...

Brian Freitas

Quiddity Leaderboard NIFTY Sep25: Multiple Changes to Expected ADDs/DELs; New Pair Trade Ideas

There are multiple changes to our expected ADDs and expected DELs lists for NIFTY 50 and NIFTY Next 50 since the last time we published an insight...

Janaghan Jeyakumar, CFA

Charted Insight: How the Digital Boom Is Driving the Green Energy Revolution?

AI-driven searches on Google Gemini or ChatGPT are 10x more energy-intensive than regular searches, highlighting the potential for AI to drive...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Q1FY26 - Consolidated Earnings Preview

Some breather is expected in Q1FY26 on account of sequential improvement in some of the pockets of high-frequency indicators.

Axis Direct

Nykaa Block - US$140m Selldown by Banga Family

Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a stake of around 2.1% at a floor price of around...

Akshat Shah

AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows

We currently forecast 44 migrations for the AMFI July reclassification. Some IPOs could be added to Large/Mid cap. The forecast upward migrations...

Brian Freitas

Quiddity Leaderboard NIFTY Sep25: Multiple Changes to Expected ADDs/DELs; New Pair Trade Ideas

There are multiple changes to our expected ADDs and expected DELs lists for NIFTY 50 and NIFTY Next 50 since the last time we published an insight...

Janaghan Jeyakumar, CFA

Charted Insight: How the Digital Boom Is Driving the Green Energy Revolution?

​AI-driven searches on Google Gemini or ChatGPT are 10x more energy-intensive than regular searches, highlighting the potential for AI to drive...

Nimish Maheshwari

AI-driven searches on Google Gemini or ChatGPT are 10x more energy-intensive than regular searches, highlighting the potential for AI to drive...