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>There could be 22 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 29 June.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 74.6% and that will result in a round-trip trade of INR 180bn (US$1.9bn).</li>
<li>There is a huge sector mismatch with Industrials and Utilities stocks expected to net gain 4 spots each while Financials are expected to lose 9 index spots.</li>
</ul>


There could be 22 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 29 June.
If all changes are on expected lines, one-way turnover is estimated at 74.6% and that will result in a round-trip trade of INR 180bn (US$1.9bn).
There is a huge sector mismatch with Industrials and Utilities stocks expected to net gain 4 spots each while Financials are expected to lose 9 index spots.


NIFTY200 Momentum30 Index Rebalance Preview: 75% One-Way Turnover & US$1.9bn Trade

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

Recent USD strength has weighed on EM’s relative performance. Given (1) strength in commodity prices (sans precious metals), (2) the potential for some backing-and-filling of the USD, and (3) MSCI EM price and relative strength support levels continuing to hold, we see recent weakness as a buying opportunity.  The MSCI BRIC index has reasserted its leadership status. In addition to China, fellow BRIC countries Brazil and India exhibit attractive setups, while Chile’sIPSA also presents opportunities. Today’s report includes a wide variety of bottom-up recommendations across the EM universe, spanning most sectors and all market capitalizations.

Recent USD strength has weighed on EM’s relative performance. Given (1) strength in commodity prices (sans precious metals), (2) the potential for some backing-and-filling of the USD, and (3) MSCI EM price and relative strength support levels continuing to hold, we see recent weakness as a buying opportunity.  The MSCI BRIC index has reasserted its leadership status. In addition to China, fellow BRIC countries Brazil and India exhibit attractive setups, while Chile’sIPSA also presents opportunities. Today’s report includes a wide variety of bottom-up recommendations across the EM universe, spanning most sectors and all market capitalizations.

Emerging Markets Strategy: Attractive Setups in China, Brazil, India, and Chile

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

Equity Bottom-Up

<ul>
<li>RR Kabel delivered a strong Q2FY26 with 19.5% YoY revenue growth and EBITDA doubling, driven by robust volume expansion in its high-margin Cables &amp; Wires segment.</li>
<li>Solid core performance, backed by aggressive capex and margin expansion targets, positions RR Kabel as a key beneficiary of India’s accelerating infrastructure and industrial growth cycle.</li>
<li>RR Kabel remains structurally well-placed for growth, though long-term margin gains depend on timely capex execution and a successful turnaround of its FMEG business.</li>
</ul>


RR Kabel delivered a strong Q2FY26 with 19.5% YoY revenue growth and EBITDA doubling, driven by robust volume expansion in its high-margin Cables &amp; Wires segment.
Solid core performance, backed by aggressive capex and margin expansion targets, positions RR Kabel as a key beneficiary of India’s accelerating infrastructure and industrial growth cycle.
RR Kabel remains structurally well-placed for growth, though long-term margin gains depend on timely capex execution and a successful turnaround of its FMEG business.


RR Kabel Q2FY26: Strong Core, Aggressive Growth Path; Execution Key to Upside

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

Kaynes Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kaynes-technology-india-ltd" target="_blank" data-smartkarma-citation="entities:36436:1" rel="noopener">Kaynes Technology India (KAYNES IN)</a> is looking to raise around US$185m in its upcoming qualified institutional placement (QIP).</li>
<li>In an announcement released on Jan 22, 2025, Kaynes had mentioned its board’s approval to raise up to INR16bn via a QIP. Since then, the shares have corrected 8.6%.</li>
<li>The deal would not be a large one to digest at 4.3 days of three month ADV. The company’s last fundraise did well.</li>
</ul>



Kaynes Technology India (KAYNES IN) is looking to raise around US$185m in its upcoming qualified institutional placement (QIP).
In an announcement released on Jan 22, 2025, Kaynes had mentioned its board’s approval to raise up to INR16bn via a QIP. Since then, the shares have corrected 8.6%.
The deal would not be a large one to digest at 4.3 days of three month ADV. The company’s last fundraise did well.


Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sagility-india" target="_blank" data-smartkarma-citation="entities:43717:1" rel="noopener">Sagility India (2058883D IN)</a> (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).</li>
<li>In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.</li>
</ul>



Sagility India (2058883D IN) (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).
In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.


Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

India

KEI Industries Limited manufactures cables and stainless steel wires for the building and construction, defense, telecommunications, and other industries.

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KEI Industries (KEII IN)

NIFTY200 Momentum30 Index Rebalance Preview: 75% One-Way Turnover & US$1.9bn Trade

We forecast 22 changes for the index in Dec. One-way turnover is estimated at 74.6% resulting in a round-trip trade of INR 180bn (US$1.9bn). The...

Brian Freitas

Emerging Markets Strategy: Attractive Setups in China, Brazil, India, and Chile

Recent USD strength has weighed on EM’s relative performance. Given (1) strength in commodity prices (sans precious metals), (2) the potential for...

Vermilion Research

RR Kabel Q2FY26: Strong Core, Aggressive Growth Path; Execution Key to Upside

RR Kabel sees strong Q2FY26 with 19.5% revenue growth and doubled EBITDA, driven by volume expansion in high-margin segment. Positioned for growth...

Sudarshan Bhandari

Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

Kaynes Technology (KAYNES IN) has launched an upto INR16bn (US$185m) QIP of around 2.85m shares in a INR5,344.50–Rs5,612/share range, a 0%–4.8%...

Akshat Shah

Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

Sagility B.V. plans to offload up to 15.02% stake in Sagility India via block deals worth INR26.7bn (US$314.7m). The secondary share sale is priced...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NIFTY200 Momentum30 Index Rebalance Preview: 75% One-Way Turnover & US$1.9bn Trade

We forecast 22 changes for the index in Dec. One-way turnover is estimated at 74.6% resulting in a round-trip trade of INR 180bn (US$1.9bn). The...

Brian Freitas

Emerging Markets Strategy: Attractive Setups in China, Brazil, India, and Chile

Recent USD strength has weighed on EM’s relative performance. Given (1) strength in commodity prices (sans precious metals), (2) the potential for...

Vermilion Research

RR Kabel Q2FY26: Strong Core, Aggressive Growth Path; Execution Key to Upside

​RR Kabel sees strong Q2FY26 with 19.5% revenue growth and doubled EBITDA, driven by volume expansion in high-margin segment. Positioned for growth...

Sudarshan Bhandari

Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

Kaynes Technology (KAYNES IN) has launched an upto INR16bn (US$185m) QIP of around 2.85m shares in a INR5,344.50–Rs5,612/share range, a 0%–4.8%...

Akshat Shah

Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

Sagility B.V. plans to offload up to 15.02% stake in Sagility India via block deals worth INR26.7bn (US$314.7m). The secondary share sale is priced...

Akshat Shah

RR Kabel sees strong Q2FY26 with 19.5% revenue growth and doubled EBITDA, driven by volume expansion in high-margin segment. Positioned for growth...