External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>While domestic focussed auto companies should get a fillip post the GST rate rationalization, leading to revival of growth rates, we will only see it play out meaningfully from Q3FY25</li><li>The shortage of truck trailers for vehicle transport has led to deferment of some wholesales from September to October, thus capping the wholesale volumes in Q2FY25</li><li>The key auto ancillary companies continue to face global headwinds on softer demand, partial tariff-related cost absorption.</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.

While domestic focussed auto companies should get a fillip post the GST rate rationalization, leading to revival of growth rates, we will only see it play out meaningfully from Q3FY25The shortage of truck trailers for vehicle transport has led to deferment of some wholesales from September to October, thus capping the wholesale volumes in Q2FY25The key auto ancillary companies continue to face global headwinds on softer demand, partial tariff-related cost absorption.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.

Autos (Q2FY26 Results Preview): Indian market well-poised amid global softness

<ul><li>Demand for entry-level cars and two wheelers has remained subdued post FY19 as emission norms, safety norms and general inflation have led to an increased cost of the vehicle</li><li>The salary/wage of the consumer has not risen in line with vehicle cost inflation, thus increasing the affordability gap</li><li>We believe that there are customers who have been waiting on the sidelines to purchase a vehicle as and when it becomes affordable to them</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.

Demand for entry-level cars and two wheelers has remained subdued post FY19 as emission norms, safety norms and general inflation have led to an increased cost of the vehicleThe salary/wage of the consumer has not risen in line with vehicle cost inflation, thus increasing the affordability gapWe believe that there are customers who have been waiting on the sidelines to purchase a vehicle as and when it becomes affordable to themContent 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.

Autos: GST Rate Cuts to Revive the Entry-Level Segment

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>India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.</li>
<li>The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.</li>
<li>If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.</li>
</ul>


India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.
The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.
If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.


Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

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 are 13 changes a side for the NIFTY Midcap 150 Index at the September rebalance. There are many stocks with flows from passive trackers of other indices.</li>
<li>Estimated one-way turnover is 7.8% resulting in a round-trip trade of INR 18.23bn (US$209m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.</li>
<li>The adds to the index have outperformed the deletes over the last 5 months and there has been noticeable outperformance in the last couple of weeks.</li>
</ul>


There are 13 changes a side for the NIFTY Midcap 150 Index at the September rebalance. There are many stocks with flows from passive trackers of other indices.
Estimated one-way turnover is 7.8% resulting in a round-trip trade of INR 18.23bn (US$209m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.
The adds to the index have outperformed the deletes over the last 5 months and there has been noticeable outperformance in the last couple of weeks.


NIFTY MIDCAP150 Index Rebalance: 13 Changes a Side; Lots of Overlap with Other Index Flow

<ul>
<li>With the review period now complete, there could be 11 changes for the NIFTY Midcap 150 Index at the September rebalance.</li>
<li>Estimated one-way turnover is 7.7% resulting in a round-trip trade of INR 17.6bn (US$201m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.</li>
<li>The outright forecast adds have outperformed the forecast deletes over the last 4 months and there has been a jump in the last week.</li>
</ul>


With the review period now complete, there could be 11 changes for the NIFTY Midcap 150 Index at the September rebalance.
Estimated one-way turnover is 7.7% resulting in a round-trip trade of INR 17.6bn (US$201m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.
The outright forecast adds have outperformed the forecast deletes over the last 4 months and there has been a jump in the last week.


NIFTY MIDCAP150 Index Rebalance Preview: 11 Potential Changes in September

India

Motherson Sumi Wiring India Limited manufactures auto parts. The Company offers wiring harnesses and electrical components for heavy, medium, and light-duty commercial vehicles. Motherson Sumi Wiring serves customers worldwide.

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Motherson Sumi Wiring India (MSUMI IN)

Autos (Q2FY26 Results Preview): Indian market well-poised amid global softness

While domestic focussed auto companies should get a fillip post the GST rate rationalization, leading to revival of growth rates, we will only see...

HDFC Securities

Autos: GST Rate Cuts to Revive the Entry-Level Segment

Demand for entry-level cars and two wheelers has remained subdued post FY19 as emission norms, safety norms and general inflation have led to an...

HDFC Securities

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

NIFTY MIDCAP150 Index Rebalance: 13 Changes a Side; Lots of Overlap with Other Index Flow

There are 13 changes for the index in Sep. Estimated one-way turnover is 7.8% and the round-trip trade is INR 18.2bn. There are many stocks with...

Brian Freitas

NIFTY MIDCAP150 Index Rebalance Preview: 11 Potential Changes in September

There could be 11 changes in Sep. Estimated one-way turnover is 7.7% and round-trip trade is INR 17.6bn. With over US$43bn tracking the index...

Brian Freitas

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Autos (Q2FY26 Results Preview): Indian market well-poised amid global softness

While domestic focussed auto companies should get a fillip post the GST rate rationalization, leading to revival of growth rates, we will only see...

HDFC Securities

Autos: GST Rate Cuts to Revive the Entry-Level Segment

Demand for entry-level cars and two wheelers has remained subdued post FY19 as emission norms, safety norms and general inflation have led to an...

HDFC Securities

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

​India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

NIFTY MIDCAP150 Index Rebalance: 13 Changes a Side; Lots of Overlap with Other Index Flow

There are 13 changes for the index in Sep. Estimated one-way turnover is 7.8% and the round-trip trade is INR 18.2bn. There are many stocks with...

Brian Freitas

NIFTY MIDCAP150 Index Rebalance Preview: 11 Potential Changes in September

There could be 11 changes in Sep. Estimated one-way turnover is 7.7% and round-trip trade is INR 17.6bn. With over US$43bn tracking the index...

Brian Freitas

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.