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

Event-Driven

<ul>
<li>Starting September 1, 2025, BSE will shift its weekly expiry to Thursday, while NSE's weekly expiry will move to Tuesday, reducing overlap between the two major exchanges. </li>
<li>The move aims to streamline operations, reduce volatility, and increase uniformity across exchanges, aligning with global standards and institutional preferences. </li>
<li>
BSE's shift to Thursday expiry could benefit its market share, but NSE’s Tuesday expiry may help it regain some of the ground lost in recent months, intensifying competition.</li>
</ul>


Starting September 1, 2025, BSE will shift its weekly expiry to Thursday, while NSE's weekly expiry will move to Tuesday, reducing overlap between the two major exchanges. 
The move aims to streamline operations, reduce volatility, and increase uniformity across exchanges, aligning with global standards and institutional preferences. 

BSE's shift to Thursday expiry could benefit its market share, but NSE’s Tuesday expiry may help it regain some of the ground lost in recent months, intensifying competition.


How SEBI's Expiry Day Overhaul Impacts NSE & BSE ?

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

Anthem Biosciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences (1234D IN)</a> is looking to raise about US$397m in its India IPO.</li>
<li>Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates.</li>
</ul>



Anthem Biosciences (1234D IN) is looking to raise about US$397m in its India IPO.
Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates.


Anthem Biosciences IPO - D&M Vertical Continues to Drive CRDMO Business

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Equity Bottom-Up

<ul>
<li>SEBI has asked BSE to pay regulatory fees on options trading based on notional turnover instead of premium turnover</li>
<li>The impact of this would 10-20% on earnings in short term</li>
<li>The bigger question lies ahead what BSE will do to offset the impact and grow its market share in derivative trading</li>
</ul>


SEBI has asked BSE to pay regulatory fees on options trading based on notional turnover instead of premium turnover
The impact of this would 10-20% on earnings in short term
The bigger question lies ahead what BSE will do to offset the impact and grow its market share in derivative trading


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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> listed in November 2024 and around 85% of the shares outstanding (US$7.6bn) will unlock on 13 May.</li>
<li>Nearly 80% of the shares that unlock are held by pre-IPO PE/VC investors and they are 100% in the money in most cases. Expect the selldown to commence soon.</li>
<li>
<a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> should be added to one global index in June, while inclusion in the other global index will require a small price increase or selling from PE/VC investors.</li>
</ul>



Swiggy (SWIGGY IN) listed in November 2024 and around 85% of the shares outstanding (US$7.6bn) will unlock on 13 May.
Nearly 80% of the shares that unlock are held by pre-IPO PE/VC investors and they are 100% in the money in most cases. Expect the selldown to commence soon.

Swiggy (SWIGGY IN) should be added to one global index in June, while inclusion in the other global index will require a small price increase or selling from PE/VC investors.


Swiggy (SWIGGY IN): US$7.6bn Lock-Up Expiry & Index Inclusion

Thematic (Sector/Industry)

<ul>
<li>The cabinet approved a Rs. 22,919 cr PLI for non-semiconductor electronics to boost domestic manufacturing, aiming for significant investment and job creation.</li>
<li>
<a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a>'s IPO, initially filed in 2016, faces a potential two-year delay due to regulatory concerns flagged by SEBI, despite recent improvements in share transfer efficiency.</li>
<li>India's defence manufacturing achieved Rs. 1.27 lakh crore output in FY24 and aims for Rs. 3 lakh crore by 2029 through indigenous development and policy reforms.</li>
</ul>


The cabinet approved a Rs. 22,919 cr PLI for non-semiconductor electronics to boost domestic manufacturing, aiming for significant investment and job creation.

National Stock Exchange (NSEIN IN)'s IPO, initially filed in 2016, faces a potential two-year delay due to regulatory concerns flagged by SEBI, despite recent improvements in share transfer efficiency.
India's defence manufacturing achieved Rs. 1.27 lakh crore output in FY24 and aims for Rs. 3 lakh crore by 2029 through indigenous development and policy reforms.


#129 India Insight: GOI’s 23k Cr PLI for EMS, NSE 2 Yrs IPO Delay?, Indian Defence Soars

India

National Stock Exchange of India Ltd. operates as a stock exchange that provides automated screen-based trading system. The Company offers a range of products and services for various markets, including equities, indices, mutual and exchange traded funds, initial public offerings, security lending scheme, and institutional placement programs. ... More

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

National Stock Exchange (NSEIN IN)

How SEBI's Expiry Day Overhaul Impacts NSE & BSE ?

Starting Sept 1, 2025, BSE will move weekly expiry to Thursday, NSE to Tuesday, reducing overlap and aligning with global standards, potentially...

Nimish Maheshwari

Anthem Biosciences IPO - D&M Vertical Continues to Drive CRDMO Business

Anthem Biosciences is looking to raise about US$397m in its India IPO. In this note, we will talk about the RHP updates.

Akshat Shah

BSE - A Regulatory Accident?

BSE - Regulatory Fee Hike Impact Is a Short-Term Overhang In Long-Term Multifold Growth. Impact on future business strategies and treatment of this...

Sudarshan Bhandari

Swiggy (SWIGGY IN): US$7.6bn Lock-Up Expiry & Index Inclusion

There is a US$7.6bn lock-up expiry in Swiggy on 12 May - 80% of that is PE/VC, so expect selling. The stock could remain under pressure but PE/VC...

Brian Freitas

#129 India Insight: GOI’s 23k Cr PLI for EMS, NSE 2 Yrs IPO Delay?, Indian Defence Soars

Cabinet approves PLI for non-semiconductor electronics, NSEIN's IPO faces delay, India aims for Rs. 3 lakh crore defence manufacturing output by...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

How SEBI's Expiry Day Overhaul Impacts NSE & BSE ?

​Starting Sept 1, 2025, BSE will move weekly expiry to Thursday, NSE to Tuesday, reducing overlap and aligning with global standards, potentially...

Nimish Maheshwari

Anthem Biosciences IPO - D&M Vertical Continues to Drive CRDMO Business

Anthem Biosciences is looking to raise about US$397m in its India IPO. In this note, we will talk about the RHP updates.

Akshat Shah

BSE - A Regulatory Accident?

BSE - Regulatory Fee Hike Impact Is a Short-Term Overhang In Long-Term Multifold Growth. Impact on future business strategies and treatment of this...

Sudarshan Bhandari

Swiggy (SWIGGY IN): US$7.6bn Lock-Up Expiry & Index Inclusion

There is a US$7.6bn lock-up expiry in Swiggy on 12 May - 80% of that is PE/VC, so expect selling. The stock could remain under pressure but PE/VC...

Brian Freitas

#129 India Insight: GOI’s 23k Cr PLI for EMS, NSE 2 Yrs IPO Delay?, Indian Defence Soars

​Cabinet approves PLI for non-semiconductor electronics, NSEIN's IPO faces delay, India aims for Rs. 3 lakh crore defence manufacturing output by...

Sudarshan Bhandari

Starting Sept 1, 2025, BSE will move weekly expiry to Thursday, NSE to Tuesday, reducing overlap and aligning with global standards, potentially...

Cabinet approves PLI for non-semiconductor electronics, NSEIN's IPO faces delay, India aims for Rs. 3 lakh crore defence manufacturing output by...