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, 11 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 15 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 4 stocks are expected to be added to Large Cap, 8 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.</li>
<li>SEBI has reclassified Real Estate Investment Trusts (REIT) as equity related instruments and REITs will be added to the AMFI classification from the upcoming review.</li>
</ul>


We forecast 7 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 15 stocks from MidCap to SmallCap.
From the new listings, 4 stocks are expected to be added to Large Cap, 8 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
SEBI has reclassified Real Estate Investment Trusts (REIT) as equity related instruments and REITs will be added to the AMFI classification from the upcoming review.


AMFI Stock Reclassification Preview (Dec 2025): New Listings and REIT Inclusion Drive Changes

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>Vikram Solar’s IPO launch with INR 1,500 crore fresh issue underscores its ambition to fund large-scale expansion, boosting installed capacity from 4.5 GW to 20.5 GW by FY27.</li>
<li>A robust 10.3 GW order book and Tier-1 global recognition reinforce demand visibility and credibility, positioning the company strongly amid India’s accelerating renewable transition.</li>
<li>Execution risks in new facilities, raw material price volatility, and premium valuations temper the growth story, requiring cautious optimism from investors.</li>
</ul>


Vikram Solar’s IPO launch with INR 1,500 crore fresh issue underscores its ambition to fund large-scale expansion, boosting installed capacity from 4.5 GW to 20.5 GW by FY27.
A robust 10.3 GW order book and Tier-1 global recognition reinforce demand visibility and credibility, positioning the company strongly amid India’s accelerating renewable transition.
Execution risks in new facilities, raw material price volatility, and premium valuations temper the growth story, requiring cautious optimism from investors.


Vikram Solar IPO - Riding India’s Renewable Energy Wave

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.

<ul><li>Thermal &amp; Lignite Power Plants Status: During Q1FY26, the company successfully achieved synchronisation of Unit II (660 MW) of the Ghatampur Thermal Power Project and expects the COD by Sep’25.</li><li>The targeted COD for Unit III is Dec’25 (from the earlier guidance of Oct’25). For the 2*500 MW TPS-II Lignite-based expansion plant, the company expects to float a tender by Oct’25.</li><li>The first stage of the Talabira plant of 3x800 MW is tendered to BHEL and is currently in progress, with 808 acres of land parcel out of 880 acres transferred to BHEL. </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.

Thermal &amp; Lignite Power Plants Status: During Q1FY26, the company successfully achieved synchronisation of Unit II (660 MW) of the Ghatampur Thermal Power Project and expects the COD by Sep’25.The targeted COD for Unit III is Dec’25 (from the earlier guidance of Oct’25). For the 2*500 MW TPS-II Lignite-based expansion plant, the company expects to float a tender by Oct’25.The first stage of the Talabira plant of 3x800 MW is tendered to BHEL and is currently in progress, with 808 acres of land parcel out of 880 acres transferred to BHEL. 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.

NLC India Limited - Q1FY26 Investors’ Meet: Expansions on Track

<ul><li>Q4FY25 PAT ahead of estimates: NLCIL’s PAT, after considering the regulatory deferral movement, stood at Rs 468 Cr, up 311% YoY but down 33% QoQ, surpassing consensus estimates by 45%.</li><li>Consolidated net sales stood at Rs 3,836 Cr, up 8% YoY but down 13% QoQ, missing the consensus estimates marginally by 2% due to slightly lower blended tariff.</li><li>EBITDA came in at Rs 861 Cr, up 43% YoY but down 53% QoQ, missing the consensus estimates by 20% due to higher employee benefit expenses.</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.

Q4FY25 PAT ahead of estimates: NLCIL’s PAT, after considering the regulatory deferral movement, stood at Rs 468 Cr, up 311% YoY but down 33% QoQ, surpassing consensus estimates by 45%.Consolidated net sales stood at Rs 3,836 Cr, up 8% YoY but down 13% QoQ, missing the consensus estimates marginally by 2% due to slightly lower blended tariff.EBITDA came in at Rs 861 Cr, up 43% YoY but down 53% QoQ, missing the consensus estimates by 20% due to higher employee benefit expenses.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.

NLC India Limited  - Q4FY25 – PAT Beats Consensus

<ul><li>Thermal &amp; Lignite Power Plants Status: The company commissioned its 1st unit of the Coalbased Ghatampur power plant (3*660 MW) in Dec’24 and generated 215 MU in Q3FY25 with more than 98% availability.</li><li>The targeted CODs for Units II and III are May’25 and Oct’25. The company expects to float tenders for the 2*500 MW TPS-II Lignite-based expansion plant by Mar’25 and the Talabira Phase II thermal plant by Jun’25.</li><li>The 3*125 MW Lignite-based thermal power plant, along with a captive Lignite mine in Rajasthan as per the agreement with RVUNL, is expected to be completed in the next 36 to 40 months.</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.

Thermal &amp; Lignite Power Plants Status: The company commissioned its 1st unit of the Coalbased Ghatampur power plant (3*660 MW) in Dec’24 and generated 215 MU in Q3FY25 with more than 98% availability.The targeted CODs for Units II and III are May’25 and Oct’25. The company expects to float tenders for the 2*500 MW TPS-II Lignite-based expansion plant by Mar’25 and the Talabira Phase II thermal plant by Jun’25.The 3*125 MW Lignite-based thermal power plant, along with a captive Lignite mine in Rajasthan as per the agreement with RVUNL, is expected to be completed in the next 36 to 40 months.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.

NLC India Limited  - Q3FY25 Conference Call Highlights: Capacity Expansion in Focus

India

NLC India Limited is a Navratna Central Public Sector Enterprise engaged in lignite and coal mining, thermal power generation, and renewable energy development, including solar and wind power. The company supplies electricity to state utilities and distribution companies. It was founded in 1956 and is headquartered in Neyveli, Tamil Nadu, India.

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NLC India (NLC IN)

AMFI Stock Reclassification Preview (Dec 2025): New Listings and REIT Inclusion Drive Changes

36 stocks could see size reclassification in Jan. 12 new stocks could be added to Large and Mid-cap. REITs will be added to the AMFI classification...

Brian Freitas

Vikram Solar IPO - Riding India’s Renewable Energy Wave

Vikram Solar's IPO aims to raise INR 1,500 crore for massive expansion, with a strong order book and global recognition, but faces risks from raw...

Sudarshan Bhandari

NLC India Limited - Q1FY26 Investors’ Meet: Expansions on Track

Thermal & Lignite Power Plants Status: During Q1FY26, the company successfully achieved synchronisation of Unit II (660 MW) of the Ghatampur...

Axis Direct

NLC India Limited - Q4FY25 – PAT Beats Consensus

Q4FY25 PAT ahead of estimates: NLCIL’s PAT, after considering the regulatory deferral movement, stood at Rs 468 Cr, up 311% YoY but down 33% QoQ,...

Axis Direct

NLC India Limited - Q3FY25 Conference Call Highlights: Capacity Expansion in Focus

The company commissioned its 1st unit of the Coalbased Ghatampur power plant (3*660 MW) in Dec’24 and generated 215 MU in Q3FY25 with more than 98%...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

AMFI Stock Reclassification Preview (Dec 2025): New Listings and REIT Inclusion Drive Changes

36 stocks could see size reclassification in Jan. 12 new stocks could be added to Large and Mid-cap. REITs will be added to the AMFI classification...

Brian Freitas

Vikram Solar IPO - Riding India’s Renewable Energy Wave

​Vikram Solar's IPO aims to raise INR 1,500 crore for massive expansion, with a strong order book and global recognition, but faces risks from raw...

Sudarshan Bhandari

NLC India Limited - Q1FY26 Investors’ Meet: Expansions on Track

Thermal & Lignite Power Plants Status: During Q1FY26, the company successfully achieved synchronisation of Unit II (660 MW) of the Ghatampur...

Axis Direct

NLC India Limited - Q4FY25 – PAT Beats Consensus

Q4FY25 PAT ahead of estimates: NLCIL’s PAT, after considering the regulatory deferral movement, stood at Rs 468 Cr, up 311% YoY but down 33% QoQ,...

Axis Direct

NLC India Limited - Q3FY25 Conference Call Highlights: Capacity Expansion in Focus

The company commissioned its 1st unit of the Coalbased Ghatampur power plant (3*660 MW) in Dec’24 and generated 215 MU in Q3FY25 with more than 98%...

Axis Direct

Vikram Solar's IPO aims to raise INR 1,500 crore for massive expansion, with a strong order book and global recognition, but faces risks from raw...