Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Hindustan Petroleum, National Aluminium, Oil &amp; Natural Gas, Vedanta, Tata Motors Passenger Vehicles, ICICI Bank.</li>
</ul>


We analysed the earning revision of component stocks of MS-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Hindustan Petroleum, National Aluminium, Oil &amp; Natural Gas, Vedanta, Tata Motors Passenger Vehicles, ICICI Bank.


MS-India Index Earning Revision (Jun): Hindustan Petroleum, National Aluminium, Oil & Natural Gas

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

We are recommending a shift from developed international markets (EAFE) to emerging market equities, as the MSCI EM index is breaking topside resistance, the EM vs. EAFE ratio is bullishly inflecting, and the US dollar (DXY) exhibits signs of breaking down. Russia (RTS), Taiwan (TAIEX), and Brazil (Bovespa) are deserving of overweights in the EM realm, though China (MSCI China) appears to be bottoming as well -- add exposure. EM Sectors: Technology and Consumer Discretionary are leadership -- overweight. Communications is the next most attractive EM Sector thanks largely to improvement in Tencent (700-HK) -- add exposure. Lastly, Materials exhibits early signs of potential price and RS bottoms -- add selective exposure

We are recommending a shift from developed international markets (EAFE) to emerging market equities, as the MSCI EM index is breaking topside resistance, the EM vs. EAFE ratio is bullishly inflecting, and the US dollar (DXY) exhibits signs of breaking down. Russia (RTS), Taiwan (TAIEX), and Brazil (Bovespa) are deserving of overweights in the EM realm, though China (MSCI China) appears to be bottoming as well -- add exposure. EM Sectors: Technology and Consumer Discretionary are leadership -- overweight. Communications is the next most attractive EM Sector thanks largely to improvement in Tencent (700-HK) -- add exposure. Lastly, Materials exhibits early signs of potential price and RS bottoms -- add selective exposure

India - Politics, Industrials, IT and Large Caps, EMAlpha

Pankaj Sharma

India - Politics, Industrials, IT and Large Caps

Thematic (Sector/Industry)

In a change of strategy from the Central Government on how to raise money through PSUs, there is an increased possibility that buybacks could become the preferred option over disinvestment because of not-so-good market conditions and consistent underperformance of PSUs over some time. While a large and 'at premium' buyback by PSUs could temporarily help the stock price, the support is unlikely to last long. There is a negative impact on balance sheet health, less money available post buyback for growth plans and questionable timing. The share buyback will not really do much to address the medium and long term underperformance of PSU stocks unless fundamental issues are resolved.

In a change of strategy from the Central Government on how to raise money through PSUs, there is an increased possibility that buybacks could become the preferred option over disinvestment because of not-so-good market conditions and consistent underperformance of PSUs over some time. While a large and 'at premium' buyback by PSUs could temporarily help the stock price, the support is unlikely to last long. There is a negative impact on balance sheet health, less money available post buyback for growth plans and questionable timing. The share buyback will not really do much to address the medium and long term underperformance of PSU stocks unless fundamental issues are resolved.

India: Share Buyback Could Be Positive for PSUs, but It Will Only Be a Temporary Relief

It is a norm that in a pre-election year, the democratically elected Governments become much more populist in their decisions and spend a lot more than they can afford. There are other headwinds as well such as higher oil prices and this implies that NDA Government will try to raise money from wherever possible and State owned enterprises could see a more aggressive disinvestment in 2H FY19. There are already reports that <a href="https://www.smartkarma.com/entities/9117" target="_blank" data-smartkarma-citation="entities:9117:1">Coal India Ltd (COAL IN)</a>, <a href="https://www.smartkarma.com/entities/460" target="_blank" data-smartkarma-citation="entities:460:1">Bharat Heavy Electricals (BHEL IN)</a> and <a href="https://www.smartkarma.com/entities/11842" target="_blank" data-smartkarma-citation="entities:11842:1">NTPC Ltd (NTPC IN)</a> will be among the key targets for stake sale by the Central Government and we think this is a risk for these stocks.

It is a norm that in a pre-election year, the democratically elected Governments become much more populist in their decisions and spend a lot more than they can afford. There are other headwinds as well such as higher oil prices and this implies that NDA Government will try to raise money from wherever possible and State owned enterprises could see a more aggressive disinvestment in 2H FY19. There are already reports that Coal India Ltd (COAL IN), Bharat Heavy Electricals (BHEL IN) and NTPC Ltd (NTPC IN) will be among the key targets for stake sale by the Central Government and we think this is a risk for these stocks.

Disinvestment Is Major Risk for PSUs in Pre-Election Year: Negative For Coal India, NTPC and BHEL

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>All active Vedanta F&amp;O contracts expire compulsorily on April 29, 2026. Fresh contracts on the restructured Vedanta Ltd resume April 30 at 10:00 AM IST.</li>
<li>The four demerged entities have no derivatives access for at least six months post-listing.</li>
<li>Open interest holders face forced settlement and mark-to-market crystallisation at a structurally adjusted price. </li>
</ul>


All active Vedanta F&amp;O contracts expire compulsorily on April 29, 2026. Fresh contracts on the restructured Vedanta Ltd resume April 30 at 10:00 AM IST.
The four demerged entities have no derivatives access for at least six months post-listing.
Open interest holders face forced settlement and mark-to-market crystallisation at a structurally adjusted price. 


Vedanta's F&O Reset: What Happens to Your Contracts When One Company Becomes Five

India

NMDC Limited is India's largest iron ore producer and exporter, engaged in the exploration and production of various minerals including iron ore, copper, rock phosphate, limestone, magnesite, and diamonds. The company operates highly mechanized mines primarily in Chhattisgarh and Karnataka, and also runs India's only mechanized diamond mine in Panna, Madhya Pradesh. Headquartered in Hyderabad, Telangana, NMDC was founded in 1958.

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NMDC (NMDC IN)

MS-India Index Earning Revision (Jun): Hindustan Petroleum, National Aluminium, Oil & Natural Gas

We analyzed MS-India's consensus for Jun 2026 and highlighted changes of EPS in Hindustan Petroleum, National Aluminium, Oil & Natural Gas,...

Ke Yan, CFA, FRM

Shift Exposure From EAFE to EM

We are recommending a shift from developed international markets (EAFE) to emerging market equities, as the MSCI EM index is breaking topside...

Vermilion Research

Disinvestment Is Major Risk for PSUs in Pre-Election Year: Negative For Coal India, NTPC and BHEL

It is a norm that in a pre-election year, the democratically elected Governments become much more populist in their decisions and spend a lot more...

Pankaj Sharma

Vedanta's F&O Reset: What Happens to Your Contracts When One Company Becomes Five

Vedanta F&O contracts to expire on April 29, 2026, with new contracts on restructured Vedanta Ltd starting April 30. Demerged entities have no...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MS-India Index Earning Revision (Jun): Hindustan Petroleum, National Aluminium, Oil & Natural Gas

We analyzed MS-India's consensus for Jun 2026 and highlighted changes of EPS in Hindustan Petroleum, National Aluminium, Oil & Natural Gas,...

Ke Yan, CFA, FRM

Shift Exposure From EAFE to EM

We are recommending a shift from developed international markets (EAFE) to emerging market equities, as the MSCI EM index is breaking topside...

Vermilion Research

India: Share Buyback Could Be Positive for PSUs, but It Will Only Be a Temporary Relief

In a change of strategy from the Central Government on how to raise money through PSUs, there is an increased possibility that buybacks could...

Pankaj Sharma

Disinvestment Is Major Risk for PSUs in Pre-Election Year: Negative For Coal India, NTPC and BHEL

It is a norm that in a pre-election year, the democratically elected Governments become much more populist in their decisions and spend a lot more...

Pankaj Sharma

Vedanta's F&O Reset: What Happens to Your Contracts When One Company Becomes Five

​Vedanta F&O contracts to expire on April 29, 2026, with new contracts on restructured Vedanta Ltd starting April 30. Demerged entities have no...

Nimish Maheshwari

Vedanta F&O contracts to expire on April 29, 2026, with new contracts on restructured Vedanta Ltd starting April 30. Demerged entities have no...