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

Thematic (Sector/Industry)

<ul>
<li>Karnataka's proposed mineral tax will significantly impact iron ore miners and the steel industry, potentially raising production costs and impacting profitability. </li>
<li>Larsen &amp; Toubro's (L&amp;T) recent ₹10,000 crore order for K9 Vajra-T artillery platforms signifies the company's strength in the defense sector. </li>
<li>
<a href="https://www.smartkarma.com/entities/waaree-energies-limited-6098abe5-9b91-4859-8170-b98fda2cf7ab" target="_blank" data-smartkarma-citation="entities:44031:1" rel="noopener">Waaree Energies (0656504D IN)</a> is accelerating India's renewable energy goals with strategic investments in electrolyzer, lithium-ion storage, and inverter solutions. </li>
</ul>


Karnataka's proposed mineral tax will significantly impact iron ore miners and the steel industry, potentially raising production costs and impacting profitability. 
Larsen &amp; Toubro's (L&amp;T) recent ₹10,000 crore order for K9 Vajra-T artillery platforms signifies the company's strength in the defense sector. 

Waaree Energies (0656504D IN) is accelerating India's renewable energy goals with strategic investments in electrolyzer, lithium-ion storage, and inverter solutions. 


#73 India Insight: Iron Ore Taxed, Waaree’s 2000 Cr Investments in EV Batteries, Adani’s Acquisition

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 19 changes a side for the Nifty200 Momentum30 Index that will be implemented at the close on 30 December. All names are exactly in line with our forecast.</li>
<li>Estimated one-way turnover is 64.9% resulting in a one-way trade of INR 72.7bn (US$857m). There are 18 stocks with over 1x ADV to trade.</li>
<li>The adds have continued to outperform the deletes even after the end of the review period. There could be further upside heading into year-end and implementation of the changes.</li>
</ul>


There are 19 changes a side for the Nifty200 Momentum30 Index that will be implemented at the close on 30 December. All names are exactly in line with our forecast.
Estimated one-way turnover is 64.9% resulting in a one-way trade of INR 72.7bn (US$857m). There are 18 stocks with over 1x ADV to trade.
The adds have continued to outperform the deletes even after the end of the review period. There could be further upside heading into year-end and implementation of the changes.


NIFTY200 Momentum30 Index Rebalance: 38 Changes; 65% Turnover; US$1.7bn Trade

<ul>
<li>There could be 19 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December. There are some stocks from the new F&amp;O inclusions.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 65.2% and that will result in a one-way trade of INR 71bn (US$837m).</li>
<li>The potential inclusions have outperformed the potential deletions since the start of July. The pace picked up over the last month as we neared the end of the review period.</li>
</ul>


There could be 19 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December. There are some stocks from the new F&amp;O inclusions.
If all changes are on expected lines, one-way turnover is estimated at 65.2% and that will result in a one-way trade of INR 71bn (US$837m).
The potential inclusions have outperformed the potential deletions since the start of July. The pace picked up over the last month as we neared the end of the review period.


NIFTY200 Momentum30 Index Rebalance Preview: 65% One-Way Turnover and US$1.6bn Trade

External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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.

Equity Bottom-Up

<ul><li>Revenue of Rs. 4,807 crore (+19.7%/-10.6% y-o-y/q-o-q) was inline with estimates.</li><li>Iron ore sales of 9.7 mt grew by only +1.8%/-3.3% y-o-y/q-o-q.</li><li>Realization of Rs. Rs. 4,935/tonne grew +17.7%/-7.6% y-o-y/q-o-q. EBITDA of Rs. 1,440 crore (+20.7% y-o-y/-39% q-o-q) was below our estimates because of reduction in inventory value. </li></ul><p><em>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.</em></p>

Revenue of Rs. 4,807 crore (+19.7%/-10.6% y-o-y/q-o-q) was inline with estimates.Iron ore sales of 9.7 mt grew by only +1.8%/-3.3% y-o-y/q-o-q.Realization of Rs. Rs. 4,935/tonne grew +17.7%/-7.6% y-o-y/q-o-q. EBITDA of Rs. 1,440 crore (+20.7% y-o-y/-39% q-o-q) was below our estimates because of reduction in inventory value. 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.

<ul>
<li>There could be 17 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December. Some changes from earlier following 45 new F&amp;O stocks.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 61.5% and that will result in a one-way trade of INR 63.4bn (US$752m).</li>
<li>The potential inclusions to the index have outperformed the potential deletions since the start of June. This trend could continue for a couple of weeks till the changes are announced.</li>
</ul>


There could be 17 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December. Some changes from earlier following 45 new F&amp;O stocks.
If all changes are on expected lines, one-way turnover is estimated at 61.5% and that will result in a one-way trade of INR 63.4bn (US$752m).
The potential inclusions to the index have outperformed the potential deletions since the start of June. This trend could continue for a couple of weeks till the changes are announced.


NIFTY200 Momentum30 Index Rebalance Preview: More Changes with New F&O Stocks

India

NMDC Limited explores for minerals. The Company is exploring for iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, and beach sands.

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Nmdc Ltd (NMDC IN)

#73 India Insight: Iron Ore Taxed, Waaree’s 2000 Cr Investments in EV Batteries, Adani’s Acquisition

Karnataka's mineral tax may impact iron ore miners and steel industry, L&T's ₹10,000 crore defense order showcases strength, Waaree Energies...

Sudarshan Bhandari

NIFTY200 Momentum30 Index Rebalance: 38 Changes; 65% Turnover; US$1.7bn Trade

There are 19 changes a side and all names are in line with our forecast. Estimated one-way turnover is 64.9% resulting in a one-way trade of INR...

Brian Freitas

NIFTY200 Momentum30 Index Rebalance Preview: 65% One-Way Turnover and US$1.6bn Trade

We forecast 19 changes for the index in December. One-way turnover is estimated at 65.2% resulting in a one-way trade of INR 71bn (US$837m). The...

Brian Freitas

Nmdc - Soft Quarter; Maintain Hold

Revenue of Rs. 4,807 crore (+19.7%/-10.6% y-o-y/q-o-q) was inline with estimates. Iron ore sales of 9.7 mt grew by only +1.8%/-3.3% y-o-y/q-o-q.

Sharekhan

NIFTY200 Momentum30 Index Rebalance Preview: More Changes with New F&O Stocks

We forecast 17 changes a side for the index in Dec. Some of the changes have changed following 45 new F&O inclusions. The forecast adds have...

Brian Freitas

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#73 India Insight: Iron Ore Taxed, Waaree’s 2000 Cr Investments in EV Batteries, Adani’s Acquisition

​Karnataka's mineral tax may impact iron ore miners and steel industry, L&T's ₹10,000 crore defense order showcases strength, Waaree Energies...

Sudarshan Bhandari

NIFTY200 Momentum30 Index Rebalance: 38 Changes; 65% Turnover; US$1.7bn Trade

There are 19 changes a side and all names are in line with our forecast. Estimated one-way turnover is 64.9% resulting in a one-way trade of INR...

Brian Freitas

NIFTY200 Momentum30 Index Rebalance Preview: 65% One-Way Turnover and US$1.6bn Trade

We forecast 19 changes for the index in December. One-way turnover is estimated at 65.2% resulting in a one-way trade of INR 71bn (US$837m). The...

Brian Freitas

Nmdc - Soft Quarter; Maintain Hold

Revenue of Rs. 4,807 crore (+19.7%/-10.6% y-o-y/q-o-q) was inline with estimates. Iron ore sales of 9.7 mt grew by only +1.8%/-3.3% y-o-y/q-o-q.

Sharekhan

NIFTY200 Momentum30 Index Rebalance Preview: More Changes with New F&O Stocks

We forecast 17 changes a side for the index in Dec. Some of the changes have changed following 45 new F&O inclusions. The forecast adds have...

Brian Freitas

Karnataka's mineral tax may impact iron ore miners and steel industry, L&T's ₹10,000 crore defense order showcases strength, Waaree Energies...