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

Shenton Research

Shenton 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.

Index Rebalance

National Stock Exchange of India / Index Rebalance

National Stock Exchange of India (NSE IN)

<ul>
<li>NSE listed on BSE on 24 Sep 2026. It would rank 11th by full market cap among the Nifty 50 members.</li>
<li>In this note, we analyze its path into the Nifty 50 under the NIFTY methodology.</li>
<li>We cover its IWF and FF estimates, F&amp;O entry, the timeline to Nifty 50 entry, and the SEBI permission NSE needs to trade on NSE.</li>
</ul>


NSE listed on BSE on 24 Sep 2026. It would rank 11th by full market cap among the Nifty 50 members.
In this note, we analyze its path into the Nifty 50 under the NIFTY methodology.
We cover its IWF and FF estimates, F&amp;O entry, the timeline to Nifty 50 entry, and the SEBI permission NSE needs to trade on NSE.


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>An individual alleged the Adani Group engaged in bid rigging and abused market dominance to win a massive 2019 SECI solar tender. </li>
<li>The CCI completely dismissed the case since Adani lacks market dominance, procuring agencies can set rules, and there was zero cartelisation evidence.</li>
<li>This clear regulatory dismissal immediately triggered a surge in their stock prices, removing institutional anxiety and allowing focus on future execution.
</li>
</ul>


An individual alleged the Adani Group engaged in bid rigging and abused market dominance to win a massive 2019 SECI solar tender. 
The CCI completely dismissed the case since Adani lacks market dominance, procuring agencies can set rules, and there was zero cartelisation evidence.
This clear regulatory dismissal immediately triggered a surge in their stock prices, removing institutional anxiety and allowing focus on future execution.



The Adani Group Clearance: Deconstructing the CCI Verdict and What It Means for the Conglomerate

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>India's PFBR at Kalpakkam achieved first criticality on April 6, 2026, marking the formal entry into Stage 2 of its three-stage nuclear programme.</li>
<li>India becomes only the second country after Russia to operate a commercial-scale fast breeder reactor, unlocking a pathway to its 508,000-tonne thorium reserve.</li>
<li>With the SHANTI Act, a Rs 20,000 crore SMR mission, and 100 GW nuclear ambitions by 2047, this milestone triggers a multi-decade capital deployment cycle.</li>
</ul>


India's PFBR at Kalpakkam achieved first criticality on April 6, 2026, marking the formal entry into Stage 2 of its three-stage nuclear programme.
India becomes only the second country after Russia to operate a commercial-scale fast breeder reactor, unlocking a pathway to its 508,000-tonne thorium reserve.
With the SHANTI Act, a Rs 20,000 crore SMR mission, and 100 GW nuclear ambitions by 2047, this milestone triggers a multi-decade capital deployment cycle.


India's Nuclear Sector: PFBR Achieved Criticality in Stage-2

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of NIFTY 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 Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank, Adani Enterprises, Shriram Finance.</li>
</ul>


We analysed the earning revision of component stocks of NIFTY 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 Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank, Adani Enterprises, Shriram Finance.


NIFTY Index Earning Revision (Sep): Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>SHANTI eliminates the liability and monopoly barriers—SDR-indexed operator caps, a sovereign-backed compensation waterfall, AERB independence, and APTEL appellate review convert nuclear into a bankable asset class.</li>
<li>India shifts from ~8 GW to a 100-GW build mandate, implying ~90 GW of new capacity and ~$550–750 billion of capex, with SMRs and brownfield coal conversions driving first-wave execution.</li>
<li>Ancing viability hinges on non-recourse leverage (70:30/80:20), long-tenor PPAs/CfDs, ECA underwriting, and fuel security—especially uranium diversification and HALEU access for SMRs</li>
</ul>


SHANTI eliminates the liability and monopoly barriers—SDR-indexed operator caps, a sovereign-backed compensation waterfall, AERB independence, and APTEL appellate review convert nuclear into a bankable asset class.
India shifts from ~8 GW to a 100-GW build mandate, implying ~90 GW of new capacity and ~$550–750 billion of capex, with SMRs and brownfield coal conversions driving first-wave execution.
Ancing viability hinges on non-recourse leverage (70:30/80:20), long-tenor PPAs/CfDs, ECA underwriting, and fuel security—especially uranium diversification and HALEU access for SMRs


INDIA NUCLEAR — SHANTI BILL 2025: From Liability Paralysis to a $550–750bn Private-Build Pipeline

India

NTPC Limited is India's largest integrated power utility, primarily engaged in the generation and sale of electricity through a diversified portfolio including coal, gas, hydro, solar, and wind assets. The company also undertakes coal mining, power trading, and consultancy services for power projects. NTPC is headquartered in New Delhi, India, and was founded on November 7, 1975.

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NTPC (NTPC IN)

NSE: From Nifty 500 to Nifty 50

NSE listed on BSE on 24 Sep 2026 and is the 12th largest Indian listed company by full market cap. NIFTY entry needs trading on NSE, and so SEBI...

Ke Yan, CFA, FRM

The Adani Group Clearance: Deconstructing the CCI Verdict and What It Means for the Conglomerate

Allegations of bid rigging against Adani Group dismissed by CCI, leading to surge in stock prices and renewed focus on future execution.

Sudarshan Bhandari

India's Nuclear Sector: PFBR Achieved Criticality in Stage-2

India's PFBR achieves first criticality, marking entry into Stage 2 of nuclear programme, unlocking pathway to thorium reserve and triggering...

Nimish Maheshwari

NIFTY Index Earning Revision (Sep): Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank

We analyzed NIFTY's consensus for Sep 2026 and highlighted changes of EPS in Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank, Adani...

Ke Yan, CFA, FRM

INDIA NUCLEAR — SHANTI BILL 2025: From Liability Paralysis to a $550–750bn Private-Build Pipeline

SHANTI transforms nuclear energy into a bankable asset class in India, with a shift towards a 100-GW build mandate and focus on SMRs and...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NSE: From Nifty 500 to Nifty 50

NSE listed on BSE on 24 Sep 2026 and is the 12th largest Indian listed company by full market cap. NIFTY entry needs trading on NSE, and so SEBI...

Ke Yan, CFA, FRM

The Adani Group Clearance: Deconstructing the CCI Verdict and What It Means for the Conglomerate

​Allegations of bid rigging against Adani Group dismissed by CCI, leading to surge in stock prices and renewed focus on future execution.

Sudarshan Bhandari

India's Nuclear Sector: PFBR Achieved Criticality in Stage-2

​India's PFBR achieves first criticality, marking entry into Stage 2 of nuclear programme, unlocking pathway to thorium reserve and triggering...

Nimish Maheshwari

NIFTY Index Earning Revision (Sep): Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank

We analyzed NIFTY's consensus for Sep 2026 and highlighted changes of EPS in Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank, Adani...

Ke Yan, CFA, FRM

INDIA NUCLEAR — SHANTI BILL 2025: From Liability Paralysis to a $550–750bn Private-Build Pipeline

​SHANTI transforms nuclear energy into a bankable asset class in India, with a shift towards a 100-GW build mandate and focus on SMRs and...

Rahul Jain

Allegations of bid rigging against Adani Group dismissed by CCI, leading to surge in stock prices and renewed focus on future execution.

India's PFBR achieves first criticality, marking entry into Stage 2 of nuclear programme, unlocking pathway to thorium reserve and triggering...

SHANTI transforms nuclear energy into a bankable asset class in India, with a shift towards a 100-GW build mandate and focus on SMRs and...