Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

<p>Post market close on 23 August, the Index Maintenance Sub-Committee (IMSC) of NSE Indices announced the results of the September index review for the NIFTY family of indices. The rebalance will be effective after the close of trading on 29 September and passive funds will need to trade at the close (VWAP over the last 30 minutes of trading) on the day.</p><p>There are no changes to the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a>, in line with what we expected.</p><p>There are 5 changes to the NIFTY Next 50 Index. <a href="https://www.smartkarma.com/entities/bank-of-baroda" target="_blank" data-smartkarma-citation="entities:545:1" rel="noopener">Bank Of Baroda (BOB IN)</a>, <a href="https://www.smartkarma.com/entities/cholamandalam-investment-and-finance" target="_blank" data-smartkarma-citation="entities:17583:1" rel="noopener">Cholamandalam Investment and Finance (CIFC IN)</a>, <a href="https://www.smartkarma.com/entities/jindal-steel-power-ltd" target="_blank" data-smartkarma-citation="entities:6614:1" rel="noopener">Jindal Steel &amp; Power (JSP IN)</a>, <a href="https://www.smartkarma.com/entities/pi-industries-ltd" target="_blank" data-smartkarma-citation="entities:6040:1" rel="noopener">Pi Industries (PI IN)</a> and <a href="https://www.smartkarma.com/entities/steel-authority-of-india" target="_blank" data-smartkarma-citation="entities:14323:1" rel="noopener">Steel Authority of India (SAIL IN)</a> will be included in the index, while <a href="https://www.smartkarma.com/entities/abbott-india-ltd" target="_blank" data-smartkarma-citation="entities:9687:1" rel="noopener">Abbott India (BOOT IN)</a>, <a href="https://www.smartkarma.com/entities/alkem-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:26928:1" rel="noopener">Alkem Laboratories Ltd (ALKEM IN)</a>, <a href="https://www.smartkarma.com/entities/mrf-ltd" target="_blank" data-smartkarma-citation="entities:2930:1" rel="noopener">Mrf Ltd (MRF IN)</a>, <a href="https://www.smartkarma.com/entities/petronet-lng-ltd" target="_blank" data-smartkarma-citation="entities:15235:1" rel="noopener">Petronet LNG (PLNG IN)</a> and <a href="https://www.smartkarma.com/entities/united-breweries-ltd" target="_blank" data-smartkarma-citation="entities:18080:1" rel="noopener">United Breweries (UBBL IN)</a> will be deleted from the index.</p><p>While the headline impact in terms of ADV looks low, a look at the impact compared to the delivery volumes paints a different picture.</p><p>There are a whole bunch of changes to constituents of other indices too. However, the assets tracking these indices are small and there will be negligible impact on the stocks.</p><p>There is an expansion of the index universe for the NIFTY indices with REITs and Infrastructure Investment Trusts (InvITs) becoming eligible for inclusion in the indices.</p>

Post market close on 23 August, the Index Maintenance Sub-Committee (IMSC) of NSE Indices announced the results of the September index review for the NIFTY family of indices. The rebalance will be effective after the close of trading on 29 September and passive funds will need to trade at the close (VWAP over the last 30 minutes of trading) on the day.There are no changes to the NIFTY Index (NIFTY INDEX), in line with what we expected.There are 5 changes to the NIFTY Next 50 Index. Bank Of Baroda (BOB IN), Cholamandalam Investment and Finance (CIFC IN), Jindal Steel &amp; Power (JSP IN), Pi Industries (PI IN) and Steel Authority of India (SAIL IN) will be included in the index, while Abbott India (BOOT IN), Alkem Laboratories Ltd (ALKEM IN), Mrf Ltd (MRF IN), Petronet LNG (PLNG IN) and United Breweries (UBBL IN) will be deleted from the index.While the headline impact in terms of ADV looks low, a look at the impact compared to the delivery volumes paints a different picture.There are a whole bunch of changes to constituents of other indices too. However, the assets tracking these indices are small and there will be negligible impact on the stocks.There is an expansion of the index universe for the NIFTY indices with REITs and Infrastructure Investment Trusts (InvITs) becoming eligible for inclusion in the indices.

NIFTY NEXT50 Index Rebalance: More Beneath The Surface

External broker reports(aggregated public sources), Geojit BNP Paribas

Geojit

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>LNG demand is expected to grow further in fertilizer, refining and transport sectors. Petronet's overall performance is recovering to preCOVID levels. We remain positive on the stock with strong momentum in demand/volumes and healthy pipeline. Hence, we reiterate our BUY rating with a revised TP of Rs. 272 based on 12.0x FY23E adj. EPS. Strong performance supported by demand recovery Consolidated revenues for Q1FY22 grew 13.5% QoQ (+76.1% YoY) to Rs. 8,598cr with volumes maintained at 209 TBTU levels (vs.</p><div class="content-highlight"><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></div>

LNG demand is expected to grow further in fertilizer, refining and transport sectors. Petronet's overall performance is recovering to preCOVID levels. We remain positive on the stock with strong momentum in demand/volumes and healthy pipeline. Hence, we reiterate our BUY rating with a revised TP of Rs. 272 based on 12.0x FY23E adj. EPS. Strong performance supported by demand recovery Consolidated revenues for Q1FY22 grew 13.5% QoQ (+76.1% YoY) to Rs. 8,598cr with volumes maintained at 209 TBTU levels (vs.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.

Petronet LNG: Strong Quarter; Outlook Intact

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

<p>Petronet LNG is India's leading play in import of LNG in the country and will be a beneficiary of the government's aim to increase the share of natural gas in the energy basket to 15% over the long term The 17.5 mmtpa Dahej terminal has been booked for 15.75 mmtpa under long term, thus providing visibility to long term volumes. Increase in Kochi terminal volumes on commissioning of Kochi-Mangalore pipeline...</p>
<div class="content-highlight"><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></div>

Petronet LNG is India's leading play in import of LNG in the country and will be a beneficiary of the government's aim to increase the share of natural gas in the energy basket to 15% over the long term The 17.5 mmtpa Dahej terminal has been booked for 15.75 mmtpa under long term, thus providing visibility to long term volumes. Increase in Kochi terminal volumes on commissioning of Kochi-Mangalore pipeline...
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.

Petronet LNG: Steady Performance; Expansion Plans Moderated

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>Sobha: Sobha's (SDL) Q1FY22 was subdued with presales volume at 0.9msf (38%/-33% YoY/QoQ). Presales value declined by 36.3% QoQ to INR 6.8bn. Real estate collections slipped to INR 5.5bn (vs INR 7.2bn in Q4FY21). The launch pipeline is robust at 12.6msf with 56% of launches planned for Bengaluru. To tame the commodity inflation and protect margins, SDL reversed discounts and took selective 2-3% price hikes in a few projects. Net debt reduced marginally by 1% QoQ to INR 28.2bn and is expected to reduce further, led by sales momentum, forthcoming launches, and a stable pricing environment.</p>
<div class="content-highlight"><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></div>

Sobha: Sobha's (SDL) Q1FY22 was subdued with presales volume at 0.9msf (38%/-33% YoY/QoQ). Presales value declined by 36.3% QoQ to INR 6.8bn. Real estate collections slipped to INR 5.5bn (vs INR 7.2bn in Q4FY21). The launch pipeline is robust at 12.6msf with 56% of launches planned for Bengaluru. To tame the commodity inflation and protect margins, SDL reversed discounts and took selective 2-3% price hikes in a few projects. Net debt reduced marginally by 1% QoQ to INR 28.2bn and is expected to reduce further, led by sales momentum, forthcoming launches, and a stable pricing environment.
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.

HSIE Results Daily: Petronet LNG , NHPC, Sobha

<p>Teamlease Services: Teamlease registered strong growth (+5.1% QoQ) for the second consecutive quarter, in line with our estimate. Growth in core staffing (+5.5% QoQ, 91% of revenue) was led by improved hiring activity in e-commerce, essential retail, BFSI and manufacturing verticals. Stressed verticals like hospitality, retail and travel are not showing signs of recovery though. The core associate headcount growth has been robust (+7.5% QoQ, crossed the pre-COVID level), led by NETAP (+17.5%). The recovery which started in 2HFY21 will be impacted in 1QFY22E by the second wave, but clients are showing resilience and ~80% of the associates being hired are for essential services.</p><div class="content-highlight"><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></div>

Teamlease Services: Teamlease registered strong growth (+5.1% QoQ) for the second consecutive quarter, in line with our estimate. Growth in core staffing (+5.5% QoQ, 91% of revenue) was led by improved hiring activity in e-commerce, essential retail, BFSI and manufacturing verticals. Stressed verticals like hospitality, retail and travel are not showing signs of recovery though. The core associate headcount growth has been robust (+7.5% QoQ, crossed the pre-COVID level), led by NETAP (+17.5%). The recovery which started in 2HFY21 will be impacted in 1QFY22E by the second wave, but clients are showing resilience and ~80% of the associates being hired are for essential services.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.

HSIE Results Daily: Max Financial Petronet LNG, Prestige Estates, Galaxy Surfactants, Teamlease S...

India

Petronet LNG is an Indian oil and gas company primarily engaged in the import, storage, and regasification of liquefied natural gas (LNG). It operates LNG receiving and regasification terminals, with major facilities in Dahej, Gujarat, and Kochi, Kerala, supplying regasified LNG to various sectors including fertilizers, city gas distribution, refineries, and power generation. The company was founded on April 2, 1998, and is headquartered in New Delhi, India.

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Petronet LNG (PLNG IN)

NIFTY NEXT50 Index Rebalance: More Beneath The Surface

There are 5 changes to the NIFTY Next 50 Index that will be implemented at the close on 29 September. The impact is quite large compared to the...

Brian Freitas

Petronet LNG: Strong Quarter; Outlook Intact

LNG demand is expected to grow further in fertilizer, refining and transport sectors. Petronet's overall performance is recovering to preCOVID...

Geojit

Petronet LNG: Steady Performance; Expansion Plans Moderated

Petronet LNG is India's leading play in import of LNG in the country and will be a beneficiary of the government's aim to increase the share of...

ICICI Securities Limited

HSIE Results Daily: Petronet LNG , NHPC, Sobha

Sobha's (SDL) Q1FY22 was subdued with presales volume at 0.9msf (38%/-33% YoY/QoQ). Presales value declined by 36.3% QoQ to INR 6.8bn. Real estate...

HDFC Securities

HSIE Results Daily: Max Financial Petronet LNG, Prestige Estates, Galaxy Surfactants, Teamlease S...

Teamlease Services: Teamlease registered strong growth (+5.1% QoQ) for the second consecutive quarter, in line with our estimate. Growth in core...

HDFC Securities

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