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>
<a href="https://www.smartkarma.com/entities/adani-energy-solutions-ltd" target="_blank" data-smartkarma-citation="entities:26712:1" rel="noopener">Adani Energy Solutions</a> was added to a global index in May 2021 and deleted in May 2023. The next rebalance in May could see the stock added back.</li>
<li>
<a href="https://www.smartkarma.com/entities/adani-energy-solutions-ltd" target="_blank" data-smartkarma-citation="entities:26712:1" rel="noopener">Adani Energy Solutions</a> has outperformed peers over the last 6-7 months and trades at higher valuations compared to its peer group.</li>
<li>Positioning for the inclusion event is ongoing, but passives will need to buy over 25 days of delivery volume. There could be further upside as positioning picks up near-term.</li>
</ul>



Adani Energy Solutions was added to a global index in May 2021 and deleted in May 2023. The next rebalance in May could see the stock added back.

Adani Energy Solutions has outperformed peers over the last 6-7 months and trades at higher valuations compared to its peer group.
Positioning for the inclusion event is ongoing, but passives will need to buy over 25 days of delivery volume. There could be further upside as positioning picks up near-term.


Adani Energy (ADANIENS IN): Energized for Global Index Inclusion in May

Information Technology Consultant

Ishita Jain

Thematic (Sector/Industry)

<p>In 2013, Xi Jinping launched the One Belt One Road (OBOR) initiative. The aim of the initiative was to connect major Eurasian economies through infrastructure, trade and investment. At the heart of OBOR lay the creation of a 'belt' and a 'road'. Given the scope and geographical spread of the initiative, many expected OBOR to contribute to the regional economies, spur overseas infrastructure spending by China and encourage regional cooperation. As we review OBOR's progress three years since its launch, we'll look at a few OBOR success stories and the risks that still mar the initiative. </p>

In 2013, Xi Jinping launched the One Belt One Road (OBOR) initiative. The aim of the initiative was to connect major Eurasian economies through infrastructure, trade and investment. At the heart of OBOR lay the creation of a 'belt' and a 'road'. Given the scope and geographical spread of the initiative, many expected OBOR to contribute to the regional economies, spur overseas infrastructure spending by China and encourage regional cooperation. As we review OBOR's progress three years since its launch, we'll look at a few OBOR success stories and the risks that still mar the initiative. 

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 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 ICICI Bank, Axis Bank, Reliance Industries, Oil &amp; Natural Gas, HDFC Bank, InterGlobe Aviation, State Bank of India, Eternal.</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 ICICI Bank, Axis Bank, Reliance Industries, Oil &amp; Natural Gas, HDFC Bank, InterGlobe Aviation, State Bank of India, Eternal.


NIFTY Index Earning Revision (Mar): ICICI Bank, Axis Bank, Reliance Industries, Oil & Natural Gas

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management (WEWORK IN)</a> raised around US$338m in its IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.</li>
<li>WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



WeWork India Management (WEWORK IN) raised around US$338m in its IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: WeWork India IPO Lockup Expiry-Shares Have Traded Down but WeWork Global Well in The Money

Central Mine Planning Design Institute Ltd (CMPDIL) / Equity Capital Markets

Central Mine Planning Design Institute Ltd (CMPDIL) (0180301D IN)

Central Mine Planning Design Institute Ltd (CMPDIL)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/central-mine-planning-design-institute-ltd-cmpdil" target="_blank" data-smartkarma-citation="entities:45267:1" rel="noopener">Central Mine Planning Design Institute Ltd (CMPDIL) (0180301D IN)</a> raised around US$200m in its all-secondary India IPO.</li>
<li>CMPDI is a Coal India subsidiary, providing consultancy and support services across the full range of coal and mineral exploration, mine planning and design, covering the entire mining operations lifecycle.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Central Mine Planning Design Institute Ltd (CMPDIL) (0180301D IN) raised around US$200m in its all-secondary India IPO.
CMPDI is a Coal India subsidiary, providing consultancy and support services across the full range of coal and mineral exploration, mine planning and design, covering the entire mining operations lifecycle.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: CMPDI IPO Trading - Muted Demand Trend Continues

India

Power Grid Corporation of India Limited is a central public sector undertaking primarily engaged in the transmission of bulk electric power across different states of India through its extensive network of transmission lines and substations. It also offers consultancy services and operates in the telecom sector through its brand POWERTEL. The company is headquartered in Gurugram, Haryana, India, and was founded on October 23, 1989.

Power Grid Corporation of India (PWGR IN)

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Power Grid Corporation of India (PWGR IN)

Adani Energy (ADANIENS IN): Energized for Global Index Inclusion in May

Adani Energy Solutions recent run-up could see the stock added back to a global index. Passives need to buy over 25x delivery volume. Positioning...

Brian Freitas

One Belt One Road - Three Years On

In 2013, Xi Jinping launched the One Belt One Road (OBOR) initiative. The aim of the initiative was to connect major Eurasian economies through...

Ishita Jain

NIFTY Index Earning Revision (Mar): ICICI Bank, Axis Bank, Reliance Industries, Oil & Natural Gas

We analyzed NIFTY's consensus for Mar 2026 and highlighted changes of EPS in ICICI Bank (ICICIBC IN), Axis Bank (AXSB IN), Reliance Industries...

Ke Yan, CFA, FRM

Aequitas: WeWork India IPO Lockup Expiry-Shares Have Traded Down but WeWork Global Well in The Money

WeWork India raised around US$338m in its IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.

Akshat Shah

Aequitas: CMPDI IPO Trading - Muted Demand Trend Continues

Central Mine Planning Design Institute Ltd (CMPDI) raised around US$200m in its all-secondary India IPO. In this note, we talk about the demand and...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)