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.

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

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>India’s telecom industry added 4.4 million new subscribers in September 2025, with Jio and Bharti Airtel driving broadband and 5G FWA expansion amid stable overall tele-density of 86.65%.</li>
<li>Strong subscriber growth, rising broadband adoption, and rapid 5G rollout signal a structural shift toward a data-driven, high-speed ecosystem, reinforcing India’s position as the world’s second-largest telecom market.</li>
<li>The sector is entering a mature digital growth phase, led by Jio and Bharti Airtel through broadband and 5G investments, while BSNL and Vifocus on recovery and market stabilization.</li>
</ul>


India’s telecom industry added 4.4 million new subscribers in September 2025, with Jio and Bharti Airtel driving broadband and 5G FWA expansion amid stable overall tele-density of 86.65%.
Strong subscriber growth, rising broadband adoption, and rapid 5G rollout signal a structural shift toward a data-driven, high-speed ecosystem, reinforcing India’s position as the world’s second-largest telecom market.
The sector is entering a mature digital growth phase, led by Jio and Bharti Airtel through broadband and 5G investments, while BSNL and Vifocus on recovery and market stabilization.


Telecom Industry Snapshot- September 2025: Jio and Airtel Drive Data-Led Growth

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>US sanctions on Russian oil and rising Western pressure have pushed India’s average crude import cost $5/bbl above the Dubai benchmark, with Russia’s share slipping to ~34%.</li>
<li>Shrinking Russian discounts mean higher import bills and tighter refining margins, especially for state-run OMCs that relied on cheaper barrels.</li>
<li>India’s shift marks a strategic reset-short-term costs may rise, but stronger trade ties with the US and diversified sourcing improve long-term energy security.</li>
</ul>


US sanctions on Russian oil and rising Western pressure have pushed India’s average crude import cost $5/bbl above the Dubai benchmark, with Russia’s share slipping to ~34%.
Shrinking Russian discounts mean higher import bills and tighter refining margins, especially for state-run OMCs that relied on cheaper barrels.
India’s shift marks a strategic reset-short-term costs may rise, but stronger trade ties with the US and diversified sourcing improve long-term energy security.


Charted Insights: India’s Russian Crude Oil Windfall Gain Is Fading Away

<ul>
<li>Trump administration sanctions Russia's largest oil producers Rosneft and Lukoil effective November 21, 2025, forcing India to potentially slash Russian crude imports that currently constitute 34% of total intake.​​</li>
<li>Indian refiners face USD 3-5 billion in additional annual costs and structurally lower GRMs as they pivot to expensive Middle Eastern and US alternatives.</li>
<li>Russia's embedded role in India's energy means any shift will be costly, and margin-dilutive, setting up a 6-12 month period of procurement volatility and compressed refining spreads for Indian OMCs.​​</li>
</ul>


Trump administration sanctions Russia's largest oil producers Rosneft and Lukoil effective November 21, 2025, forcing India to potentially slash Russian crude imports that currently constitute 34% of total intake.​​
Indian refiners face USD 3-5 billion in additional annual costs and structurally lower GRMs as they pivot to expensive Middle Eastern and US alternatives.
Russia's embedded role in India's energy means any shift will be costly, and margin-dilutive, setting up a 6-12 month period of procurement volatility and compressed refining spreads for Indian OMCs.​​


Shifting Barrels: Inside India’s Painful Rebalance Away from Russian Crude

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>U.S. tariffs intensify strain on the petrochemical sector, shielding domestic producers while redirecting Chinese exports into Asia and leaving European firms most exposed.</li>
<li>Trade barriers amplify oversupply pressures, benefiting U.S.-centric petrochemical firms, granting Middle Eastern players new market share, and pushing Chinese exporters into low-margin Asian markets.</li>
<li>Global petrochemicals face a reset, exposing Europe’s vulnerabilities, capping Asian gains, and reinforcing domestic advantages for American producers.</li>
</ul>


U.S. tariffs intensify strain on the petrochemical sector, shielding domestic producers while redirecting Chinese exports into Asia and leaving European firms most exposed.
Trade barriers amplify oversupply pressures, benefiting U.S.-centric petrochemical firms, granting Middle Eastern players new market share, and pushing Chinese exporters into low-margin Asian markets.
Global petrochemicals face a reset, exposing Europe’s vulnerabilities, capping Asian gains, and reinforcing domestic advantages for American producers.


U.S. Petrochemical Companies Gain Ground as European Firms Falter in U.S.-China Trade War

India

Reliance Industries is an Indian multinational conglomerate with diverse businesses including energy, petrochemicals, oil and gas exploration, telecommunications (Jio), and retail (Reliance Retail). The company is a major producer of petroleum products and a significant player in digital services and consumer goods. Reliance Industries is headquartered in Mumbai, India, and was founded in 1958.

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Reliance Industries (RELIANCE IN)

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

Telecom Industry Snapshot- September 2025: Jio and Airtel Drive Data-Led Growth

India's telecom industry sees strong growth with 4.4Mn new subscribers in Sep-25, led by Jio and Bharti Airtel driving broadband and 5G expansion,...

Sudarshan Bhandari

Charted Insights: India’s Russian Crude Oil Windfall Gain Is Fading Away

US sanctions on Russian oil have increased India's crude import costs above the Dubai benchmark, leading to a shift in sourcing and potential long...

Nimish Maheshwari

Shifting Barrels: Inside India’s Painful Rebalance Away from Russian Crude

Trump sanctions on Russian oil producers Rosneft and Lukoil will force India to cut imports, leading to higher costs and lower margins as they...

Nimish Maheshwari

U.S. Petrochemical Companies Gain Ground as European Firms Falter in U.S.-China Trade War

U.S. tariffs on petrochemicals shift global trade dynamics, benefiting American producers, Middle Eastern players, and low-margin Asian markets...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Telecom Industry Snapshot- September 2025: Jio and Airtel Drive Data-Led Growth

​India's telecom industry sees strong growth with 4.4Mn new subscribers in Sep-25, led by Jio and Bharti Airtel driving broadband and 5G expansion,...

Sudarshan Bhandari

Charted Insights: India’s Russian Crude Oil Windfall Gain Is Fading Away

​US sanctions on Russian oil have increased India's crude import costs above the Dubai benchmark, leading to a shift in sourcing and potential long...

Nimish Maheshwari

Shifting Barrels: Inside India’s Painful Rebalance Away from Russian Crude

​Trump sanctions on Russian oil producers Rosneft and Lukoil will force India to cut imports, leading to higher costs and lower margins as they...

Nimish Maheshwari

U.S. Petrochemical Companies Gain Ground as European Firms Falter in U.S.-China Trade War

​U.S. tariffs on petrochemicals shift global trade dynamics, benefiting American producers, Middle Eastern players, and low-margin Asian markets...

Mint Finance

India's telecom industry sees strong growth with 4.4Mn new subscribers in Sep-25, led by Jio and Bharti Airtel driving broadband and 5G expansion,...

US sanctions on Russian oil have increased India's crude import costs above the Dubai benchmark, leading to a shift in sourcing and potential long...

Trump sanctions on Russian oil producers Rosneft and Lukoil will force India to cut imports, leading to higher costs and lower margins as they...

U.S. tariffs on petrochemicals shift global trade dynamics, benefiting American producers, Middle Eastern players, and low-margin Asian markets...