Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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>Overall, the declining HHI across various investor categories in the Indian securities market indicates a positive trend towards diversification and broader exposure. </li>
<li>This shift towards mid- and small-cap stocks suggests that investors are seeking growth opportunities amidst high market valuations. </li>
<li>The net outflows from FPIs, particularly concentrated in the top 100 stocks, indicate a shift in investment focus towards smaller companies. While sectoral analysis reveals disparities in concentration.</li>
</ul>


Overall, the declining HHI across various investor categories in the Indian securities market indicates a positive trend towards diversification and broader exposure. 
This shift towards mid- and small-cap stocks suggests that investors are seeking growth opportunities amidst high market valuations. 
The net outflows from FPIs, particularly concentrated in the top 100 stocks, indicate a shift in investment focus towards smaller companies. While sectoral analysis reveals disparities in concentration.


Thematic Report: Bets Beyond the Giants, How Institutional Investors Are Betting on Smaller Stocks

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/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> will replace <a href="https://www.smartkarma.com/entities/jsw-steel-ltd" target="_blank" data-smartkarma-citation="entities:18561:1" rel="noopener">JSW Steel Ltd (JSTL IN)</a> in the <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX Index (SENSEX INDEX)</a> at the close on 20 December.</li>
<li>This is the first of many potential inclusions for <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato</a> in local indices over the next few months and is due to inclusion of the stock in the F&amp;O segment.</li>
<li>Futures and options in <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> start trading from the open on 29 November. Expect increased volatility in the short-term and an increase in traded volumes.</li>
</ul>



Zomato (ZOMATO IN) will replace JSW Steel Ltd (JSTL IN) in the S&amp;P BSE SENSEX Index (SENSEX INDEX) at the close on 20 December.
This is the first of many potential inclusions for Zomato in local indices over the next few months and is due to inclusion of the stock in the F&amp;O segment.
Futures and options in Zomato (ZOMATO IN) start trading from the open on 29 November. Expect increased volatility in the short-term and an increase in traded volumes.


SENSEX Index Rebalance: F&O Inclusion Brings First of Many Index Inclusions for Zomato

<ul>
<li>India is experiencing a slowdown in capital expenditure (capex), both in the government and private sectors. This slowdown, largely attributed to the general elections in the Q1 of FY25.</li>
<li>The central government has set an ambitious target of 50.5% capex growth in the second half of FY25 to compensate for the sluggish first half.</li>
<li>The capex slowdown has resulted in reduced investment in crucial infrastructure projects, impacting key sectors such as defense, roads, and railways.</li>
</ul>


India is experiencing a slowdown in capital expenditure (capex), both in the government and private sectors. This slowdown, largely attributed to the general elections in the Q1 of FY25.
The central government has set an ambitious target of 50.5% capex growth in the second half of FY25 to compensate for the sluggish first half.
The capex slowdown has resulted in reduced investment in crucial infrastructure projects, impacting key sectors such as defense, roads, and railways.


Thematic Report: India's Capex Growth Ambitions Vs. Reality

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Macroeconomics

<ul>
<li>For H1FY25, the fiscal deficit was only 29.4% of the FY25 target, with strong income-tax, GST and customs revenue. The 12mma of the fiscal deficit narrowed to 4.6% of GDP.  </li>
<li>Corporate tax revenue grew just 2.3%YoY in H1FY25, reflecting slower profits growth. Stronger government spending likely in H2FY25, but fiscal deficit will still be well below 4.9% of GDP. </li>
<li>CAD likely to be 1.3% of GDP in H1FY25. Lower oil prices, stronger G&amp;S exports should allow a small CA surplus in H2FY25, shrinking FY25 CAD to 0.2% of GDP.</li>
</ul>


For H1FY25, the fiscal deficit was only 29.4% of the FY25 target, with strong income-tax, GST and customs revenue. The 12mma of the fiscal deficit narrowed to 4.6% of GDP.  
Corporate tax revenue grew just 2.3%YoY in H1FY25, reflecting slower profits growth. Stronger government spending likely in H2FY25, but fiscal deficit will still be well below 4.9% of GDP. 
CAD likely to be 1.3% of GDP in H1FY25. Lower oil prices, stronger G&amp;S exports should allow a small CA surplus in H2FY25, shrinking FY25 CAD to 0.2% of GDP.


India Twin Deficit Watch: Improving Trend Persists Despite EPS and Trade Setbacks

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ntpc-green-energy-ltd" target="_blank" data-smartkarma-citation="entities:43951:1" rel="noopener">NTPC Green Energy Ltd (2214556D IN)</a> is looking to raise INR 100bn (US$1.19bn) in its IPO. That will value the company at INR 910bn (US$10.8bn) at the top end. </li>
<li>The anchor allocations will be completed early next week, and the stock is expected to start trading on 27 November.</li>
<li>The stock will not get Fast Entry to global indices with the earliest inclusion scheduled for June 2025. So, limited passive buying in the medium-term.</li>
</ul>



NTPC Green Energy Ltd (2214556D IN) is looking to raise INR 100bn (US$1.19bn) in its IPO. That will value the company at INR 910bn (US$10.8bn) at the top end. 
The anchor allocations will be completed early next week, and the stock is expected to start trading on 27 November.
The stock will not get Fast Entry to global indices with the earliest inclusion scheduled for June 2025. So, limited passive buying in the medium-term.


NTPC Green Energy IPO: Offer Details & Index Inclusion Timeline

India

The S&P BSE Sensex Index is a cap-weighted index. The index members have been selected on the basis of liquidity, depth, and floating-stock-adjustment depth and industry representation. Sensex has a base date and value of 100 in 1978-1979. The Index shifted to free-float methodology since 09/01/03. Please see {SNSXOLD Index <GO>} for mid-month options.

S&P BSE SENSEX Index (SENSEX INDEX EQUITY)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

S&P BSE SENSEX Index (SENSEX INDEX EQUITY)

Thematic Report: Bets Beyond the Giants, How Institutional Investors Are Betting on Smaller Stocks

Investors in the Indian securities market are diversifying towards mid- and small-cap stocks for growth opportunities, leading to declining HHI...

Nimish Maheshwari

SENSEX Index Rebalance: F&O Inclusion Brings First of Many Index Inclusions for Zomato

Zomato will replace JSW Steel in the Sensex after close on 20 Dec. Zomato is also expected to be added to other indices over the next few months....

Brian Freitas

Thematic Report: India's Capex Growth Ambitions Vs. Reality

India's capital expenditure is slowing down due to elections, prompting the government to aim for 50.5% growth in the second half of FY25 to make...

Nimish Maheshwari

India Twin Deficit Watch: Improving Trend Persists Despite EPS and Trade Setbacks

Fiscal deficit in H1FY25 was 29.4% of FY25 target, and should end FY25 at 4.7% of GDP. CAD likely to shrink to 0.2% of GDP for FY25. But sluggish...

Prasenjit K. Basu

NTPC Green Energy IPO: Offer Details & Index Inclusion Timeline

NTPC Green Energy is looking to raise INR 100bn (US$1.19bn) in its IPO, valuing the company at up to INR 910bn (US$10.8bn). The earliest index...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thematic Report: Bets Beyond the Giants, How Institutional Investors Are Betting on Smaller Stocks

​Investors in the Indian securities market are diversifying towards mid- and small-cap stocks for growth opportunities, leading to declining HHI...

Nimish Maheshwari

SENSEX Index Rebalance: F&O Inclusion Brings First of Many Index Inclusions for Zomato

Zomato will replace JSW Steel in the Sensex after close on 20 Dec. Zomato is also expected to be added to other indices over the next few months....

Brian Freitas

Thematic Report: India's Capex Growth Ambitions Vs. Reality

​India's capital expenditure is slowing down due to elections, prompting the government to aim for 50.5% growth in the second half of FY25 to make...

Nimish Maheshwari

India Twin Deficit Watch: Improving Trend Persists Despite EPS and Trade Setbacks

​Fiscal deficit in H1FY25 was 29.4% of FY25 target, and should end FY25 at 4.7% of GDP. CAD likely to shrink to 0.2% of GDP for FY25. But sluggish...

Prasenjit K. Basu

NTPC Green Energy IPO: Offer Details & Index Inclusion Timeline

NTPC Green Energy is looking to raise INR 100bn (US$1.19bn) in its IPO, valuing the company at up to INR 910bn (US$10.8bn). The earliest index...

Brian Freitas

Investors in the Indian securities market are diversifying towards mid- and small-cap stocks for growth opportunities, leading to declining HHI...

India's capital expenditure is slowing down due to elections, prompting the government to aim for 50.5% growth in the second half of FY25 to make...

Fiscal deficit in H1FY25 was 29.4% of FY25 target, and should end FY25 at 4.7% of GDP. CAD likely to shrink to 0.2% of GDP for FY25. But sluggish...