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>There could be 1 constituent change for 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> and 5 changes for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a> in September.</li>
<li>The review period for the September rebalance ended 31 July, the announcement of the changes will take place later today and implemented at the close of trading on 29 September.</li>
<li>The adds outperformed the deletes in April and May but there has been a narrowing of the spread since then. The spread could widen following the announcement of the changes.</li>
</ul>


There could be 1 constituent change for the NIFTY Index (NIFTY INDEX) and 5 changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX) in September.
The review period for the September rebalance ended 31 July, the announcement of the changes will take place later today and implemented at the close of trading on 29 September.
The adds outperformed the deletes in April and May but there has been a narrowing of the spread since then. The spread could widen following the announcement of the changes.


NIFTY50/ NEXT50 Index Rebalance Preview: Announcement Today After Market Close

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 679.8/68.1/39.3bn, a miss of 5.4/5.2/6.4%, marked by slower execution in water projects and extended monsoons</li><li>P&amp;M margins stood at 7.8% in Q2FY26 (vs 7.6/7.6% in Q1FY26/Q2FY25)</li><li>Given robust order inflows of INR 2.1trn (+39% YoY) in H1FY26, LT now expects to beat earlier 10% order inflow growth guidance for FY26</li></ul>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.

Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 679.8/68.1/39.3bn, a miss of 5.4/5.2/6.4%, marked by slower execution in water projects and extended monsoonsP&amp;M margins stood at 7.8% in Q2FY26 (vs 7.6/7.6% in Q1FY26/Q2FY25)Given robust order inflows of INR 2.1trn (+39% YoY) in H1FY26, LT now expects to beat earlier 10% order inflow growth guidance for FY26Content 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: Larsen & Toubro, Jindal Steel, Shree Cement, PB Fintech

<ul><li>Demand remains subdued in Q2FY26: As per discussions with cement companies, dealers and marketing executives, cement demand failed to firm up in Q2FY26, impacted by the extended monsoon and GST rate cut announcement, which was implemented with a lag</li><li>Cement demand in Q4FY25/Q1FY26 remained subdued at ~3-5% YoY, Q2 performance too, following the same trajectory, remained similar, in our view</li><li>While the aggregate sales volume for our coverage universe is expected to increase by 9% YoY (impact of Orient Cement and India Cements acquisitions), LTL volumes should grow at ~3.4% YoY (on a low base of ~2% YoY)</li></ul>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.

Demand remains subdued in Q2FY26: As per discussions with cement companies, dealers and marketing executives, cement demand failed to firm up in Q2FY26, impacted by the extended monsoon and GST rate cut announcement, which was implemented with a lagCement demand in Q4FY25/Q1FY26 remained subdued at ~3-5% YoY, Q2 performance too, following the same trajectory, remained similar, in our viewWhile the aggregate sales volume for our coverage universe is expected to increase by 9% YoY (impact of Orient Cement and India Cements acquisitions), LTL volumes should grow at ~3.4% YoY (on a low base of ~2% YoY)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.

Cement (Q2FY26 Results Preview): Muted demand, stable prices, healthy margins

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

<ul>
<li>India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.</li>
<li>The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.</li>
<li>If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.</li>
</ul>


India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.
The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.
If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.


Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Pan-India average cement prices have surged by 8% year-on-year to approximately Rs 360 per 50-kg bag, driven by escalating fuel and raw material costs, notably imported petcoke and gypsum.</li>
<li>The price surge indicates a shift in the balance of power within the highly consolidated Indian cement sector.</li>
<li>With input costs rising, companies are demonstrating newfound pricing power, a critical factor for protecting and expanding operating margins in an energy-intensive business.</li>
</ul>


Pan-India average cement prices have surged by 8% year-on-year to approximately Rs 360 per 50-kg bag, driven by escalating fuel and raw material costs, notably imported petcoke and gypsum.
The price surge indicates a shift in the balance of power within the highly consolidated Indian cement sector.
With input costs rising, companies are demonstrating newfound pricing power, a critical factor for protecting and expanding operating margins in an energy-intensive business.


Indian Cement: Cost Headwinds Meet Robust Demand, Forging Pricing Power

India

Shree Cement is an Indian cement manufacturer and one of the largest producers in the country. The company manufactures and sells various cement products, including Ordinary Portland Cement (OPC), Portland Pozzolana Cement (PPC), Portland Slag Cement (PSC), and ready-mix concrete. It also operates in power generation. Shree Cement was founded in 1979 and is headquartered in Kolkata, India.

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Shree Cement (SRCM IN)

NIFTY50/ NEXT50 Index Rebalance Preview: Announcement Today After Market Close

The Nifty family of indices rebalances at the close today. BSE is down 30% from its high in May and down 14% since the announcement of the NIFTY50...

Brian Freitas

HSIE Results Daily: Larsen & Toubro, Jindal Steel, Shree Cement, PB Fintech

Larsen & Toubro (LT) reported revenue/EBITDA/APAT at INR 679.8/68.1/39.3bn, a miss of 5.4/5.2/6.4%, marked by slower execution in water projects...

HDFC Securities

Cement (Q2FY26 Results Preview): Muted demand, stable prices, healthy margins

vDemand remains subdued in Q2FY26: As per discussions with cement companies, dealers and marketing executives, cement demand failed to firm up in...

HDFC Securities

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

Indian Cement: Cost Headwinds Meet Robust Demand, Forging Pricing Power

Pan-India cement prices rise 8% due to increased costs, signaling a shift in industry dynamics and companies' pricing power to protect margins.

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NIFTY50/ NEXT50 Index Rebalance Preview: Announcement Today After Market Close

The Nifty family of indices rebalances at the close today. BSE is down 30% from its high in May and down 14% since the announcement of the NIFTY50...

Brian Freitas

HSIE Results Daily: Larsen & Toubro, Jindal Steel, Shree Cement, PB Fintech

Larsen & Toubro (LT) reported revenue/EBITDA/APAT at INR 679.8/68.1/39.3bn, a miss of 5.4/5.2/6.4%, marked by slower execution in water projects...

HDFC Securities

Cement (Q2FY26 Results Preview): Muted demand, stable prices, healthy margins

vDemand remains subdued in Q2FY26: As per discussions with cement companies, dealers and marketing executives, cement demand failed to firm up in...

HDFC Securities

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

​India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

Indian Cement: Cost Headwinds Meet Robust Demand, Forging Pricing Power

​Pan-India cement prices rise 8% due to increased costs, signaling a shift in industry dynamics and companies' pricing power to protect margins.

Nimish Maheshwari

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Pan-India cement prices rise 8% due to increased costs, signaling a shift in industry dynamics and companies' pricing power to protect margins.