Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

The Index of Industrial Production (IIP) rose by an anemic 1.2% y-o-y in May 2016 after having declined by 1.3% y-o-y in April 2016. However, on a 3 month moving average basis (3mma), production remains stagnant with a growth rate of only 0.1% y-o-y in May 2016 compared to a 0.3% y-o-y rise in April 2016. IIP growth remained weak across sectors.Manufacturing output grew marginally by 0.7% y-o-y in May 2016 compared to a decline of 3.7% y-o-y in April 2016. On a 3mma basis, manufacturing output…

The Index of Industrial Production (IIP) rose by an anemic 1.2% y-o-y in May 2016 after having declined by 1.3% y-o-y in April 2016. However, on a 3 month moving average basis (3mma), production remains stagnant with a growth rate of only 0.1% y-o-y in May 2016 compared to a 0.3% y-o-y rise in April 2016. IIP growth remained weak across sectors.Manufacturing output grew marginally by 0.7% y-o-y in May 2016 compared to a decline of 3.7% y-o-y in April 2016. On a 3mma basis, manufacturing output…

INDIA: IIP Anemic Growth of 1.2% Inconsistent with GDP Growth of over 7%

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

Equity Bottom-Up

<ul>
<li>A two-week US-Iran-Israel ceasefire took effect on April 8, reopening the Strait of Hormuz after 39 days of conflict that destroyed 85% of Iran's petrochemical output.</li>
<li>With Iranian methanol, ammonia, and urea capacity offline for 6 to 9 months minimum, Indian producers across 7 chemical sub-sectors inherit a structural margin window in Q1 FY27.</li>
<li>The ceasefire removes the supply-chain shock but not the production gap: infrastructure damage at Mahshahr and Asaluyeh will take years to rebuild, making India's import substitution plays more durable.</li>
</ul>


A two-week US-Iran-Israel ceasefire took effect on April 8, reopening the Strait of Hormuz after 39 days of conflict that destroyed 85% of Iran's petrochemical output.
With Iranian methanol, ammonia, and urea capacity offline for 6 to 9 months minimum, Indian producers across 7 chemical sub-sectors inherit a structural margin window in Q1 FY27.
The ceasefire removes the supply-chain shock but not the production gap: infrastructure damage at Mahshahr and Asaluyeh will take years to rebuild, making India's import substitution plays more durable.


India's Chemical and Fertilizer Winners from the Middle East Ceasefire

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 MS-India 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 HDFC Bank, IndusInd Bank, InterGlobe Aviation, Eternal, Bharat Petroleum, Infosys, Vedanta, Hindalco Industries.</li>
</ul>


We analysed the earning revision of component stocks of MS-India 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 HDFC Bank, IndusInd Bank, InterGlobe Aviation, Eternal, Bharat Petroleum, Infosys, Vedanta, Hindalco Industries.


MS-India Index Earning Revision (Jan): HDFC Bank, IndusInd Bank, InterGlobe Aviation, Eternal

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 will be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.</li>
<li>Estimated one-way turnover is 64.6% resulting in a round-trip trade of INR 161.3bn (US$1.8bn). There are 27 stocks with over 1x ADV to trade.</li>
<li>Some stocks will have passive flows from other index trackers at the same time while others are potential adds/close adds to global indices over the next couple of months.</li>
</ul>


There will be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.
Estimated one-way turnover is 64.6% resulting in a round-trip trade of INR 161.3bn (US$1.8bn). There are 27 stocks with over 1x ADV to trade.
Some stocks will have passive flows from other index trackers at the same time while others are potential adds/close adds to global indices over the next couple of months.


NIFTY200 Momentum30 Index Rebalance: Huge Turnover and Flow in December

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>Following a INR 2,000 crore capex cycle, the company is operationalizing critical high-margin assets, specifically in the CDMO and Specialty segments.</li>
<li>H2 FY26 (Oct 2025 – Mar 2026) is the launchpad for a structural shift in EBITDA quality, as low-margin Acetyls volume is replaced by high-complexity innovator contracts.</li>
<li>
Transitioning from a cyclical chemical play to a structural CDMO story: The upcoming two quarters are critical for "proving the ramp-up." With the $300M agro-innovator project commissioning in Q4.</li>
</ul>


Following a INR 2,000 crore capex cycle, the company is operationalizing critical high-margin assets, specifically in the CDMO and Specialty segments.
H2 FY26 (Oct 2025 – Mar 2026) is the launchpad for a structural shift in EBITDA quality, as low-margin Acetyls volume is replaced by high-complexity innovator contracts.

Transitioning from a cyclical chemical play to a structural CDMO story: The upcoming two quarters are critical for "proving the ramp-up." With the $300M agro-innovator project commissioning in Q4.


Jubilant Ingrevia: Transitioning from Capex Intensity to Earnings Supercycle

India

SRF Limited is a multi-business Indian multinational engaging in the manufacture of chemical based industrial intermediates. The Company has a business portfolio that encompasses technical textiles, chemicals, packaging films and engineering plastics.

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

SRF Ltd (SRF IN)

INDIA: IIP Anemic Growth of 1.2% Inconsistent with GDP Growth of over 7%

The Index of Industrial Production (IIP) rose by an anemic 1.2% y-o-y in May 2016 after having declined by 1.3% y-o-y in April 2016. However, on a...

Rajan Govil

India's Chemical and Fertilizer Winners from the Middle East Ceasefire

Ceasefire in US-Iran-Israel conflict reopens Strait of Hormuz, but Indian chemical producers benefit from Iran's production setback.

Nimish Maheshwari

MS-India Index Earning Revision (Jan): HDFC Bank, IndusInd Bank, InterGlobe Aviation, Eternal

We analyzed MS-India's consensus for Jan 2026 and highlighted changes of EPS in HDFC Bank, IndusInd Bank, InterGlobe Aviation, Eternal, Bharat...

Ke Yan, CFA, FRM

NIFTY200 Momentum30 Index Rebalance: Huge Turnover and Flow in December

The Nifty200 Momentum30 Index rebalances at the close today. On average, the adds have outperformed the deletes by 2.76% since announcement of the...

Brian Freitas

Jubilant Ingrevia: Transitioning from Capex Intensity to Earnings Supercycle

Company operationalizing high-margin assets post INR 2,000 crore capex cycle, shifting to structural CDMO story with focus on high-complexity...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

INDIA: IIP Anemic Growth of 1.2% Inconsistent with GDP Growth of over 7%

The Index of Industrial Production (IIP) rose by an anemic 1.2% y-o-y in May 2016 after having declined by 1.3% y-o-y in April 2016. However, on a...

Rajan Govil

India's Chemical and Fertilizer Winners from the Middle East Ceasefire

​Ceasefire in US-Iran-Israel conflict reopens Strait of Hormuz, but Indian chemical producers benefit from Iran's production setback.

Nimish Maheshwari

MS-India Index Earning Revision (Jan): HDFC Bank, IndusInd Bank, InterGlobe Aviation, Eternal

We analyzed MS-India's consensus for Jan 2026 and highlighted changes of EPS in HDFC Bank, IndusInd Bank, InterGlobe Aviation, Eternal, Bharat...

Ke Yan, CFA, FRM

NIFTY200 Momentum30 Index Rebalance: Huge Turnover and Flow in December

The Nifty200 Momentum30 Index rebalances at the close today. On average, the adds have outperformed the deletes by 2.76% since announcement of the...

Brian Freitas

Jubilant Ingrevia: Transitioning from Capex Intensity to Earnings Supercycle

​Company operationalizing high-margin assets post INR 2,000 crore capex cycle, shifting to structural CDMO story with focus on high-complexity...

Sudarshan Bhandari

Ceasefire in US-Iran-Israel conflict reopens Strait of Hormuz, but Indian chemical producers benefit from Iran's production setback.

Company operationalizing high-margin assets post INR 2,000 crore capex cycle, shifting to structural CDMO story with focus on high-complexity...