Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) of India.</li>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index in the December 2025 index rebal event.</li>
<li>As things stand, there are no index changes expected for the BSE SENSEX index. However, if there are strong relative price swings, ADDs/DELs could be triggered.</li>
</ul>


BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) of India.
In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index in the December 2025 index rebal event.
As things stand, there are no index changes expected for the BSE SENSEX index. However, if there are strong relative price swings, ADDs/DELs could be triggered.


Quiddity Leaderboard BSE ​​​​SENSEX Dec25: Tech Mahindra Close to Deletion; Indigo Close to Addition

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Event-Driven

<ul>
<li>Since unwinding the <strong><a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a></strong>/<strong><a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)</a></strong> circularity, Prosus has been selling Tencent shares, and buying back its share. Separately, Tencent is buying its shares to offset Prosus' selling. </li>
<li>Prosus' stake in Tencent has now edged below 23%, a little over seven months since dipping below 24%.</li>
<li>On an implied stub and relative value, Prosus is elevated to Tencent, suggesting an unwinding of the stub.</li>
</ul>


Since unwinding the Naspers (NPN SJ)/Prosus (PRX NA) circularity, Prosus has been selling Tencent shares, and buying back its share. Separately, Tencent is buying its shares to offset Prosus' selling. 
Prosus' stake in Tencent has now edged below 23%, a little over seven months since dipping below 24%.
On an implied stub and relative value, Prosus is elevated to Tencent, suggesting an unwinding of the stub.


Prosus Is Elevated Vs. Tencent As The Accretion Trade Unfolds

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

<ul>
<li>As per news reports, <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a> could look to sell some/all of its <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> stake, worth around US$4bn</li>
<li>Prosus has held its stake for a few years, owing to the dividend payout by Tencent, but Meituan appears to be planning to take on one of its subsidiaries.</li>
<li>In this note, we will talk about the possible selldown and other deal dynamics.</li>
</ul>


As per news reports, Prosus NV (PRX NA) could look to sell some/all of its Meituan (3690 HK) stake, worth around US$4bn
Prosus has held its stake for a few years, owing to the dividend payout by Tencent, but Meituan appears to be planning to take on one of its subsidiaries.
In this note, we will talk about the possible selldown and other deal dynamics.


Meituan Possible US$4bn Selldown - Will End up Being Well-Flagged but Sentiment Isn’t Great

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Thematic (Sector/Industry)

<ul>
<li>A tectonic shift is reshaping Indian QSR. Homegrown QSRs are overtaking global giants by redefining taste rooted in local flavours, fuelled by digital agility and tier 2/3 dominance.</li>
<li>Global QSR giants are fighting back by Indianising their menus. Half of Burger King and McDonald’s offerings now cater to local tastes, marking  strategic pivot to stay relevant in changing market.</li>
<li>Markets have adjusted to this new paradigm as valuations derate across listed QSRs while local players witness improved access to capital. Will listed QSRs see their fortunes revive here on?</li>
</ul>


A tectonic shift is reshaping Indian QSR. Homegrown QSRs are overtaking global giants by redefining taste rooted in local flavours, fuelled by digital agility and tier 2/3 dominance.
Global QSR giants are fighting back by Indianising their menus. Half of Burger King and McDonald’s offerings now cater to local tastes, marking  strategic pivot to stay relevant in changing market.
Markets have adjusted to this new paradigm as valuations derate across listed QSRs while local players witness improved access to capital. Will listed QSRs see their fortunes revive here on?


Redefining Fast Food: Are Indian QSRs Biting off Western QSRs?

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

Mazagon Dock Shipbuilders  / Index Rebalance

<ul>
<li>With the review period nearing completion, there could be 4 changes (including 1 migration) 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>There is one stock close to inclusion zone and one stock close to deletion zone and price movements over the rest of the month will determine the final changes.</li>
<li>Estimated one-way turnover is 7.8% resulting in a one-way trade of INR 30.06bn (US$350m). Six of the eight potential changes will have over 2x ADV to trade from passive trackers.</li>
</ul>


With the review period nearing completion, there could be 4 changes (including 1 migration) for the NSE Nifty Next 50 Index (NIFTYJR INDEX) in September.
There is one stock close to inclusion zone and one stock close to deletion zone and price movements over the rest of the month will determine the final changes.
Estimated one-way turnover is 7.8% resulting in a one-way trade of INR 30.06bn (US$350m). Six of the eight potential changes will have over 2x ADV to trade from passive trackers.


NIFTY NEXT50 Index Rebalance Preview: Potential Changes & Close Names

India

Swiggy Limited operates an online easy-to-use food ordering application. The Company offers platform that allows users to browse, select, order, and pay for food, grocery, and household items delivered to their doorstep through on-demand delivery partner network. Swiggy serves customers in India.

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

Swiggy (SWIGGY IN)

Quiddity Leaderboard BSE SENSEX Dec25: Tech Mahindra Close to Deletion; Indigo Close to Addition

If Tech Mahindra underperforms other names, it could become a SENSEX DEL and if that happens Interglobe Aviation could become the replacement ADD...

Janaghan Jeyakumar, CFA

Prosus Is Elevated Vs. Tencent As The Accretion Trade Unfolds

Reportedly Prosus has sold ~15mn shares in Meituan, worth ~US$250mn. Prior to the alleged sale, Prosus held ~257mn Meituan shares, ~4.2% of shares...

David Blennerhassett

Meituan Possible US$4bn Selldown - Will End up Being Well-Flagged but Sentiment Isn’t Great

As per recent media reports, Prosus has begun selling some of its stake in Meituan. Although for now it appears to be selling on market instead of...

Sumeet Singh

Redefining Fast Food: Are Indian QSRs Biting off Western QSRs?

Indian QSRs are redefining taste with local flavors, leading global giants to Indianize their menus. Listed QSRs are seeing valuations derate...

Himanshu Dugar

NIFTY NEXT50 Index Rebalance Preview: Potential Changes & Close Names

There should be 5 NIFTY100 changes leading to 4 NEXT50 changes. There are two other stocks close to add/delete ranks. Estimated one-way turnover is...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard BSE ​​​​SENSEX Dec25: Tech Mahindra Close to Deletion; Indigo Close to Addition

If Tech Mahindra underperforms other names, it could become a SENSEX DEL and if that happens Interglobe Aviation could become the replacement ADD...

Janaghan Jeyakumar, CFA

Prosus Is Elevated Vs. Tencent As The Accretion Trade Unfolds

Reportedly Prosus has sold ~15mn shares in Meituan, worth ~US$250mn. Prior to the alleged sale, Prosus held ~257mn Meituan shares, ~4.2% of shares...

David Blennerhassett

Meituan Possible US$4bn Selldown - Will End up Being Well-Flagged but Sentiment Isn’t Great

As per recent media reports, Prosus has begun selling some of its stake in Meituan. Although for now it appears to be selling on market instead of...

Sumeet Singh

Redefining Fast Food: Are Indian QSRs Biting off Western QSRs?

​Indian QSRs are redefining taste with local flavors, leading global giants to Indianize their menus. Listed QSRs are seeing valuations derate...

Himanshu Dugar

NIFTY NEXT50 Index Rebalance Preview: Potential Changes & Close Names

There should be 5 NIFTY100 changes leading to 4 NEXT50 changes. There are two other stocks close to add/delete ranks. Estimated one-way turnover is...

Brian Freitas

Quiddity Leaderboard BSE SENSEX Dec25: Tech Mahindra Close to Deletion; Indigo Close to Addition

Indian QSRs are redefining taste with local flavors, leading global giants to Indianize their menus. Listed QSRs are seeing valuations derate...